# EDGAR Filing Document

**Accession Number:** 0000814679
**File Stem:** 0001193125-25-195926
**Filing Date:** 2025-9
**Character Count:** 7919941
**Document Hash:** 32a3493b9ac4a7462b82b82eff527396
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195926.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195926

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05186
- **FILM NUMBER:** 251292869

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

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

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

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

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

## Series and Classes Contracts Data

### AST LARGE-CAP VALUE PORTFOLIO (Series ID: S000001977)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000005187 | AST LARGE-CAP VALUE PORTFOLIO |  |

### AST SMALL-CAP EQUITY PORTFOLIO (Series ID: S000001978)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000005188 | AST SMALL-CAP EQUITY PORTFOLIO |  |

### AST LARGE-CAP GROWTH PORTFOLIO (Series ID: S000001984)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000005194 | AST LARGE-CAP GROWTH PORTFOLIO |  |

### AST INTERNATIONAL EQUITY PORTFOLIO (Series ID: S000001985)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000005195 | AST INTERNATIONAL EQUITY PORTFOLIO |  |

### AST GOVERNMENT MONEY MARKET PORTFOLIO (Series ID: S000002007)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000005217 | AST GOVERNMENT MONEY MARKET PORTFOLIO |  |

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

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

### AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO (Series ID: S000006791)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000018399 | AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO |  |

### AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO (Series ID: S000006792)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000018400 | AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO |  |

### AST BALANCED ASSET ALLOCATION PORTFOLIO (Series ID: S000006793)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000018401 | AST BALANCED ASSET ALLOCATION PORTFOLIO |  |

### AST PRESERVATION ASSET ALLOCATION PORTFOLIO (Series ID: S000006794)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000018402 | AST PRESERVATION ASSET ALLOCATION PORTFOLIO |  |

### AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO (Series ID: S000006796)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000018404 | AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO |  |

### AST MULTI-ASSET DIVERSIFIED PORTFOLIO (Series ID: S000006797)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000018405 | AST MULTI-ASSET DIVERSIFIED PORTFOLIO |  |

### AST J.P. Morgan Moderate Multi-Asset Portfolio (Series ID: S000019378)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000053817 | AST J.P. Morgan Moderate Multi-Asset Portfolio |  |

### AST Core Fixed Income Portfolio (Series ID: S000019381)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000053820 | AST Core Fixed Income Portfolio |  |

### AST Investment Grade Bond Portfolio (Series ID: S000020634)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000057623 | AST Investment Grade Bond Portfolio |  |

### AST Quantitative Modeling Portfolio (Series ID: S000031888)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000099308 | AST Quantitative Modeling Portfolio |  |

### AST Multi-Sector Fixed Income Portfolio (Series ID: S000039716)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000123062 | AST Multi-Sector Fixed Income Portfolio |  |

### AST Large-Cap Equity Portfolio (Series ID: S000040444)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000125624 | AST Large-Cap Equity Portfolio |  |

### AST Bond Portfolio 2025 (Series ID: S000043712)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000135560 | AST Bond Portfolio 2025 |  |

### AST J.P. Morgan Aggressive Multi-Asset Portfolio (Series ID: S000043713)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000135561 | AST J.P. Morgan Aggressive Multi-Asset Portfolio |  |

### AST Bond Portfolio 2026 (Series ID: S000047529)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000149254 | AST Bond Portfolio 2026 |  |

### AST Bond Portfolio 2027 (Series ID: S000052152)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000164145 | AST Bond Portfolio 2027 |  |

### AST Bond Portfolio 2028 (Series ID: S000055935)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000176148 | AST Bond Portfolio 2028 |  |

### AST Bond Portfolio 2029 (Series ID: S000059814)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000195694 | AST Bond Portfolio 2029 |  |

### AST Bond Portfolio 2030 (Series ID: S000063776)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000206660 | AST Bond Portfolio 2030 |  |

### AST Bond Portfolio 2031 (Series ID: S000067337)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000216526 | AST Bond Portfolio 2031 |  |

### AST Bond Portfolio 2032 (Series ID: S000070335)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000223744 | AST Bond Portfolio 2032 |  |

### AST Bond Portfolio 2033 (Series ID: S000074732)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000232874 | AST Bond Portfolio 2033 |  |

### AST Target Maturity Central Portfolio (Series ID: S000076800)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000236844 | AST Target Maturity Central Portfolio |  |

### AST PGIM Fixed Income Central Portfolio (Series ID: S000077474)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000237935 | AST PGIM Fixed Income Central Portfolio |  |

### AST Bond Portfolio 2034 (Series ID: S000079237)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000240201 | AST Bond Portfolio 2034 |  |

### AST J.P. Morgan Fixed Income Central Portfolio (Series ID: S000079726)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000241018 | AST J.P. Morgan Fixed Income Central Portfolio |  |

### AST Bond Portfolio 2035 (Series ID: S000083449)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000247079 | AST Bond Portfolio 2035 |  |

### AST Bond Portfolio 2036 (Series ID: S000089134)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000255641 | AST Bond Portfolio 2036 |  |

?xml version='1.0' encoding='ASCII'? Advanced Series Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-05186<br>|
| Exact name of registrant as specified in charter: | Advanced Series Trust<br>|
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102<br>|
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102<br>|
| Registrant's telephone number, including area code: | 800-225-1852<br>|
| Date of fiscal year end: | 12/31/2025<br>|
| Date of reporting period: | 6/30/2025 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g948024g1tsrbanner.jpg)

Advanced Series Trust

AST International Equity Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST International Equity Portfolio (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST International Equity Portfolio | $54 | 0.99% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1560905945<br>|
| Number of portfolio holdings | 572 |
| Portfolio turnover rate for the period | 49% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 13.4% |
| Insurance | 6.4% |
| Pharmaceuticals | 6.1% |
| Unaffiliated Exchange-Traded Funds | 5.8% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Aerospace & Defense | 3.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.2% represents investments purchased with <br>collateral from securities on loan)<br>| 3.5% |
| Capital Markets | 3.3% |
| Oil, Gas & Consumable Fuels | 3.2% |
| Machinery | 2.5% |
| Metals & Mining | 2.2% |
| Software | 2.2% |
| Diversified Telecommunication Services | 2.1% |
| Trading Companies & Distributors | 2.0% |
| Electrical Equipment | 2.0% |
| Industrial Conglomerates | 2.0% |
| Food Products | 2.0% |
| Entertainment | 1.8% |
| Consumer Staples Distribution & Retail | 1.8% |
| Broadline Retail | 1.8% |
| Automobiles | 1.8% |
| Textiles, Apparel & Luxury Goods | 1.7% |
| Electric Utilities | 1.5% |
| Multi-Utilities | 1.5% |
| Household Durables | 1.4% |
| IT Services | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Hotels, Restaurants & Leisure | 1.4% |
| Chemicals | 1.3% |
| Beverages | 1.2% |
| Personal Care Products | 1.2% |
| Health Care Equipment & Supplies | 1.1% |
| Building Products | 1.0% |
| Professional Services | 1.0% |
| Construction & Engineering | 0.9% |
| Automobile Components | 0.8% |
| Construction Materials | 0.8% |
| Specialty Retail | 0.7% |
| Tobacco | 0.7% |
| Real Estate Management & Development | 0.7% |
| Passenger Airlines | 0.6% |
| Interactive Media & Services | 0.6% |
| Household Products | 0.6% |
| Life Sciences Tools & Services | 0.5% |
| Wireless Telecommunication Services | 0.5% |
| Biotechnology | 0.5% |
| Electronic Equipment, Instruments & Components | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.5% |
| Others\* | 3.9% |
|  | 101.7% |
| Liabilities in excess of other assets | (1.7)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS188_SAR

------

![](g948024g2tsrbanner.jpg)

Advanced Series Trust

AST Large-Cap Equity Portfolio

(Formerly, AST LARGE-CAP CORE PORTFOLIO)

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Large-Cap Equity Portfolio (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Large-Cap Equity Portfolio | $42 | 0.83% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1918211359<br>|
| Number of portfolio holdings | 329 |
| Portfolio turnover rate for the period | 44% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 11.5% |
| Software | 10.8% |
| Interactive Media & Services | 6.3% |
| Technology Hardware, Storage & Peripherals | 5.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.5% represents investments purchased with <br>collateral from securities on loan)<br>| 4.8% |
| Financial Services | 4.5% |
| Unaffiliated Exchange-Traded Funds | 3.4% |
| Broadline Retail | 3.2% |
| Banks | 2.9% |
| Pharmaceuticals | 2.9% |
| Hotels, Restaurants & Leisure | 2.8% |
| Biotechnology | 2.7% |
| Aerospace & Defense | 2.7% |
| Capital Markets | 2.5% |
| Specialty Retail | 2.4% |
| Oil, Gas & Consumable Fuels | 2.4% |
| Consumer Staples Distribution & Retail | 2.4% |
| Insurance | 2.3% |
| Health Care Equipment & Supplies | 2.0% |
| Entertainment | 2.0% |
| Electrical Equipment | 1.9% |
| Electric Utilities | 1.8% |
| Ground Transportation | 1.5% |
| Consumer Finance | 1.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Building Products | 1.2% |
| Automobiles | 1.1% |
| Machinery | 1.1% |
| IT Services | 0.9% |
| Construction Materials | 0.9% |
| Energy Equipment & Services | 0.8% |
| Trading Companies & Distributors | 0.8% |
| Health Care Providers & Services | 0.8% |
| Communications Equipment | 0.8% |
| Food Products | 0.7% |
| Chemicals | 0.7% |
| Professional Services | 0.7% |
| Commercial Services & Supplies | 0.6% |
| Tobacco | 0.6% |
| Household Products | 0.6% |
| Multi-Utilities | 0.6% |
| Beverages | 0.5% |
| Industrial Conglomerates | 0.5% |
| Others\* | 3.1% |
|  | 103.4% |
| Liabilities in excess of other assets | (3.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS235_SAR

------

![](g948024g3tsrbanner.jpg)

Advanced Series Trust

AST Large-Cap Growth Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Large-Cap Growth Portfolio (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Large-Cap Growth Portfolio | $44 | 0.86% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $8045198153<br>|
| Number of portfolio holdings | 169 |
| Portfolio turnover rate for the period | 17% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 17.8% |
| Semiconductors & Semiconductor Equipment | 17.3% |
| Interactive Media & Services | 9.9% |
| Broadline Retail | 7.0% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Financial Services | 5.5% |
| Unaffiliated Exchange-Traded Funds | 5.1% |
| Entertainment | 3.5% |
| Hotels, Restaurants & Leisure | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.2% represents investments purchased with <br>collateral from securities on loan)<br>| 2.8% |
| Health Care Equipment & Supplies | 2.5% |
| Pharmaceuticals | 2.5% |
| Aerospace & Defense | 2.1% |
| Automobiles | 2.0% |
| Capital Markets | 1.4% |
| Biotechnology | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Ground Transportation | 1.1% |
| Consumer Staples Distribution & Retail | 1.0% |
| Specialty Retail | 0.8% |
| Insurance | 0.7% |
| IT Services | 0.7% |
| Health Care Providers & Services | 0.7% |
| Building Products | 0.7% |
| Communications Equipment | 0.6% |
| Electronic Equipment, Instruments & Components | 0.6% |
| Chemicals | 0.6% |
| Specialized REITs | 0.5% |
| Others\* | 4.6% |
|  | 102.5% |
| Liabilities in excess of other assets | (2.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS151_SAR

------

![](g948024g4tsrbanner.jpg)

Advanced Series Trust

AST Large-Cap Value Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Large-Cap Value Portfolio (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Large-Cap Value Portfolio | $41 | 0.80% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $3835316658<br>|
| Number of portfolio holdings | 386 |
| Portfolio turnover rate for the period | 25% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(11.1% represents investments purchased with <br>collateral from securities on loan)<br>| 11.9% |
| Banks | 9.1% |
| Oil, Gas & Consumable Fuels | 6.4% |
| Health Care Providers & Services | 5.5% |
| Machinery | 3.9% |
| Insurance | 3.8% |
| Capital Markets | 3.9% |
| Chemicals | 3.6% |
| Pharmaceuticals | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.5% |
| Unaffiliated Exchange-Traded Funds | 3.1% |
| Aerospace & Defense | 3.1% |
| Financial Services | 3.0% |
| Consumer Finance | 2.3% |
| Electric Utilities | 2.2% |
| Communications Equipment | 2.2% |
| Media | 2.0% |
| Multi-Utilities | 1.9% |
| Interactive Media & Services | 1.8% |
| Consumer Staples Distribution & Retail | 1.8% |
| Health Care Equipment & Supplies | 1.8% |
| Software | 1.6% |
| Tobacco | 1.4% |
| Life Sciences Tools & Services | 1.3% |
| Technology Hardware, Storage & Peripherals | 1.3% |
| Beverages | 1.2% |
| Construction Materials | 1.2% |
| Broadline Retail | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Biotechnology | 1.2% |
| Automobiles | 1.1% |
| Specialized REITs | 1.0% |
| Household Durables | 1.0% |
| Metals & Mining | 1.0% |
| Ground Transportation | 0.9% |
| Building Products | 0.9% |
| Specialty Retail | 0.9% |
| Household Products | 0.9% |
| Passenger Airlines | 0.8% |
| Electronic Equipment, Instruments & Components | 0.8% |
| Air Freight & Logistics | 0.8% |
| Diversified Telecommunication Services | 0.8% |
| IT Services | 0.8% |
| Wireless Telecommunication Services | 0.7% |
| Entertainment | 0.7% |
| Hotels, Restaurants & Leisure | 0.7% |
| Trading Companies & Distributors | 0.7% |
| Containers & Packaging | 0.6% |
| Food Products | 0.6% |
| Energy Equipment & Services | 0.6% |
| Industrial Conglomerates | 0.6% |
| Electrical Equipment | 0.5% |
| Others\* | 2.2% |
|  | 110.3% |
| Liabilities in excess of other assets | (10.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS169_SAR

------

![](g948024g5tsrbanner.jpg)

Advanced Series Trust

AST Small-Cap Equity Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Small-Cap Equity Portfolio (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Small-Cap Equity Portfolio | $48 | 0.97% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2010322366<br>|
| Number of portfolio holdings | 1933 |
| Portfolio turnover rate for the period | 32% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(14.7% represents investments purchased with <br>collateral from securities on loan)<br>| 16.9% |
| Banks | 8.2% |
| Software | 6.6% |
| Machinery | 5.0% |
| Biotechnology | 4.8% |
| Oil, Gas & Consumable Fuels | 4.0% |
| Aerospace & Defense | 3.7% |
| Insurance | 3.7% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Semiconductors & Semiconductor Equipment | 3.0% |
| Specialty Retail | 3.0% |
| Hotels, Restaurants & Leisure | 3.0% |
| Construction & Engineering | 3.0% |
| Capital Markets | 3.0% |
| Unaffiliated Exchange-Traded Funds | 3.0% |
| Financial Services | 2.8% |
| Commercial Services & Supplies | 2.6% |
| Professional Services | 2.6% |
| Diversified Consumer Services | 2.1% |
| Health Care Equipment & Supplies | 2.0% |
| Health Care Providers & Services | 2.0% |
| Building Products | 1.8% |
| Consumer Staples Distribution & Retail | 1.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Finance | 1.5% |
| Energy Equipment & Services | 1.5% |
| Electrical Equipment | 1.5% |
| Trading Companies & Distributors | 1.4% |
| Pharmaceuticals | 1.4% |
| Media | 1.2% |
| Household Durables | 1.1% |
| Automobile Components | 1.1% |
| Food Products | 1.1% |
| Chemicals | 1.0% |
| Metals & Mining | 0.8% |
| Broadline Retail | 0.8% |
| Life Sciences Tools & Services | 0.6% |
| Textiles, Apparel & Luxury Goods | 0.5% |
| Electric Utilities | 0.5% |
| Personal Care Products | 0.5% |
| Gas Utilities | 0.5% |
| Others\* | 6.1% |
|  | 114.9% |
| Liabilities in excess of other assets | (14.9)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS176_SAR

------

![](g948024g6tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2025

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2025 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2025 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $15831486<br>|
| Number of portfolio holdings | 10 |
| Portfolio turnover rate for the period | 43% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 96.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
|  | 96.9% |
| Other assets in excess of liabilities | 3.1% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS236_SAR

------

![](g948024g7tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2026

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2026 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2026 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $38568215<br>|
| Number of portfolio holdings | 9 |
| Portfolio turnover rate for the period | 26% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 96.1% |
| Affiliated Mutual Fund - Short-Term Investment | 2.8% |
|  | 98.9% |
| Other assets in excess of liabilities | 1.1% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS249_SAR

------

![](g948024g8tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2027

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2027 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2027 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $41355745<br>|
| Number of portfolio holdings | 10 |
| Portfolio turnover rate for the period | 8% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 96.2% |
| Affiliated Mutual Fund - Short-Term Investment | 2.2% |
|  | 98.4% |
| Other assets in excess of liabilities | 1.6% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS261_SAR

------

![](g948024g9tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2028

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2028 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2028 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $64727167<br>|
| Number of portfolio holdings | 9 |
| Portfolio turnover rate for the period | 1% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 95.8% |
| Affiliated Mutual Fund - Short-Term Investment | 3.3% |
|  | 99.1% |
| Other assets in excess of liabilities | 0.9% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS262_SAR

------

![](g948024g10tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2029

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2029 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2029 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $6083788<br>|
| Number of portfolio holdings | 9 |
| Portfolio turnover rate for the period | 1% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 95.8% |
| Affiliated Mutual Fund - Short-Term Investment | 2.3% |
|  | 98.1% |
| Other assets in excess of liabilities | 1.9% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS263_SAR

------

![](g948024g11tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2030

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2030 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2030 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $52216794<br>|
| Number of portfolio holdings | 9 |
| Portfolio turnover rate for the period | 3% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 94.8% |
| Affiliated Mutual Fund - Short-Term Investment | 4.0% |
|  | 98.8% |
| Other assets in excess of liabilities | 1.2% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS265_SAR

------

![](g948024g12tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2031

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2031 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2031 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $72590252<br>|
| Number of portfolio holdings | 9 |
| Portfolio turnover rate for the period | 19% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 94.5% |
| Affiliated Mutual Fund - Short-Term Investment | 4.3% |
|  | 98.8% |
| Other assets in excess of liabilities | 1.2% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS274_SAR

------

![](g948024g13tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2032

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2032 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2032 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $69657639<br>|
| Number of portfolio holdings | 8 |
| Portfolio turnover rate for the period | 10% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 94.9% |
| Affiliated Mutual Fund - Short-Term Investment | 3.5% |
|  | 98.4% |
| Other assets in excess of liabilities | 1.6% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS275_SAR

------

![](g948024g14tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2033

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2033 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2033 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $4390226<br>|
| Number of portfolio holdings | 8 |
| Portfolio turnover rate for the period | 0% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 93.4% |
| Affiliated Mutual Fund - Short-Term Investment | 2.0% |
|  | 95.4% |
| Other assets in excess of liabilities | 4.6% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS276_SAR

------

![](g948024g15tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2034

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2034 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2034 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $8685334<br>|
| Number of portfolio holdings | 8 |
| Portfolio turnover rate for the period | 168% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 94.5% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
|  | 96.6% |
| Other assets in excess of liabilities | 3.4% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS277_SAR

------

![](g948024g16tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2035

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2035 (the "Portfolio") for the period of January 1,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2035 | $46 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $6122714<br>|
| Number of portfolio holdings | 7 |
| Portfolio turnover rate for the period | 122% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 93.5% |
| Affiliated Mutual Fund - Short-Term Investment | 1.9% |
|  | 95.4% |
| Other assets in excess of liabilities | 4.6% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS278_SAR

------

![](g948024g17tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2036

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Bond Portfolio 2036 (the "Portfolio") for the period of January 2,

2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2036 | $45 | 0.91% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $5196420<br>|
| Number of portfolio holdings | 8 |
| Portfolio turnover rate for the period | 3% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Fund - AST Target Maturity Central Portfolio\*\* | 91.9% |
| Affiliated Mutual Fund - Short-Term Investment | 1.6% |
|  | 93.5% |
| Other assets in excess of liabilities | 6.5% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at www.sec.gov/edgar. Please refer to Appendix A within the Portfolio's financial statements (Item 7 of Form N-CSR) for additional information related to the TMC Portfolio's investments.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS279_SAR

------

![](g948024g18tsrbanner.jpg)

Advanced Series Trust

AST Core Fixed Income Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Core Fixed Income Portfolio (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Core Fixed Income Portfolio | $34 | 0.68% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $4065503979<br>|
| Number of portfolio holdings | 2970 |
| Portfolio turnover rate for the period | 93% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 14.6 |
| AA | 48.1 |
| A | 14.4 |
| BBB | 16.5 |
| BB | 1.2 |
| B | 0.8 |
| CCC and Below | 0.2 |
| NR | 2.7 |
| Cash/Cash Equivalents | 1.5 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc.

(Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS203_SAR

------

![](g948024g19tsrbanner.jpg)

Advanced Series Trust

AST Government Money Market Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Government Money Market Portfolio (the "Portfolio") for the

period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Government Money Market Portfolio | $29 | 0.58% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $800660054<br>|
| Number of portfolio holdings | 67 |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Repurchase Agreements | 60.0% |
| U.S. Treasury Obligations | 23.9% |
| U.S. Government Agency Obligations | 17.4% |
|  | 101.3% |
| Liabilities in excess of other assets | (1.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS154_SAR

------

![](g948024g20tsrbanner.jpg)

Advanced Series Trust

AST Investment Grade Bond Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Investment Grade Bond Portfolio (the "Portfolio") for the period

of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Investment Grade Bond Portfolio | $35 | 0.69% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $8394293156<br>|
| Number of portfolio holdings | 504 |
| Portfolio turnover rate for the period | 76% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 21.7 |
| AA | 16.4 |
| A | 40.0 |
| BBB | 17.3 |
| BB | 0.7 |
| B | 0.3 |
| NR | 0.8 |
| Cash/Cash Equivalents | 2.8 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc.

(Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS202_SAR

------

![](g948024g21tsrbanner.jpg)

Advanced Series Trust

AST Multi-Sector Fixed Income Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Multi-Sector Fixed Income Portfolio (the "Portfolio") for the

period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Multi-Sector Fixed Income Portfolio | $36 | 0.72% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $9700955102<br>|
| Number of portfolio holdings | 1042 |
| Portfolio turnover rate for the period | 12% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 8.6 |
| AA | 9.0 |
| A | 34.4 |
| BBB | 46.4 |
| BB | 0.8 |
| B | 0.2 |
| Cash/Cash Equivalents | 0.6 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc.

(Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS230_SAR

------

![](g948024g22tsrbanner.jpg)

Advanced Series Trust

AST Quantitative Modeling Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Quantitative Modeling Portfolio (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Quantitative Modeling Portfolio | $41 | 0.80% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $545483012<br>|
| Number of portfolio holdings | 1127 |
| Portfolio turnover rate for the period | 60% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Domestic Equity | 21.2% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 9.0% |
| U.S. Government Agency Obligations | 6.1% |
| Unaffiliated Funds | 4.6% |
| Affiliated Mutual Fund - International Equity | 4.5% |
| Semiconductors & Semiconductor Equipment | 4.2% |
| Software | 4.0% |
| Banks | 3.2% |
| Collateralized Loan Obligations | 2.7% |
| Interactive Media & Services | 2.2% |
| Unaffiliated Exchange-Traded Funds | 2.1% |
| Automobiles | 2.1% |
| Technology Hardware, Storage & Peripherals | 2.0% |
| Pharmaceuticals | 1.5% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Capital Markets | 1.5% |
| Financial Services | 1.5% |
| U.S. Treasury Obligations | 1.4% |
| Broadline Retail | 1.4% |
| Aerospace & Defense | 1.3% |
| Insurance | 1.2% |
| Oil, Gas & Consumable Fuels | 1.2% |
| Entertainment | 0.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Residential Mortgage-Backed Securities | 0.8% |
| Consumer Staples Distribution & Retail | 0.8% |
| Health Care Equipment & Supplies | 0.8% |
| Hotels, Restaurants & Leisure | 0.7% |
| Health Care Providers & Services | 0.7% |
| Specialty Retail | 0.7% |
| Biotechnology | 0.7% |
| Machinery | 0.6% |
| IT Services | 0.6% |
| Oil & Gas | 0.6% |
| Electric Utilities | 0.5% |
| Electrical Equipment | 0.5% |
| Pipelines | 0.5% |
| Chemicals | 0.5% |
| Affiliated Mutual Fund - Fixed Income | 0.1% |
| Others\* | 10.6% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 100.9% |
| Liabilities in excess of other assets | (0.9)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS217_SAR

------

![](g948024g23tsrbanner.jpg)

Advanced Series Trust

AST Balanced Asset Allocation Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Balanced Asset Allocation Portfolio (the "Portfolio") for the

period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Balanced Asset Allocation Portfolio | $39 | 0.76% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $23547377458<br>|
| Number of portfolio holdings | 3220 |
| Portfolio turnover rate for the period | 33% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Fixed Income | 17.7% |
| Unaffiliated Exchange-Traded Funds | 12.2% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.8% represents investments purchased with <br>collateral from securities on loan)<br>| 10.6% |
| Affiliated Mutual Fund - Domestic Equity | 9.9% |
| Collateralized Loan Obligations | 5.6% |
| U.S. Treasury Obligations | 3.4% |
| Banks | 3.4% |
| Semiconductors & Semiconductor Equipment | 3.0% |
| Software | 2.9% |
| Sovereign Bonds | 1.8% |
| Interactive Media & Services | 1.5% |
| Pharmaceuticals | 1.5% |
| Insurance | 1.4% |
| Technology Hardware, Storage & Peripherals | 1.4% |
| Capital Markets | 1.2% |
| Oil, Gas & Consumable Fuels | 1.1% |
| Aerospace & Defense | 1.1% |
| Broadline Retail | 1.0% |
| Financial Services | 1.0% |
| Entertainment | 0.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Automobiles | 0.7% |
| Machinery | 0.7% |
| Hotels, Restaurants & Leisure | 0.7% |
| U.S. Government Agency Obligations | 0.6% |
| Consumer Staples Distribution & Retail | 0.6% |
| Health Care Equipment & Supplies | 0.6% |
| Specialty Retail | 0.6% |
| Biotechnology | 0.6% |
| Electrical Equipment | 0.6% |
| Health Care Providers & Services | 0.5% |
| Electric Utilities | 0.5% |
| Affiliated Mutual Fund - International Equity | 0.0%\*\* |
| Others\* | 11.9% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.1% |
| Liabilities in excess of other assets | (1.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS192_SAR

------

![](g948024g24tsrbanner.jpg)

Advanced Series Trust

AST Multi-Asset Diversified Portfolio

(FORMERLY, AST ADVANCED STRATEGIES PORTFOLIO)

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Multi-Asset Diversified Portfolio (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Multi-Asset Diversified Portfolio | $40 | 0.77% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $5403488484<br>|
| Number of portfolio holdings | 1882 |
| Portfolio turnover rate for the period | 38% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| U.S. Treasury Obligations | 11.6% |
| Unaffiliated Exchange-Traded Funds | 10.9% |
| Affiliated Mutual Fund - Fixed Income | 10.1% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.8% represents investments purchased with <br>collateral from securities on loan)<br>| 8.6% |
| Affiliated Mutual Fund - Domestic Equity | 7.3% |
| Unaffiliated Funds | 4.0% |
| Banks | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.2% |
| Software | 3.1% |
| Collateralized Loan Obligations | 2.9% |
| Pharmaceuticals | 1.8% |
| Insurance | 1.7% |
| Interactive Media & Services | 1.6% |
| Sovereign Bonds | 1.6% |
| Technology Hardware, Storage & Peripherals | 1.4% |
| Options Purchased | 1.3% |
| Oil, Gas & Consumable Fuels | 1.3% |
| Capital Markets | 1.3% |
| Aerospace & Defense | 1.3% |
| Broadline Retail | 1.1% |
| Financial Services | 1.0% |
| Specialized REITs | 1.0% |
| Entertainment | 0.9% |
| Automobiles | 0.8% |
| Hotels, Restaurants & Leisure | 0.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Machinery | 0.7% |
| Consumer Staples Distribution & Retail | 0.7% |
| Electrical Equipment | 0.7% |
| Health Care Equipment & Supplies | 0.7% |
| Biotechnology | 0.6% |
| Specialty Retail | 0.6% |
| Electric Utilities | 0.6% |
| Textiles, Apparel & Luxury Goods | 0.5% |
| Health Care REITs | 0.5% |
| IT Services | 0.5% |
| Retail REITs | 0.5% |
| U.S. Government Agency Obligations | 0.5% |
| Health Care Providers & Services | 0.5% |
| Trading Companies & Distributors | 0.5% |
| Metals & Mining | 0.5% |
| Food Products | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Others\* | 8.9% |
| Options Written | (0.0)%\*\* |
|  | 102.5% |
| Liabilities in excess of other assets | (2.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS196_SAR

------

![](g948024g25tsrbanner.jpg)

Advanced Series Trust

AST PGIM Aggressive Multi-Asset Portfolio

(FORMERLY, AST PRUDENTIAL GROWTH ALLOCATION PORTFOLIO)

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST PGIM Aggressive Multi-Asset Portfolio (the "Portfolio") for the

period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST PGIM Aggressive Multi-Asset Portfolio | $46 | 0.89% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $13647105382<br>|
| Number of portfolio holdings | 3364 |
| Portfolio turnover rate for the period | 42% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Fixed Income | 12.6% |
| Unaffiliated Exchange-Traded Funds | 11.7% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 10.2% |
| Semiconductors & Semiconductor Equipment | 5.1% |
| Software | 4.8% |
| Collateralized Loan Obligations | 4.2% |
| Banks | 3.8% |
| Interactive Media & Services | 2.8% |
| U.S. Treasury Obligations | 2.4% |
| Pharmaceuticals | 2.3% |
| Insurance | 2.0% |
| Technology Hardware, Storage & Peripherals | 1.9% |
| Broadline Retail | 1.9% |
| Capital Markets | 1.8% |
| Aerospace & Defense | 1.8% |
| Financial Services | 1.8% |
| Oil, Gas & Consumable Fuels | 1.7% |
| Entertainment | 1.6% |
| Sovereign Bonds | 1.2% |
| Consumer Staples Distribution & Retail | 1.2% |
| Biotechnology | 1.0% |
| Machinery | 1.0% |
| Automobiles | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Hotels, Restaurants & Leisure | 1.0% |
| Health Care Equipment & Supplies | 1.0% |
| Specialty Retail | 0.9% |
| Health Care Providers & Services | 0.9% |
| IT Services | 0.8% |
| Electric Utilities | 0.8% |
| Electrical Equipment | 0.7% |
| Metals & Mining | 0.6% |
| Textiles, Apparel & Luxury Goods | 0.6% |
| Chemicals | 0.5% |
| Ground Transportation | 0.5% |
| Communications Equipment | 0.5% |
| Multi-Utilities | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Food Products | 0.5% |
| Others\* | 10.5% |
| Options Purchased | 0.2% |
| Options Written | (0.0)%\*\* |
|  | 100.8% |
| Liabilities in excess of other assets | (0.8)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS195_SAR

------

![](g948024g26tsrbanner.jpg)

Advanced Series Trust

AST Preservation Asset Allocation

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Preservation Asset Allocation (the "Portfolio") for the period of

January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Preservation Asset Allocation | $41 | 0.81% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $3170530064<br>|
| Number of portfolio holdings | 2379 |
| Portfolio turnover rate for the period | 27% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Fixed Income | 31.0% |
| Unaffiliated Exchange-Traded Funds | 10.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.7% represents investments purchased with <br>collateral from securities on loan)<br>| 10.1% |
| Collateralized Loan Obligations | 9.5% |
| Affiliated Mutual Fund - Domestic Equity | 6.8% |
| U.S. Treasury Obligations | 4.2% |
| Sovereign Bonds | 3.1% |
| Banks | 2.4% |
| Semiconductors & Semiconductor Equipment | 1.5% |
| Software | 1.4% |
| Pharmaceuticals | 0.8% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Interactive Media & Services | 0.7% |
| U.S. Government Agency Obligations | 0.7% |
| Insurance | 0.7% |
| Affiliated Mutual Fund - International Equity | 0.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Technology Hardware, Storage & Peripherals | 0.6% |
| Capital Markets | 0.6% |
| Electric | 0.6% |
| Telecommunications | 0.5% |
| Aerospace & Defense | 0.5% |
| Oil, Gas & Consumable Fuels | 0.5% |
| Financial Services | 0.5% |
| Broadline Retail | 0.5% |
| Others\* | 11.8% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.0% |
| Liabilities in excess of other assets | (1.0)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS193_SAR

------

![](g948024g27tsrbanner.jpg)

Advanced Series Trust

AST Aggressive Asset Allocation Portfolio

(FORMERLY, AST CAPITAL GROWTH ASSET ALLOCATION PORTFOLIO)

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Aggressive Asset Allocation Portfolio (the "Portfolio") for the

period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Aggressive Asset Allocation Portfolio | $37 | 0.73% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $11692307378<br>|
| Number of portfolio holdings | 2610 |
| Portfolio turnover rate for the period | 32% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Domestic Equity | 13.4% |
| Unaffiliated Exchange-Traded Funds | 12.2% |
| Affiliated Mutual Fund - Fixed Income | 11.3% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.0% represents investments purchased with <br>collateral from securities on loan)<br>| 9.8% |
| Semiconductors & Semiconductor Equipment | 4.0% |
| Software | 3.9% |
| Banks | 3.5% |
| Collateralized Loan Obligations | 3.4% |
| Interactive Media & Services | 2.1% |
| U.S. Treasury Obligations | 1.9% |
| Pharmaceuticals | 1.8% |
| Technology Hardware, Storage & Peripherals | 1.8% |
| Insurance | 1.7% |
| Capital Markets | 1.6% |
| Oil, Gas & Consumable Fuels | 1.5% |
| Aerospace & Defense | 1.4% |
| Broadline Retail | 1.3% |
| Financial Services | 1.3% |
| Sovereign Bonds | 1.1% |
| Entertainment | 1.0% |
| Hotels, Restaurants & Leisure | 0.9% |
| Machinery | 0.9% |
| Automobiles | 0.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 0.8% |
| Health Care Equipment & Supplies | 0.8% |
| Specialty Retail | 0.8% |
| Biotechnology | 0.8% |
| Health Care Providers & Services | 0.7% |
| Electrical Equipment | 0.7% |
| Electric Utilities | 0.7% |
| IT Services | 0.6% |
| Chemicals | 0.5% |
| Multi-Utilities | 0.5% |
| Ground Transportation | 0.5% |
| Food Products | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Affiliated Mutual Fund - International Equity | 0.0%\*\* |
| Others\* | 10.0% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.0% |
| Liabilities in excess of other assets | (1.0)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS190_SAR

------

![](g948024g28tsrbanner.jpg)

Advanced Series Trust

AST J.P. Morgan Aggressive Multi-Asset Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST J.P. Morgan Aggressive Multi-Asset Portfolio (the "Portfolio") for

the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | $41 | 0.80% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2493371649<br>|
| Number of portfolio holdings | 286 |
| Portfolio turnover rate for the period | 35% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Unaffiliated Exchange-Traded Funds | 30.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.9% represents investments purchased with <br>collateral from securities on loan)<br>| 19.6% |
| Affiliated Mutual Fund - Fixed Income | 10.9% |
| Banks | 3.7% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| Capital Markets | 2.4% |
| U.S. Treasury Obligations | 2.3% |
| Software | 2.2% |
| Hotels, Restaurants & Leisure | 1.9% |
| Interactive Media & Services | 1.7% |
| Insurance | 1.5% |
| Pharmaceuticals | 1.4% |
| Broadline Retail | 1.3% |
| Aerospace & Defense | 1.1% |
| Machinery | 1.0% |
| Oil, Gas & Consumable Fuels | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 0.8% |
| Beverages | 0.8% |
| Electric Utilities | 0.8% |
| Building Products | 0.7% |
| Industrial Conglomerates | 0.7% |
| Technology Hardware, Storage & Peripherals | 0.7% |
| Health Care Equipment & Supplies | 0.6% |
| Household Durables | 0.5% |
| Entertainment | 0.5% |
| Financial Services | 0.5% |
| Electrical Equipment | 0.5% |
| Others\* | 7.4% |
|  | 101.0% |
| Liabilities in excess of other assets | (1.0)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS237_SAR

------

![](g948024g29tsrbanner.jpg)

Advanced Series Trust

AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST J.P. Morgan Conservative Multi-Asset Portfolio (the "Portfolio")

for the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST J.P. Morgan Conservative Multi-Asset Portfolio | $40 | 0.79% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $3975446469<br>|
| Number of portfolio holdings | 208 |
| Portfolio turnover rate for the period | 11% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net<br>Assets<br>|
| Affiliated Mutual Fund - Fixed Income | 53.1% |
| Unaffiliated Exchange-Traded Funds | 27.3% |
| Affiliated Mutual Fund - Short-Term Investment<br>(0.6% represents investments purchased with<br>collateral from securities on loan)<br>| 10.4% |
| U.S. Treasury Obligations | 1.6% |
| Banks | 1.2% |
| Semiconductors & Semiconductor Equipment | 0.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net<br>Assets<br>|
| Capital Markets | 0.5% |
| Others\* | 5.5% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS157_SAR

------

![](g948024g30tsrbanner.jpg)

Advanced Series Trust

AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST J.P. Morgan Moderate Multi-Asset Portfolio (the "Portfolio") for

the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST J.P. Morgan Moderate Multi-Asset Portfolio | $40 | 0.79% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2030117293<br>|
| Number of portfolio holdings | 206 |
| Portfolio turnover rate for the period | 19% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net<br>Assets<br>|
| Unaffiliated Exchange-Traded Funds | 40.7% |
| Affiliated Mutual Fund - Fixed Income | 31.2% |
| Affiliated Mutual Fund - Short-Term Investment<br>(1.0% represents investments purchased with<br>collateral from securities on loan)<br>| 14.2% |
| U.S. Treasury Obligations | 2.1% |
| Banks | 1.9% |
| Semiconductors & Semiconductor Equipment | 0.9% |
| Capital Markets | 0.7% |
| Insurance | 0.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net<br>Assets<br>|
| Hotels, Restaurants & Leisure | 0.6% |
| Chemicals | 0.5% |
| Others\* | 7.2% |
|  | 100.7% |
| Liabilities in excess of other assets | (0.7)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS199_SAR

------

![](g948024g31tsrbanner.jpg)

Advanced Series Trust

AST Multi-Asset Diversified Plus Portfolio

(FORMERLY, AST ACADEMIC STRATEGIES ASSET ALLOCATION PORTFOLIO)

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Multi-Asset Diversified Plus Portfolio (the "Portfolio") for the

period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Multi-Asset Diversified Plus Portfolio | $52 | 1.02% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2277097957<br>|
| Number of portfolio holdings | 1590 |
| Portfolio turnover rate for the period | 39% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| U.S. Treasury Obligations | 15.0% |
| Unaffiliated Exchange-Traded Funds | 14.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(4.3% represents investments purchased with <br>collateral from securities on loan)<br>| 14.7% |
| Unaffiliated Funds | 14.4% |
| Affiliated Mutual Fund - Fixed Income | 7.9% |
| Affiliated Mutual Fund - Domestic Equity | 2.7% |
| Banks | 2.4% |
| Collateralized Loan Obligations | 2.1% |
| Specialized REITs | 2.0% |
| Semiconductors & Semiconductor Equipment | 1.8% |
| Software | 1.7% |
| Pharmaceuticals | 1.4% |
| Insurance | 1.2% |
| Health Care REITs | 1.1% |
| Retail REITs | 1.0% |
| Aerospace & Defense | 0.9% |
| Capital Markets | 0.8% |
| Oil, Gas & Consumable Fuels | 0.8% |
| Residential REITs | 0.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Industrial REITs | 0.8% |
| Interactive Media & Services | 0.8% |
| Technology Hardware, Storage & Peripherals | 0.7% |
| Broadline Retail | 0.7% |
| Financial Services | 0.6% |
| Entertainment | 0.6% |
| Automobiles | 0.5% |
| Hotels, Restaurants & Leisure | 0.5% |
| Electrical Equipment | 0.5% |
| Textiles, Apparel & Luxury Goods | 0.5% |
| Others\* | 10.3% |
| Options Purchased | 0.3% |
| Options Written | (0.0)%\*\* |
|  | 104.4% |
| Liabilities in excess of other assets | (4.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

AS191_SAR

------

![](g948024g32tsrbanner.jpg)

Advanced Series Trust

AST J.P. Morgan Fixed Income Central Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST J.P. Morgan Fixed Income Central Portfolio (the "Portfolio") for

the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST J.P. Morgan Fixed Income Central Portfolio | $1 | 0.02% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $3477430368<br>|
| Number of portfolio holdings | 1277 |
| Portfolio turnover rate for the period | 23% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total<br>Investments<br>|
| AAA | 4.2 |
| AA | 59.2 |
| A | 14.3 |
| BBB | 20.8 |
| BB | 1.3 |
| B | 0.2 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc.

(Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

JPMFICP_SAR

------

![](g948024g33tsrbanner.jpg)

Advanced Series Trust

AST PGIM Fixed Income Central Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST PGIM Fixed Income Central Portfolio (the "Portfolio") for the

period of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST PGIM Fixed Income Central Portfolio | $1 | 0.01% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $10780848011<br>|
| Number of portfolio holdings | 3210 |
| Portfolio turnover rate for the period | 72% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 20.1 |
| AA | 38.4 |
| A | 15.4 |
| BBB | 23.3 |
| BB | 2.9 |
| B | 1.0 |
| CCC and Below | 0.1 |
| NR | 2.7 |
| Cash/Cash Equivalents | (3.9) |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc.

(Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

PGIMFICP_SAR

------

![](g948024g34tsrbanner.jpg)

Advanced Series Trust

AST Target Maturity Central Portfolio

SEMIANNUAL SHAREHOLDER REPORT – JUNE 30, 2025

This semiannual shareholder report contains important information about the AST Target Maturity Central Portfolio (the "Portfolio") for the period

of January 1, 2025 to June 30, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

.

You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Target Maturity Central Portfolio | $3 | 0.05% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $366988111<br>|
| Number of portfolio holdings | 578 |
| Portfolio turnover rate for the period | 67% |

---

![](g948024pru_largelogo.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 6/30/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 28.4 |
| AA | 36.7 |
| A | 12.4 |
| BBB | 17.0 |
| BB | 1.3 |
| B | 0.3 |
| NR | 0.5 |
| Cash/Cash Equivalents | 3.4 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc.

(Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject

to change.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g948024pru_largelogo.jpg)

TMCP_SAR

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### June 30, 2025

---

| | |
|:---|:---|
| ![LOGO](g948024g16e38.jpg)  | **AST International Equity Portfolio**<br> **AST Large-Cap Equity Portfolio (formerly, AST Large-Cap Core Portfolio)**<br> **AST Large-Cap Growth Portfolio**<br> **AST Large-Cap Value Portfolio**<br> **AST Small-Cap Equity Portfolio** |

---

![LOGO](g948024g01g01.jpg)

------

Advanced Series Trust **Table of Contents** Financial Statements and Other Information June 30, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

---

| | | |
|:---|:---|:---|
| Section A | [Schedule of Investments, Financial Statements, and<br>Financial Highlights](#edgar948024_2) |  |
|  | [Glossary](#edgar948024_2) | A1 |
|  | [AST International Equity Portfolio](#edgar948024_3) | A2 |
|  | [AST Large-Cap Equity Portfolio](#edgar948024_4) | A16 |
|  | [AST Large-Cap Growth Portfolio](#edgar948024_5) | A27 |
|  | [AST Large-Cap Value Portfolio](#edgar948024_6) | A36 |
|  | [AST Small-Cap Equity Portfolio](#edgar948024_7) | A48 |
| Section B | [Notes to Financial Statements](#edgar948024_8) | B1 |

---

∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar948024_9)** 

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

------

<br> ***Glossary*** <br>

The following abbreviations are used in the Portfolios' descriptions:

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNH | Chinese Renminbi |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | US Dollar |

---

144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

ADR — American Depositary Receipt

CITI — Citibank, N.A.

CVA — Certificate Van Aandelen (Bearer)

EAFE — Europe, Australasia, Far East

ETF — Exchange-Traded Fund

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

LP — Limited Partnership

MLP — Master Limited Partnership

MSC — Morgan Stanley & Co. LLC

MSCI — Morgan Stanley Capital International

MSI — Morgan Stanley & Co International PLC

NYSE — New York Stock Exchange

OTC — Over-the-counter

PJSC — Public Joint-Stock Company

PRFC — Preference Shares

REITs — Real Estate Investment Trust

S&P — Standard & Poor's

SOFR — Secured Overnight Financing Rate

SPDR — Standard & Poor's Depositary Receipts

WBC — Westpac Banking Corp.

XAMS — Amsterdam Stock Exchange

XLON — London Stock Exchange

XNGS — NASDAQ Global Select Exchange

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.1%** | **LONG-TERM INVESTMENTS — 98.1%** | **LONG-TERM INVESTMENTS — 98.1%** |
|  **COMMON STOCKS — 92.0%** | **COMMON STOCKS — 92.0%** | **COMMON STOCKS — 92.0%** |
|  **Australia — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL Energy Ltd. | 30800 | $197503 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 186294 | 3572520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 59014 | 2528443 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 203919 | 4905801 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 79914 | 1217772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 251818 | 3889026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 172492 | 2365231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 64114 | 7803204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 99755 | 2616981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 216224 | 1125726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 265872 | 2672607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC\* | 794008 | 3093966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | 217836 | 1295040 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hi-Fi Ltd. | 12656 | 919665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Private Ltd. | 1489051 | 4944990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group, REIT | 1319649 | 1914756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 84263 | 1040828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. | 57556 | 739046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | 8029 | 1502504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 863386 | 6099453 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 837967 | 12903960 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 6744 | 1067972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 36819 | 2606427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 120072 | 6988685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group, REIT | 765410 | 1797731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 83880 | 1480582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland, REIT | 167394 | 591591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 38978 | 555501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology One Ltd. | 11625 | 313360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 2080346 | 6633438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd., REIT | 981462 | 1602203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. | 11000 | 304101 |
|  |  | 91290613 |
|  **Austria — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 47261 | 4023107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG | 17577 | 537656 |
|  |  | 4560763 |
|  **Belgium — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV | 19960 | 1373256 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 35668 | 3681281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA | 20287 | 702678 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 10636 | 2092716 |
|  |  | 7849931 |
|  **Brazil — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA | 567200 | 1387438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA, ADR | 53492 | 3044230 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 2119 | 5538282 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Class A Stock)\* | 122309 | 1678079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA, ADR | 87809 | 1098491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pluxee NV | 39852 | 868914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA | 131600 | 1276494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 41670 | 1537734 |
|  |  | 16429662 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Canada — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 40520 | $2507821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargojet, Inc. | 5467 | 380713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 381543 | 5191843 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 7926 | 832383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. | 6082 | 795763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 960 | 3520082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 16518 | 2327379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finning International, Inc. | 35407 | 1513784 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 6669 | 731129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 105075 | 1642002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 44475 | 1422024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 5304 | 699034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Class A Stock)\*(a) | 27690 | 3194041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcontinental, Inc. (Class A Stock)(a) | 52777 | 810404 |
|  |  | 25568402 |
|  **China — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 103500 | 1465141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd. (Class H Stock) | 201000 | 512050 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 841500 | 3663254 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (Class H Stock) | 300968 | 4686082 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp. (Class H Stock) | 1926000 | 1949009 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd. (Class H Stock) | 283200 | 974312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial Group Co. Ltd. (Class A Stock) | 143300 | 558478 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc. (Class A Stock) | 51450 | 840297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingsoft Corp. Ltd. | 117600 | 614642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd. | 294000 | 355209 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc., ADR | 6802 | 915413 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR\* | 5812 | 608284 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetroChina Co. Ltd. (Class H Stock) | 1402000 | 1208211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV\* | 96508 | 5414727 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 145000 | 464869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 71500 | 4607146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. | 889900 | 2008753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (Class B Stock), 144A\* | 613718 | 4724240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 262500 | 458089 |
|  |  | 36028206 |
|  **Denmark — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 88 | 162357 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 661 | 1229261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S (Class B Stock) | 14195 | 2011196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 51841 | 2117384 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 4305 | 1032573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S\* | 6091 | 1264908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Class B Stock) | 91543 | 6343385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B | 32996 | 2369010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 14294 | 2518537 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Class B Stock) | 11360 | 532469 |
|  |  | 19581080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Finland — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 9726 | $182380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Class B Stock) | 51712 | 1275434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konecranes OYJ | 2315 | 183954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 807096 | 4187721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 515702 | 7651838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Class B Stock) | 37641 | 2831864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 107426 | 2538945 |
|  |  | 18852136 |
|  **France — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 29254 | 6032208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 24304 | 5084415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA\* | 196651 | 4590019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA, 144A | 23309 | 1889330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA | 20748 | 1532107 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 275562 | 13531483 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 183597 | 16468964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 6700 | 303006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 13342 | 2284636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 101660 | 1434040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 96352 | 11318975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 207953 | 7734649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA, REIT | 12927 | 819625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 128514 | 2431265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE | 18775 | 583161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 20696 | 2908063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 400393 | 9410358 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 4458 | 1224134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 1432 | 3881960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA, REIT | 74316 | 2938403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 46237 | 6197077 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 6584 | 2820279 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 2571 | 1345610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 33904 | 516297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 19935 | 2251554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 50633 | 16512647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 1152 | 275630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 14881 | 851256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE | 3175 | 308379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 12544 | 3703924 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 172154 | 10522510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA | 128938 | 4603329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 49492 | 7298604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153607897 |
|  **Germany — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 4125 | 962898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 24271 | 9849986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG | 80777 | 2433592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 13964 | 1218746 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA | 1006 | 125097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 146095 | 4331049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 9772 | 3192410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 56307 | 2608132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 396646 | 14518672 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 409366 | 7542830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | 47470 | 2727397 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Germany (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Friedrich Vorwerk Group SE | 2408 | $166393 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEAGroupAG | 62329 | 4369269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG | 26766 | 6303307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 3087 | 223886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 155499 | 6635460 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG | 66621 | 1986328 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 5658 | 503627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 83770 | 4880454 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 1062 | 471797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 21313 | 13839266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 4903 | 10383077 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 13243 | 553401 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 48514 | 14834585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE, 144A | 24449 | 3375156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 72554 | 18636090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG\* | 64560 | 7545833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 13964 | 1810317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE(a) | 7343 | 260334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE, 144A\* | 21682 | 715448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147004837 |
|  **Greece — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA | 46939 | 892548 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA | 123528 | 1575075 |
|  |  | 2467623 |
|  **Hong Kong — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 1079824 | 9781525 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 160500 | 1355545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR | 1000 | 123590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 70500 | 3791953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 264141 | 3306055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 105000 | 1158568 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd., 144A | 3134029 | 3020552 |
|  |  | 22537788 |
|  **Hungary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt | 17298 | 509882 |
|  **India — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd.\* | 455890 | 1404050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. | 28824 | 538509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 16553 | 614402 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\* | 16560 | 1623211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | 3235 | 467948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. | 82617 | 1615005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 55088 | 2224480 |
|  |  | 8487605 |
|  **Indonesia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT | 3448000 | 956181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | 2201900 | 376705 |
|  |  | 1332886 |
|  **Ireland — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 10400 | 1216800 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Ireland (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 809734 | $6682615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC | 1052483 | 2662019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC | 24605 | 2096577 |
|  |  | 12658011 |
|  **Israel — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM | 51727 | 993576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM | 133311 | 2480324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.\* | 5043 | 1115764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. | 702 | 312694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 1800 | 305124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd.\* | 1525 | 432313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 7670 | 1215388 |
|  |  | 6855183 |
|  **Italy — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA | 25361 | 3078898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buzzi SpA | 2263 | 125506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG\* | 20940 | 1093961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 514785 | 4885673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 137481 | 2220885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 11205 | 5489452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 926013 | 5334214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA | 65780 | 557993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA | 6212 | 350524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maire SpA | 59201 | 780106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 25258 | 1440755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA, 144A | 59578 | 1280085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR | 12459 | 718510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 58575 | 602208 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 135663 | 9100733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | 44856 | 888363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37947866 |
|  **Japan — 16.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 29400 | 2179453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 51300 | 656250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 135600 | 3677902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 215600 | 2881955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 249900 | 1778980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 222600 | 5676385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 12100 | 118471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 3600 | 122945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 34700 | 775704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 95500 | 1181758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 128100 | 973894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daishi Hokuetsu Financial Group, Inc. | 5500 | 127004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 16700 | 1818938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 15600 | 536060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 17000 | 120734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 2100 | 622111 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTS Corp. | 4500 | 161310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Power Development Co. Ltd. | 39900 | 680803 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 294600 | 1460283 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 20600 | 559234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 2900 | 994306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Life Cos. Ltd. | 23200 | 1128155 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Japan (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 6600 | $303943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Media Holdings, Inc. | 14000 | 322971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 37900 | 1993746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 76000 | 1843713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 246000 | 7149831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hokuhoku Financial Group, Inc. | 15000 | 284205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 152400 | 1469571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 89694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10652249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 106300 | 644644 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 36500 | 3947977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iida Group Holdings Co. Ltd. | 9600 | 135228 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 147400 | 7718604 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAFCO Group Co. Ltd. | 15600 | 266902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 126500 | 1171671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 15300 | 450729 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 51000 | 593266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaneka Corp. | 7200 | 198653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 147200 | 1745766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp.(a) | 129000 | 5779923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 20800 | 294571 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 286400 | 4917656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 10081 | 4030669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd.(a) | 74400 | 1042614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 72300 | 2385433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 23000 | 3636340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kose Corp. | 9800 | 384638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp.(a) | 8300 | 1112704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 21400 | 659076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 10800 | 217709 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 150000 | 3085579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medipal Holdings Corp. | 22800 | 369770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metaplanet, Inc.\*(a) | 144400 | 1648822 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 126500 | 1849903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 332200 | 1746051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 384700 | 7687031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 171700 | 3693091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 104000 | 2602536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 1090227 | 14863710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 38500 | 784629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui E&S Co. Ltd. | 11900 | 234710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 479100 | 4638206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 33900 | 1132251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 90800 | 2520601 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 18200 | 358283 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 243000 | 7089538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. | 7200 | 139918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 20984 | 2015090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc., REIT | 403 | 372122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 84300 | 1594276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 28500 | 1025286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 79900 | 1542987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 664300 | 4377539 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Pacific Bank Ltd. | 48000 | 192090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 24600 | 956573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oki Electric Industry Co. Ltd. | 54500 | 607792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 2000 | 238381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 6000 | 138191 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 68500 | 1545817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 11600 | 297539 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Japan (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 7600 | $376803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 40500 | 1393001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 167200 | 1788927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakus Co. Ltd. | 27300 | 437591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 69776 | 4103292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 25200 | 311760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 347600 | 3210372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanki Engineering Co. Ltd. | 4400 | 123542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sankyo Co. Ltd. | 91300 | 1689853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sankyu, Inc. | 21500 | 1153225 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 43100 | 1501826 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 13300 | 1081442 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 16700 | 503132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 76200 | 1380034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 14000 | 308131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven&i Holdings Co. Ltd. | 134800 | 2169650 |
| &nbsp;&nbsp;&nbsp;&nbsp; SHIFT, Inc.\* | 24300 | 294293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 7000 | 126016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simplex Holdings, Inc. | 8400 | 227273 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 700 | 250854 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 5800 | 421695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sojitz Corp. | 38400 | 943624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 81400 | 2452973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 656550 | 17070514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 44600 | 773203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sugi Holdings Co. Ltd. | 32100 | 733812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 76800 | 1981956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 138300 | 2965624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 255800 | 6441290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 24000 | 638338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 21100 | 814869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuken Co. Ltd. | 6400 | 231407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 346900 | 4182306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 12100 | 704711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 112000 | 3457777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 158000 | 2899597 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 9000 | 301587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tohoku Electric Power Co., Inc. | 16500 | 120472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 86393 | 3661427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 30200 | 5783586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 34200 | 1137564 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 22000 | 597675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 114600 | 1973755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 222700 | 5044433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Corp. | 68900 | 497937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. | 127900 | 2863048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254062146 |
|  **Luxembourg — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 52998 | 1682915 |
|  **Macau — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 79000 | 352150 |
|  **Mexico — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gruma SAB de CV (Class B Stock) | 31355 | 540777 |
|  **Netherlands — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, 144A, CVA | 152623 | 4167515 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Netherlands (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV, 144A\* | 1255 | $2304854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE\* | 7219 | 3996315 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 1166 | 747963 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 20283 | 16253515 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV | 74276 | 4935312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV, 144A | 25915 | 4440328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 31413 | 2740560 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 484313 | 10615022 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV | 51605 | 1474075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 179972 | 7516792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 1631213 | 7957367 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 20807 | 1384479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 13060 | 2184130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70718227 |
|  **New Zealand — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 92760 | 2037448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd.\* | 28006 | 3313929 |
|  |  | 5351377 |
|  **Norway — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 21477 | 548832 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 155330 | 4295586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 27380 | 691456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 75155 | 2914656 |
|  |  | 8450530 |
|  **Peru — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 5446 | 1217290 |
|  **Singapore — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 288184 | 10173495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 68440 | 10946293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | 28600 | 154071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 132300 | 1549131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. | 370100 | 2269337 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 104439 | 3202308 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 20400 | 577396 |
|  |  | 28872031 |
|  **South Africa — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 37371 | 1101618 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVI Ltd. | 95405 | 507264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd.\* | 4341 | 190678 |
|  |  | 1799560 |
|  **South Korea — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp. | 5333 | 539353 |
| &nbsp;&nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | 11576 | 1056340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doosan Bobcat, Inc.\* | 21382 | 919072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hugel, Inc.\* | 2604 | 746016 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 15972 | 1312519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. | 5168 | 369793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 30878 | 1365475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd. | 2006 | 643199 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 6999 | 1508156 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **South Korea (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. | 82314 | $1369642 |
|  |  | 9829565 |
|  **Spain — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA(a) | 24910 | 1731435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA | 12689 | 1072005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 229572 | 3535011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 1137389 | 9418579 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 735792 | 6375498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 524628 | 10092810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 94003 | 4903831 |
|  |  | 37129169 |
|  **Sweden — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asmodee Group AB (Class B Stock)\* | 19152 | 254367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Class A Stock) | 201413 | 3256044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Class B Stock) | 53543 | 762055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB\* | 78666 | 2458270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Class B Stock) | 11020 | 211281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Class B Stock) | 131128 | 3630787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Class A Stock) | 3575 | 129964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Class B Stock) | 6846 | 202870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Class B Stock) | 8398 | 469560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Class B Stock) | 12550 | 292347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Class A Stock) | 67716 | 906534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Class A Stock) | 45125 | 1195196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB\* | 19375 | 589681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Class B Stock) | 15862 | 231544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Class B Stock)(a) | 317735 | 2715148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 393246 | 1414437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Class B Stock) | 209032 | 5881663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24601748 |
|  **Switzerland — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. | 124512 | 7461860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG\* | 11699 | 637257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Class A Stock) | 33467 | 6333057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 24899 | 3619212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG | 1341 | 1056098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA | 11584 | 1050489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG | 8463 | 6052428 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Class A Stock)\*(a) | 25395 | 1321810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG | 5525 | 302789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 656 | 238316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Part. Cert.) | 3303 | 1229939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG | 2025 | 304001 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 173165 | 5879258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 3012 | 2107566 |
|  |  | 37594080 |
|  **Taiwan — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 165000 | 910360 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 60000 | 2570920 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Taiwan (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 74027 | $16766375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20247655 |
|  **Thailand — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL | 178300 | 842218 |
|  **United Arab Emirates — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 252547 | 936859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC | 84723 | 525972 |
|  |  | 1462831 |
|  **United Kingdom — 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 208086 | 11776047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 28450 | 1277592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC | 25228 | 1617772 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 92033 | 12808156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 2826119 | 13058848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazley PLC | 71932 | 923608 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 60470 | 2875129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC | 370721 | 822546 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 82000 | 504930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC(a) | 48109 | 4460667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 277274 | 9391827 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConvaTec Group PLC, 144A | 135988 | 538655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currys PLC\* | 199816 | 334004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 71055 | 1791731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 43776 | 1924136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | 86156 | 2351113 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 1264048 | 15290166 |
| &nbsp;&nbsp;&nbsp;&nbsp; IG Group Holdings PLC | 47005 | 687367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 202258 | 7991247 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 18403 | 2104110 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | 507389 | 2390423 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC | 1190656 | 1451975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 407754 | 1628405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 769763 | 809420 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 33341 | 4876029 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC | 140458 | 496480 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 1651421 | 11597853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC | 61280 | 10466255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd. | 21883 | 371792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | 130625 | 1181782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 33918 | 2310732 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 109184 | 5900161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 700029 | 9277238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC, REIT | 76422 | 743593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) | 176215 | 3026106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC, REIT | 272898 | 2554638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 82779 | 2553265 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 105850 | 2665318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 129650 | 2145519 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 21468 | 739358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 1891674 | 10429789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (XAMS) | 70846 | 4323466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (XLON) | 78459 | 4788929 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC | 55870 | 877313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 2002603 | 2143689 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **United Kingdom (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise PLC (Class A Stock)\* | 41025 | $| 586058 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 132735 |  | 934586 |
|  |  |  | 183799823 |
|  **United States — 8.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 56854 |  | 5248176 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 6000 |  | 947764 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 13987 |  | 5691031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 12918 |  | 2828692 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 228077 |  | 4348623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\*(a) | 4600 |  | 1446608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 158904 |  | 15799248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 159857 |  | 19402980 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 12575 |  | 605859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 47433 |  | 15483075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 167884 |  | 16253474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 12610 |  | 3385595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 766372 |  | 26738377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signify NV, 144A | 21540 |  | 584865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 13228 |  | 10150373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 188610 |  | 1889143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 15220 |  | 2632864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 52397 |  | 982165 |
|  |  |  | 134418912 |
|  **TOTAL COMMON STOCKS**<br> (cost $1,159,960,941) | **TOTAL COMMON STOCKS**<br> (cost $1,159,960,941) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436543375 |
|  **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** |
|  **Brazil — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA (PRFC) | 136592 |  | 402251 |
|  **Germany — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (PRFC) . | 1602 |  | 133040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (PRFC) | 35622 |  | 2799304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (PRFC) | 5797 |  | 1476483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (PRFC) | 2825 |  | 298641 |
|  |  |  | 4707468 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $5,412,817) | **TOTAL PREFERRED STOCKS**<br> (cost $5,412,817) |  | 5109719 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.8%** |
|  **United States** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 524901 |  | 43818735 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 186686 |  | 16687862 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE Growth ETF | 124176 |  | 13907712 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE Value ETF | 246491 |  | 15647249 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $75,381,529) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $75,381,529) |  | 90061558 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,240,755,287) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,240,755,287) |  | 1531714652 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 3.6%** | **SHORT-TERM INVESTMENTS — 3.6%** | **SHORT-TERM INVESTMENTS — 3.6%** |
|  **AFFILIATED MUTUAL FUNDS — 3.5%** | **AFFILIATED MUTUAL FUNDS — 3.5%** | **AFFILIATED MUTUAL FUNDS — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | 19304042 | $19304042 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $34,618,143; includes $34,528,687 of cash collateral for securities on loan)(b)(wb) | 34644034 | 34619783 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $53,922,185) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $53,922,185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53923825 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | |
|  **U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.0%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.101% | 07/01/25 | 727 | 726913 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $727,000) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $727,000) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $727,000) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $727,000) |
|  **U.S. TREASURY OBLIGATIONS(n) — 0.1%** | **U.S. TREASURY OBLIGATIONS(n) — 0.1%** | **U.S. TREASURY OBLIGATIONS(n) — 0.1%** | **U.S. TREASURY OBLIGATIONS(n) — 0.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | 09/18/25(k) | 630 | 624168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.122% | 10/02/25(h) | 280 | 276942 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $901,241) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $901,241) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $901,241) | 901110 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $55,550,426) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $55,550,426) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $55,550,426) | 55551848 |
|  **TOTAL INVESTMENTS—101.7%**<br> (cost $1,296,305,713) | **TOTAL INVESTMENTS—101.7%**<br> (cost $1,296,305,713) | **TOTAL INVESTMENTS—101.7%**<br> (cost $1,296,305,713) | 1587266500 |
|  **Liabilities in excess of other assets(z) — (1.7)%** | **Liabilities in excess of other assets(z) — (1.7)%** | **Liabilities in excess of other assets(z) — (1.7)%** | (26360555) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $1560905945 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $33,747,412; cash collateral of $34,528,687 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| 88 | Mini MSCI EAFE Index | Sep. 2025 | $11799480 | $89324 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | AUD | 759 | $469121 | $499351 | $30230 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 1810 | 1169971 | 1191595 | 21624 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 2306 | 3118686 | 3166377 | 47691 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | CAD | 125 | 89065 | 91946 | 2881 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | CNH | 5175 | 724202 | 725786 | 1584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | CNH | 4702 | 659210 | 659472 | 262 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CZK | 15000 | 688051 | 716331 | 28280 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | DKK | 10369 | 1594504 | 1646708 | 52204 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 5226 | 6059041 | 6187844 | 128803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1516 | 1757403 | 1794733 | 37330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1207 | 1393675 | 1428729 | 35054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1154 | 1336317 | 1366328 | 30011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 827 | 955336 | 979365 | 24029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 109 | 126486 | 129540 | 3054 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | HKD | 35720 | 4614675 | 4572651 |  | (42024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 5594 | 716781 | 716126 |  | (655) |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | ILS | 8981 | 2437006 | 2666547 | 229541 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 1058173 | 7360889 | 7390831 | 29942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 232409 | 1608333 | 1623263 | 14930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 74051 | 509250 | 517208 | 7958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 24113 | 166678 | 168419 | 1741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 71444 | 487660 | 499000 | 11340 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | NZD | 913 | 542065 | 556507 | 14442 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | SGD | 4822 | 3714297 | 3806704 | 92407 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | KRW | 2028868 | 1475701 | 1504236 | 28535 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | SEK | 6329 | 663492 | 672388 | 8896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SEK | 54947 | 5760785 | 5837849 | 77064 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CHF | 116 | 143067 | 147771 | 4704 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | **Notional**<br>**Amount<br>(000)** | **Notional**<br>**Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Swiss Franc (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 15663 | $19320805 | $19935263 | $614458 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 1404 | 1736877 | 1787118 | 50241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 967 | 1194881 | 1230147 | 35266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 22 | 26565 | 27365 | 800 |  |
|  |  |  |  | $72620875 | $74243498 | 1665302 | (42679) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | GSI | AUD | 257 | $161852 | $168930 | $— | $(7078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 1871 | 1216215 | 1231491 |  | (15276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 1384 | 882130 | 911340 |  | (29210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 937 | 591590 | 617128 |  | (25538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 168 | 107609 | 110733 |  | (3124) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 1555 | 2098192 | 2135135 |  | (36943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 7339 | 9911563 | 10078682 |  | (167119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 2194 | 2946610 | 3012975 |  | (66365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 1165 | 1568936 | 1600218 |  | (31282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 492 | 666517 | 675134 |  | (8617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 453 | 609417 | 621849 |  | (12432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 425 | 573182 | 583945 |  | (10763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 212 | 285217 | 291286 |  | (6069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 95 | 128504 | 130605 |  | (2101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 45 | 61045 | 62212 |  | (1167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 39 | 52600 | 53698 |  | (1098) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | CAD | 5153 | 3619148 | 3787286 |  | (168138) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | EUR | 2460 | 2821160 | 2912637 |  | (91477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 2069 | 2372251 | 2449301 |  | (77050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 628 | 743233 | 743256 |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 2213 | 2539913 | 2620521 |  | (80608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 2110 | 2439236 | 2498914 |  | (59678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1630 | 1882338 | 1929483 |  | (47145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1246 | 1440379 | 1475619 |  | (35240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1063 | 1226642 | 1258575 |  | (31933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1037 | 1197835 | 1228380 |  | (30545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1015 | 1173386 | 1202094 |  | (28708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 845 | 979703 | 1000679 |  | (20976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 557 | 644896 | 659304 |  | (14408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 512 | 593104 | 606375 |  | (13271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 4566 | 5229156 | 5406342 |  | (177186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 773 | 886125 | 914951 |  | (28826) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 144430 | 1004686 | 1008773 |  | (4087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 186651 | 1293781 | 1303668 |  | (9887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 137697 | 964453 | 961746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 105745 | 736379 | 738581 |  | (2202) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | NOK | 4630 | 456624 | 459546 |  | (2922) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 1069942 | $759740 | $793273 | $— | $(33533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 961875 | 712500 | 713150 |  | (650) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | CHF | 892 | 1105418 | 1134943 |  | (29525) |
|  |  |  |  | $58683265 | $60092758 | 2707 | (1412200) |
|  |  |  |  |  |  | $1668009 | $(1454879) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MSC | $– | $624168 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $91290613 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 4560763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 7849931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 14023014 | 2406648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 25568402 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 1523697 | 34504509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 19581080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 18852136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 153607897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 147004837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 2467623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 123590 | 22414198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary | 509882 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 1623211 | 6864394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1332886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1216800 | 11441211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 2331152 | 4524031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 718510 | 37229356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 254062146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 1682915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 352150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 540777 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | $— | $70718227 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 5351377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 8450530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 1217290 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 10946293 | 17925738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 697942 | 1101618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 9829565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 37129169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 24601748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 1321810 | 36272270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 16766375 | 3481280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 842218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 525972 | 936859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 5571817 | 178228006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 17288012 | 117130900 |  |
|  Preferred Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 402251 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 4707468 |  |
|  Unaffiliated Exchange-Traded Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 90061558 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 53923825 |  |  |
|  U.S. Government Agency Obligation |  | 726913 |  |
|  U.S. Treasury Obligations |  | 901110 |  |
|  **Total** | $**246902180** | $**1340364320** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $89324 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 1668009 |  |
|  **Total** | $**89324** | $**1668009** | $**—** |
|  **Liabilities** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts | $— | $(1454879) | $— |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Banks | 13.5 |
|  Insurance | 6.5 |
|  Pharmaceuticals | 6.1 |
|  Unaffiliated Exchange-Traded Funds | 5.8 |
|  Semiconductors & Semiconductor Equipment | 3.8 |
|  Aerospace & Defense | 3.5 |
|  Affiliated Mutual Funds (2.2% represents investments<br>purchased with collateral from securities on loan) | 3.5 |
|  Capital Markets | 3.3 |
|  Oil, Gas & Consumable Fuels | 3.2 |
|  Machinery | 2.5 |
|  Metals & Mining | 2.2 |
|  Software | 2.2 |

---

---

| | |
|:---|:---|
|  Diversified Telecommunication Services | 2.1 |
|  Trading Companies & Distributors | 2.0 |
|  Electrical Equipment | 2.0 |
|  Industrial Conglomerates | 2.0 |
|  Food Products | 2.0 |
|  Entertainment | 1.8 |
|  Consumer Staples Distribution & Retail | 1.8 |
|  Broadline Retail | 1.8 |
|  Automobiles | 1.7 |
|  Textiles, Apparel & Luxury Goods | 1.7 |
|  Electric Utilities | 1.5 |
|  Multi-Utilities | 1.5 |
|  Household Durables | 1.4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  IT Services | 1.4 |
|  Hotels, Restaurants & Leisure | 1.4 |
|  Chemicals | 1.3 |
|  Beverages | 1.2 |
|  Personal Care Products | 1.2 |
|  Health Care Equipment & Supplies | 1.1 |
|  Building Products | 1 |
|  Professional Services | 1 |
|  Construction & Engineering | 0.9 |
|  Automobile Components | 0.8 |
|  Construction Materials | 0.8 |
|  Specialty Retail | 0.7 |
|  Tobacco | 0.7 |
|  Real Estate Management & Development | 0.7 |
|  Passenger Airlines | 0.6 |
|  Interactive Media & Services | 0.6 |
|  Household Products | 0.6 |
|  Life Sciences Tools & Services | 0.5 |
|  Wireless Telecommunication Services | 0.5 |
|  Biotechnology | 0.5 |
|  Electronic Equipment, Instruments & Components | 0.5 |
|  Technology Hardware, Storage & Peripherals | 0.5 |
|  Financial Services | 0.4 |
|  Communications Equipment | 0.4 |
|  Retail REITs | 0.4 |

---

---

| | |
|:---|:---|
|  Air Freight & Logistics | 0.3% |
|  Health Care Providers & Services | 0.3 |
|  Commercial Services & Supplies | 0.3 |
|  Marine Transportation | 0.3 |
|  Media | 0.2 |
|  Diversified REITs | 0.2 |
|  Industrial REITs | 0.2 |
|  Leisure Products | 0.2 |
|  Gas Utilities | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Health Care Technology | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  U.S. Treasury Obligations | 0.1 |
|  Water Utilities | 0.1 |
|  Containers & Packaging | 0.0 \* |
|  Ground Transportation | 0.0 \* |
|  Specialized REITs | 0.0 \* |
|  U.S. Government Agency Obligation | 0.0 \* |
|  Office REITs | 0.0 \* |
|  | 101.7 |
|  Liabilities in excess of other assets | (1.7) |
|  | 100.0% |
|  <br>\* Less than 0.05% |  |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity risk and foreign exchange risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br>**Assets and<br> Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair Value** |
|  Equity contracts | Due from/to broker-variation<br>margin futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89324 \* |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>forward foreign currency<br>exchange contracts | 1668009 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 1454879 |
|  |  | $1757333 |  | $1454879 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |
|  Equity contracts | $359685 | $— |
|  Foreign exchange contracts. |  | 1117733 |
|  **Total** | $359685 | $1117733 |

---

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |
|  Equity contracts | $285271 | $— |
|  Foreign exchange contracts |  | 213130 |
|  **Total** | $285271 | $213130 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $9323898 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 42676709 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 32433096 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

---

| | | | |
|:---|:---|:---|:---|
| **Offsetting of financial instrument/transaction assets and liabilities:**<br> **Description** | <br>**Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | <br>**Collateral<br>Pledged/(Received)(2)** | <br>**Net<br>Amount** |
|  Securities on Loan | $33747412 | $(33747412) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br> Assets(1)**  | **Gross Amounts of<br>Recognized<br> Liabilities(1)**  | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  CITI | $43591 | $(133501) | $(89910) | $— | $(89910) |
|  GSI | 4966 | (155932) | (150966) | 55107 | (95859) |
|  MSI | 1543272 | (859948) | 683324 |  | 683324 |
|  WBC | 76180 | (305498) | (229318) |  | (229318) |
|  | $1668009 | $(1454879) | $213130 | $55107 | $268237 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

<br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>

---

| |
|:---|
|  **STATEMENT OF ASSETS AND LIABILITIES (unaudited)**  |
|  as of June 30, 2025 |

---

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $33,747,412: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,242,383,528) | $1533342675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $53,922,185) | 53923825.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $2,096,500) | 2113846.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 48970292.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 10456231.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 1668009.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1566567.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 64998.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 55443.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 6160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 32075.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1652200121.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 47966859.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 34528687.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 3674938.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2419505.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 1454879.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 453647.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax liability accrued | 418438.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 271351.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 63468.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian | 41448.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 91294176.0 |
|  **NET ASSETS** | $1560905945.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $1560905945.0 |
|  Net asset value and redemption price per share, $1,560,905,945 / 47,802,838 outstanding shares of beneficial interest | $32.65 |

---

---

| |
|:---|
|  **STATEMENT OF OPERATIONS (unaudited)** |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** | **NET INVESTMENT INCOME (LOSS)** |
|  **INCOME** | **INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $2,833,177 foreign withholding tax, of which $269,738 is reimbursable by an affiliate) | $28899752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 342286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $49,865) | 77199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 51957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 29371194 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 5160899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 1835098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 223090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 48017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 15316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $3,137) | 4541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 60486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7373748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense<br> reimbursement | (80198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7293550 |
|  **NET INVESTMENT INCOME (LOSS)** | 22077644 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(445)) (net of foreign capital gains taxes $(1573675)) | 98728554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 359685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | 1117733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (118802) |
|  | 100087170 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $1,640) (net of change in foreign capital gains taxes $906,609) | 165631027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 285271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 213130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 935119 |
|  | 167064547 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 267151717 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $289229361 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $22077644 | $26450713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 100087170 | 64475438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 167064547 | (22207048) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 289229361 | 68719103 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,273,270 and 2,930,715 shares, respectively] | 37174230 | 79375140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [7,466,229 and 0 shares, respectively] | 199348312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [6,960,050 and 6,740,248 shares, respectively] | (200907691) | (181507686) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 35614851 | (102132546) |
|  **TOTAL INCREASE (DECREASE)** | 324844212 | (33413443) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1236061733 | 1269475176 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1560905945 | $1236061733 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | |
|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS (unaudited)**  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $26.86 | $25.47 | $21.63 | $30.33 | $26.96 | $20.53 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.44 | 0.56 | 0.62 | 0.10 | 0.03 | (0.01) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.35 | 0.83 | 3.22 | (8.80) | 3.34 | 6.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.79 | 1.39 | 3.84 | (8.70) | 3.37 | 6.43 |
|  Net Asset Value, end of period | $32.65 | $26.86 | $25.47 | $21.63 | $30.33 | $26.96 |
|  **Total Return<sup>(b)</sup>** | 21.56% | 5.46% | 17.75% | (28.68)% | 12.50% | 31.32% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $1561 | $1236 | $1269 | $456 | $770 | $2185 |
|  Average net assets (in millions) | $1480 | $1293 | $1063 | $548 | $1393 | $1944 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.99 %<sup>(d)</sup> | 1.01% | 0.99% | 1.06% | 1.07% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement . | 1.00 %<sup>(d)</sup> | 1.03% | 1.05% | 1.15% | 1.10% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.01 %<sup>(d)</sup> | 2.05% | 2.60% | 0.42% | 0.11% | (0.03)% |
|  Portfolio turnover rate<sup>(e)</sup> | 49% | 57% | 109% | 64% | 27% | 57% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.5%** | **LONG-TERM INVESTMENTS — 98.5%** | **LONG-TERM INVESTMENTS — 98.5%** |
|  **COMMON STOCKS — 95.1%** | **COMMON STOCKS — 95.1%** | **COMMON STOCKS — 95.1%** |
|  **Aerospace & Defense — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 35741 | $7488812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 2200 | 1074810 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 7800 | 2274948 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 18010 | 4635594 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 900 | 295200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 53205 | 9903046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 14670 | 6794264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 5400 | 290844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 28405 | 14201932 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 26604 | 3884716 |
| &nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 10510 | 510260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51354426 |
|  **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 4440 | 1009257 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 11030 | 1113368 |
|  |  | 2122625 |
|  **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 27600 | 473340 |
|  **Automobiles — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 135000 | 1464750 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 119284 | 5869965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 41618 | 13220374 |
|  |  | 20555089 |
|  **Banks — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 153402 | 7258983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 19500 | 1659840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 8550 | 230337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 61000 | 1022360 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 46397 | 13450954 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 11800 | 2199756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 69470 | 2986515 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 134118 | 6068840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 263685 | 21126442 |
|  |  | 56004027 |
|  **Beverages — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 78496 | 5553592 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 34993 | 4620476 |
|  |  | 10174068 |
|  **Biotechnology — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 126978 | 23569656 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 27500 | 593175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.(a) | 29521 | 8242559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 19820 | 2489194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 33000 | 1454475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 57675 | 6394427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 1100 | 185834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 7557 | 3967425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 11097 | 4940384 |
|  |  | 51837129 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Broadline Retail — 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 273759 | $| 60059987 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 25385 |  | 1890167 |
|  |  |  | 61950154 |
|  **Building Products — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 66 |  | 24644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 129181 |  | 9454757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc.(a) | 1730 |  | 991705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 196700 |  | 4339202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 17084 |  | 7472713 |
|  |  |  | 22283021 |
|  **Capital Markets — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 26551 |  | 14171065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 39797 |  | 3625905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 19191 |  | 2870590 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 5766 |  | 1589225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 18327 |  | 3362455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 18200 |  | 287014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 46290 |  | 1797903 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 4420 |  | 1657367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 4074 |  | 2043478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 55919 |  | 7876750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 32500 |  | 2906150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 4700 |  | 720839 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 7290 |  | 3843944 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 1750 |  | 186095 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc.(a) | 6000 |  | 579000 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 66800 |  | 768868 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48286648 |
|  **Chemicals — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 25460 |  | 1746301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 11483 |  | 3093980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 8392 |  | 3937359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 12762 |  | 4381960 |
|  |  |  | 13159600 |
|  **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 7794 |  | 1737049 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 17500 |  | 368725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 24760 |  | 393932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 20725 |  | 1169304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 11550 |  | 1165973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 32009 |  | 7324299 |
|  |  |  | 12159282 |
|  **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 35490 |  | 3630982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 119006 |  | 8256636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 3646 |  | 1532997 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 45160 |  | 1120420 |
|  |  |  | 14541035 |
|  **Construction & Engineering — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 1778 |  | 953382 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 115 |  | 61512 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Construction & Engineering (cont'd.)** | **Construction & Engineering (cont'd.)** | **Construction & Engineering (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp.\* | 30600 | 1431468 |
|  |  | 2446362 |
|  **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 6710 | 615978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 61029 | 15917584 |
|  |  | 16533562 |
|  **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 65786 | 20984418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 7600 | 1616976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp. (Class A Stock)\* | 92330 | 995318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 28400 | 1895416 |
|  |  | 25492128 |
|  **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 6170 | 226748 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 15691 | 1691961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 11378 | 11263537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 7700 | 762608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 34368 | 2465217 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpartanNash Co. | 14480 | 383575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 4100 | 675024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp.(a) | 24981 | 1892061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp.(a) | 47190 | 4655293 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 8400 | 195804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 220871 | 21596766 |
|  |  | 45808594 |
|  **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 4180 | 733465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 24139 | 2485834 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 18400 | 271216 |
|  |  | 3490515 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 4900 | 288806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 31500 | 1029735 |
|  |  | 1318541 |
|  **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 85778 | 2482415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 55426 | 2398283 |
|  |  | 4880698 |
|  **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 800 | 258208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 81494 | 6773781 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 125348 | 8701658 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 43280 | 6949903 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 210553 | 2935109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 87918 | 8073510 |
|  |  | 33692169 |
|  **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 63299 | 22597110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co.(a) | 42075 | 5609859 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 4800 | 2539920 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 19900 | $| 1457675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 8300 |  | 2757011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 18880 |  | 2424381 |
|  |  |  | 37385956 |
|  **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 2100 |  | 243180 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 3620 |  | 646496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc.(a) | 6050 |  | 1319505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 9560 |  | 2947921 |
|  |  |  | 5157102 |
|  **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 411666 |  | 15783274 |
|  **Entertainment — 2.0%** | **Entertainment — 2.0%** | **Entertainment — 2.0%** | **Entertainment — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\*(a) | 6710 |  | 1015089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 10196 |  | 13653770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 179146 |  | 22215895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 55290 |  | 633623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp. (Class A Stock) | 6820 |  | 185777 |
|  |  |  | 37704154 |
|  **Financial Services — 4.5%** | **Financial Services — 4.5%** | **Financial Services — 4.5%** | **Financial Services — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class A Stock)\* | 13 |  | 9474400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 7056 |  | 3427593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 3868 |  | 1283480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 16358 |  | 917684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 9250 |  | 753042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 36000 |  | 2881440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 63207 |  | 35518542 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 35060 |  | 2605659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock)(a) | 85413 |  | 30325886 |
|  |  |  | 87187726 |
|  **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 21000 |  | 429870 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 27800 |  | 1440318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 257590 |  | 391537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 8094 |  | 1343199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 18600 |  | 562650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 5630 |  | 763541 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 36538 |  | 2770311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 98113 |  | 6616741 |
|  |  |  | 14318167 |
|  **Gas Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 10000 |  | 397200 |
|  **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada)(a) | 20173 |  | 1599114 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 251766 |  | 8215124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc.(a) | 13046 |  | 2117366 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Ground Transportation (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 81300 | $| 7585290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 35628 |  | 8197290 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 975 |  | 123133 |
|  |  |  | 27837317 |
|  **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 21779 |  | 2962162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 18110 |  | 221666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 28160 |  | 2458086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 81867 |  | 6402818 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\*(a) | 2161 |  | 1159031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 2000 |  | 628360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 94407 |  | 8229458 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 11390 |  | 2736106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 36061 |  | 14266814 |
|  |  |  | 39064501 |
|  **Health Care Providers & Services — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 18200 |  | 254800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 27400 |  | 4603200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 3829 |  | 1148126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 67660 |  | 3672585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 7900 |  | 2611582 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 2621 |  | 373361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1200 |  | 293376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 5600 |  | 1470056 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 400 |  | 293112 |
|  |  |  | 14720198 |
|  **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 33000 |  | 240240 |
|  **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 100930 |  | 869007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 880 |  | 5094531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 152078 |  | 8539180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 27530 |  | 6000714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 17990 |  | 3034553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp.(a) | 32360 |  | 1407984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 28361 |  | 7748509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 3300 |  | 238623 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 44123 |  | 12891417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 6660 |  | 2085512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp.(a) | 15064 |  | 1380314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 24000 |  | 3556320 |
|  |  |  | 52846664 |
|  **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 120 |  | 886279 |
|  **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The)(a) | 2649 |  | 318065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 15040 |  | 1367136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 13190 |  | 1700455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co.<br>(The)(a) | 49516 |  | 7888889 |
|  |  |  | 11274545 |
|  **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 18240 |  | 3535094 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 23866 | $3633360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 23727 | 5525544 |
|  |  | 9158904 |
|  **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 40541 | 4261670 |
|  **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 12170 | 2449943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock)(a) | 4480 | 1598285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 39832 | 12751020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 3800 | 1100936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc. (Class A Stock)\* | 132420 | 1030228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 8500 | 211990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc.\* | 7010 | 195789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 5400 | 232038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 6310 | 407247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 3520 | 322643 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 14000 | 1125880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 26650 | 7111819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 15000 | 866850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The)(a) | 53856 | 14408634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 770 | 236005 |
|  |  | 44049307 |
|  **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 188623 | 33241031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 71941 | 12761614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 100795 | 74395782 |
|  |  | 120398427 |
|  **IT Services — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 60600 | 4728618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 3440 | 1390517 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 5520 | 993931 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 21310 | 6281762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 16280 | 3642975 |
|  |  | 17037803 |
|  **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 9970 | 1969474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 5695 | 2309095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\*(a) | 2640 | 921465 |
|  |  | 5200034 |
|  **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 13157 | 5107679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 1600 | 303824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 21731 | 11049996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 1000 | 183230 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 8000 | 1534960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc.(a) | 7386 | 1826189 |
| &nbsp;&nbsp;&nbsp;&nbsp; REV Group, Inc. | 6400 | 304576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 2300 | 178204 |
|  |  | 20488658 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\*(a) | 3191 | $1304513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 38900 | 1388341 |
|  |  | 2692854 |
|  **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. (Mexico) | 2328 | 235524 |
|  **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 10700 | 600270 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 43460 | 3010909 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 28210 | 3736697 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 66600 | 2686644 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 6577 | 685323 |
|  |  | 10719843 |
|  **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 12452 | 3032311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 32472 | 4649666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 81800 | 2602058 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 48800 | 5836968 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 30096 | 1755199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 169173 | 18236849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 33600 | 531888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 15510 | 2148755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 94340 | 2773596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 18400 | 246928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 5200 | 620360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 11460 | 1994957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp.(a) | 910 | 961315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 9890 | 1329414 |
|  |  | 46720264 |
|  **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.(a) | 32298 | 1588416 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 16970 | 1351321 |
|  |  | 2939737 |
|  **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 120556 | 5580537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 81480 | 1163535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 36861 | 28734255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 58200 | 8890050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 72568 | 5744483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 147520 | 3575885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 6912 | 1077926 |
|  |  | 54766671 |
|  **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 26238 | 8091799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 6640 | 691423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 5520 | 1341526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc.(a) | 8403 | 1222300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 5540 | 1725710 |
|  |  | 13072758 |
|  **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 23100 | 255717 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 750 | $| 191835 |
|  |  |  | 447552 |
|  **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 36030 |  | 407499 |
|  **Semiconductors & Semiconductor Equipment — 11.6%** | **Semiconductors & Semiconductor Equipment — 11.6%** | **Semiconductors & Semiconductor Equipment — 11.6%** | **Semiconductors & Semiconductor Equipment — 11.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 24800 |  | 5902896 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 9457 |  | 7578745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 177997 |  | 49064873 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp.(a) | 3210 |  | 2875325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 30300 |  | 2949402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 38837 |  | 4786660 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 803049 |  | 126873712 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands)(a) | 77077 |  | 16840554 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 19400 |  | 3089644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 2400 |  | 353664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 12185 |  | 2529850 |
|  |  |  | 222845325 |
|  **Software — 10.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 9549 |  | 3694317 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 4210 |  | 1473837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 6540 |  | 2024588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\*(a) | 12870 |  | 1360616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 65030 |  | 1911882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 20458 |  | 16113334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 2780 |  | 548967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 272929 |  | 135757614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 121857 |  | 26641596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 3100 |  | 422592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\*(a) | 10901 |  | 2230781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 16560 |  | 4515746 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 2200 |  | 2261776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\*(a) | 8617 |  | 4417764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verint Systems, Inc.\* | 59440 |  | 1169185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 43190 |  | 3367956 |
|  |  |  | 207912551 |
|  **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 14522 |  | 3209653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 1500 |  | 1193205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 17400 |  | 1784718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 1110 |  | 325696 |
|  |  |  | 6513272 |
|  **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc.(a) | 12360 |  | 829727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 3066 |  | 713274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 5020 |  | 1691539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc. (Class A Stock)\* | 6940 |  | 295783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 3150 |  | 623101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 27681 |  | 10148962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 71309 |  | 15821328 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 12000 |  | 276120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 16473 |  | 2101625 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc. (Class A Stock)\* | 74100 | $| 555009 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 78547 |  | 9699769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co.(a) | 28780 |  | 1518721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 3186 |  | 1490475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 6630 |  | 1083143 |
|  |  |  | 46848576 |
|  **Technology Hardware, Storage & Peripherals — 5.4%** | **Technology Hardware, Storage & Peripherals — 5.4%** | **Technology Hardware, Storage & Peripherals — 5.4%** | **Technology Hardware, Storage & Peripherals — 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 490476 |  | 100630961 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 80240 |  | 1962670 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 10080 |  | 1074024 |
|  |  |  | 103667655 |
|  **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor<br>Corp.\*(a) | 7130 |  | 734889 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 10200 |  | 228480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 3107 |  | 738161 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 159 |  | 11295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 456 |  | 40042 |
|  |  |  | 1752867 |
|  **Tobacco — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 52480 |  | 3076902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 45200 |  | 8232276 |
|  |  |  | 11309178 |
|  **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 10510 |  | 2288553 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 4060 |  | 467062 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc.(a) | 9385 |  | 7070659 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 2620 |  | 2725429 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 14500 |  | 2685400 |
|  |  |  | 15237103 |
|  **Water Utilities — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 8000 |  | 1112880 |
|  **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 28347 |  | 6753956 |
|  **TOTAL COMMON STOCKS**<br> (cost $1,672,923,156) | **TOTAL COMMON STOCKS**<br> (cost $1,672,923,156) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823452298 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 100968 |  | 62691031 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 5563 |  | 3437100 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $62,389,649) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $62,389,649) |  | 66128131 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,735,312,805) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,735,312,805) |  | 1889580429 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 4.9%** | **SHORT-TERM INVESTMENTS — 4.9%** | **SHORT-TERM INVESTMENTS — 4.9%** |
|  **AFFILIATED MUTUAL FUNDS — 4.8%** | **AFFILIATED MUTUAL FUNDS — 4.8%** | **AFFILIATED MUTUAL FUNDS — 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | 24900159 | $24900159 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $67,668,775; includes $67,406,989 of cash collateral for securities on loan)(b)(wb) | 67716177 | 67668775 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $92,568,934) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $92,568,934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92568934 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | 09/18/25 | 1200 | 1188892 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,188,888) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,188,888) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,188,888) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,188,888) |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $93,757,822) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $93,757,822) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $93,757,822) | 93757826 |
|  **TOTAL INVESTMENTS—103.4%**<br> (cost $1,829,070,627) | **TOTAL INVESTMENTS—103.4%**<br> (cost $1,829,070,627) | **TOTAL INVESTMENTS—103.4%**<br> (cost $1,829,070,627) | 1983338255 |
|  **Liabilities in excess of other assets(z) — (3.4)%** | **Liabilities in excess of other assets(z) — (3.4)%** | **Liabilities in excess of other assets(z) — (3.4)%** | (65126896) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918211359 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $66,618,346; cash collateral of $67,406,989 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 39 | S&P 500 E-Mini Index | Sep. 2025 | $12194813 | $415190 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  GS | $204000 | $1188892 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $51354426 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 2122625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 473340 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 20555089 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 56004027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 10174068 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 51837129 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 61950154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 22283021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 48286648 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 13159600 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 12159282 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 14541035 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 2446362 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 16533562 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 25492128 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45808594 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 3490515 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 1318541 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 4880698 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 33692169 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 37385956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 5157102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 15783274 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 37704154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 87187726 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 14318167 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 397200 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 27837317 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | $39064501 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 14720198 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 240240 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 52846664 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 886279 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 11274545 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 3535094 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 9158904 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 4261670 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 44049307 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 120398427 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 17037803 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 5200034 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 20488658 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 2692854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 235524 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 10719843 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 46720264 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 2939737 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 54766671 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 13072758 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 447552 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 407499 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 222845325 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 207912551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 6513272 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 46848576 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 103667655 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 1752867 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 11309178 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 15237103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 1112880 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 6753956 |  |  |
|  Unaffiliated Exchange-Traded Funds | 66128131 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 92568934 |  |  |
|  U.S. Treasury Obligation |  | 1188892 |  |
|  **Total** | $**1982149363** | $**1188892** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**415190** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 11.6 |
|  Software | 10.8 |
|  Interactive Media & Services | 6.3 |
|  Technology Hardware, Storage & Peripherals | 5.4 |
|  Affiliated Mutual Funds (3.5% represents investments<br>purchased with collateral from securities on loan) | 4.8 |
|  Financial Services | 4.5 |
|  Unaffiliated Exchange-Traded Funds | 3.4 |
|  Broadline Retail | 3.2 |
|  Banks | 2.9 |
|  Pharmaceuticals | 2.9 |
|  Hotels, Restaurants & Leisure | 2.8 |
|  Biotechnology | 2.7 |
|  Aerospace & Defense | 2.7 |
|  Capital Markets | 2.5 |
|  Specialty Retail | 2.4 |
|  Oil, Gas & Consumable Fuels | 2.4 |
|  Consumer Staples Distribution & Retail | 2.4 |
|  Insurance | 2.3 |
|  Health Care Equipment & Supplies | 2.0 |
|  Entertainment | 2.0 |
|  Electrical Equipment | 1.9 |
|  Electric Utilities | 1.8 |
|  Ground Transportation | 1.4 |
|  Consumer Finance | 1.3 |
|  Building Products | 1.2 |
|  Automobiles | 1.1 |
|  Machinery | 1.1 |
|  IT Services | 0.9 |
|  Construction Materials | 0.9 |
|  Energy Equipment & Services | 0.8 |
|  Trading Companies & Distributors | 0.8 |
|  Health Care Providers & Services | 0.8 |
|  Communications Equipment | 0.8 |
|  Food Products | 0.7 |
|  Chemicals | 0.7 |

---

---

| | |
|:---|:---|
|  Professional Services | 0.7% |
|  Commercial Services & Supplies | 0.6 |
|  Tobacco | 0.6 |
|  Household Products | 0.6 |
|  Multi-Utilities | 0.6 |
|  Beverages | 0.5 |
|  Industrial Conglomerates | 0.5 |
|  Wireless Telecommunication Services | 0.4 |
|  Specialized REITs | 0.3 |
|  Life Sciences Tools & Services | 0.3 |
|  Electronic Equipment, Instruments & Components | 0.3 |
|  Diversified Telecommunication Services | 0.3 |
|  Industrial REITs | 0.2 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Containers & Packaging | 0.2 |
|  Passenger Airlines | 0.2 |
|  Media | 0.1 |
|  Construction & Engineering | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Textiles, Apparel & Luxury Goods | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  U.S. Treasury Obligation | 0.1 |
|  Water Utilities | 0.1 |
|  Household Durables | 0.0 \* |
|  Automobile Components | 0.0 \* |
|  Real Estate Management & Development | 0.0 \* |
|  Retail REITs | 0.0 \* |
|  Gas Utilities | 0.0 \* |
|  Hotel & Resort REITs | 0.0 \* |
|  Metals & Mining | 0.0 \* |
|  | 103.4 |
|  Liabilities in excess of other assets | (3.4) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instrumentsis equity risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br>**Assets and<br> Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Equity contracts | Due from/to broker-variation<br>margin futures | $415,190\* |  | $— |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Equity contracts | $661788 |

---

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | |
|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Equity contracts | $416270 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $8139975 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

---

| | | | |
|:---|:---|:---|:---|
| **Offsetting of financial instrument/transaction assets and liabilities:**<br> **Description** | <br>**Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | <br>**Collateral<br>Pledged/(Received)(1)** | <br>**Net<br>Amount** |
|  Securities on Loan | $66618346 | $(66618346) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

<br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES (unaudited)** | **STATEMENT OF ASSETS AND LIABILITIES (unaudited)** |
| as of June 30, 2025 |  |
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan<br>of $66,618,346: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,736,501,693) | $1890769321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $92,568,934) | 92568934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 4384964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 1474800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 1046309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 204000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 58500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 19089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 92870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1990618787 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 67406989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 1906147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1396714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 902001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 358406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 358317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 77898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 72407428 |
|  **NET ASSETS** | $1918211359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $1918211359 |
|  Net asset value and redemption price per share, $1,918,211,359 / 46,880,584 outstanding shares of beneficial interest | $40.92 |

---

---

| | |
|:---|:---|
|  **STATEMENT OF OPERATIONS (unaudited)** |  |
|  Six Months Ended June 30, 2025 |  |
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $11149743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 539051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 27814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 22949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11739557 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 4552999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 2042019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 114120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 24837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 22888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 15264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including<br>affiliated expense of $3,911) | 5210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6806589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense<br> reimbursement | (11715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6794874 |
|  **NET INVESTMENT INCOME (LOSS)** | 4944683 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of<br>$(6592)) | 42789503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 661788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4706) |
|  | 43446585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (21510341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 416270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 167169 |
|  | (20926902) |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 22519683 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $27464366 |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS (unaudited)** | | |
|  |<br>**Six Months Ended<br>June 30, 2025** |<br>**Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4944683 | $2097404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 43446585 | 54817791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (20926902) | 36513827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 27464366 | 93429022 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,826,137 and 824,174 shares, respectively] | 68965213 | 29692227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [38,074,184 and 0 shares, respectively] | 1539719990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [4,514,476 and 2,185,956 shares, respectively] | (165863828) | (78801075) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 1442821375 | (49108848) |
|  **TOTAL INCREASE (DECREASE)** | 1470285741 | 44320174 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 447925618 | 403605444 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1918211359 | $447925618 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

<br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $38.97 | $31.39 | $25.50 | $30.72 | $24.03 | $21.62 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.12 | 0.17 | 0.21 | 0.23 | 0.16 | 0.20 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.83 | 7.41 | 5.68 | (5.45) | 6.53 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.95 | 7.58 | 5.89 | (5.22) | 6.69 | 2.41 |
|  Net Asset Value, end of period | $40.92 | $38.97 | $31.39 | $25.50 | $30.72 | $24.03 |
|  **Total Return<sup>(b)</sup>** | 5.00% | 24.15% | 23.10% | (16.99)% | 27.84% | 11.15% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $1918 | $448 | $404 | $358 | $749 | $3610 |
|  Average net assets (in millions) | $1647 | $441 | $374 | $473 | $1854 | $2675 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.83 %<sup>(d)</sup> | 0.86% | 0.83% | 0.80% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.83 %<sup>(d)</sup> | 0.90% | 0.90% | 0.89% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.61 %<sup>(d)</sup> | 0.48% | 0.76% | 0.86% | 0.62% | 0.96% |
|  Portfolio turnover rate<sup>(e)</sup> | 44% | 73% | 66% | 58% | 48% | 127% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 99.6%** | **LONG-TERM INVESTMENTS — 99.6%** | **LONG-TERM INVESTMENTS — 99.6%** |
|  **COMMON STOCKS — 94.5%** | **COMMON STOCKS — 94.5%** | **COMMON STOCKS — 94.5%** |
|  **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France), ADR | 191853 | $10045423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\*(a) | 6507 | 5387406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 141169 | 29579141 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 148850 | 38312501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 173622 | 32316263 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 156087 | 22791824 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc.(a) | 21335 | 32442854 |
|  |  | 170875412 |
|  **Automobiles — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 514721 | 163506273 |
|  **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 214684 | 10158847 |
|  **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 119728 | 8470756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 223027 | 13970411 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 64453 | 8510374 |
|  |  | 30951541 |
|  **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 252471 | 46863667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 11715 | 6457542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 45134 | 7624938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\*(a) | 44133 | 5547077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 19063 | 10008075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 42141 | 18761173 |
|  |  | 95262472 |
|  **Broadline Retail — 7.0%** | **Broadline Retail — 7.0%** | **Broadline Retail — 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 2412555 | 529290441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 375784 | 11258489 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 7636 | 19957679 |
|  |  | 560506609 |
|  **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 41220 | 5668574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 110346 | 48266444 |
|  |  | 53935018 |
|  **Capital Markets — 1.4%** | **Capital Markets — 1.4%** | **Capital Markets — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock)(a) | 31082 | 5383402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 197193 | 17991889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 24988 | 17685257 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 21351 | 2840324 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 11112 | 4166667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 11076 | 5555611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 197800 | 17687276 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 66218 | 34916089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. (Class A Stock) | 35541 | 5203202 |
|  |  | 111429717 |
|  **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 39902 | 18721220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 88110 | 30253450 |
|  |  | 48974670 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\*(a) | 285700 | $14019299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 83500 | 15591120 |
|  |  | 29610419 |
|  **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 298989 | 30589564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 49300 | 20728678 |
|  |  | 51318242 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 35560 | 13444525 |
|  **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials,<br>Inc.(a) | 12904 | 7083780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 41000 | 10693620 |
|  |  | 17777400 |
|  **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 40804 | 13015660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 32946 | 7009591 |
|  |  | 20025251 |
|  **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 51369 | 50852228 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 184317 | 14194252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 175493 | 17159705 |
|  |  | 82206185 |
|  **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 40878 | 13193783 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 108948 | 7563170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 89595 | 8227509 |
|  |  | 28984462 |
|  **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 64322 | 22962311 |
|  **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 502135 | 49585831 |
|  **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 276436 | 10598556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 124724 | 4215671 |
|  |  | 14814227 |
|  **Entertainment — 3.6%** | **Entertainment — 3.6%** | **Entertainment — 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\*(a) | 90800 | 13736224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 143052 | 191565225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 59833 | 45912254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 272921 | 33844933 |
|  |  | 285058636 |
|  **Financial Services — 5.5%** | **Financial Services — 5.5%** | **Financial Services — 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc.\*(a) | 34137 | 2360232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 436838 | 29674405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 80158 | 6525663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 70617 | 12175077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 357643 | 200973907 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 255364 | 18978653 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock)(a) | 482343 | 171255882 |
|  |  | 441943819 |
|  **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada)(a) | 243400 | 19294318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 613853 | 57272485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 65336 | 15032507 |
|  |  | 91599310 |
|  **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 296569 | 31854476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 83998 | 7332186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 103191 | 8070568 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\*(a) | 21800 | 11692212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 172950 | 93982760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG (Switzerland), ADR | 94910 | 5667076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 115629 | 45746301 |
|  |  | 204345579 |
|  **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 55188 | 18244049 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 124444 | 38822795 |
|  |  | 57066844 |
|  **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 133164 | 8409307 |
|  **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 139979 | 18524821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 3221 | 18647142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 23736 | 1999283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 836159 | 46950328 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 197472 | 48678823 |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc. (Class A Stock)\* | 339100 | 14543999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 193207 | 51458753 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 35814 | 10463776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp.(a) | 323613 | 29652659 |
|  |  | 240919584 |
|  **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 37088 | 11872610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 59401 | 12987435 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 80518 | 6475258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 105426 | 28133982 |
|  |  | 59469285 |
|  **Interactive Media & Services — 9.8%** | **Interactive Media & Services — 9.8%** | **Interactive Media & Services — 9.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 1420373 | 250312334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 393268 | 69761810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 617756 | 455959526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc. (Class A Stock)\* | 318501 | 11421446 |
|  |  | 787455116 |
|  **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 78531 | 23472130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 228585 | 26367280 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **IT Services (cont'd.)** | **IT Services (cont'd.)** | **IT Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 42305 | 9466590 |
|  |  | 59306000 |
|  **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 55012 | 10867071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 21191 | 15155029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 23140 | 9382344 |
|  |  | 35404444 |
|  **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 91910 | 7645074 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The) (Class A Stock)\* | 97482 | 7017729 |
|  **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 55106 | 6591229 |
|  **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.(a) | 117520 | 5779634 |
|  **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 58845 | 4112089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 167450 | 7751260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 199778 | 155732944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 21361 | 3104943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 54875 | 8382156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark), ADR(a) | 249006 | 17186394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 26468 | 4127685 |
|  |  | 200397471 |
|  **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 93404 | 9726159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\*(a) | 111546 | 6178533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc.(a) | 34363 | 8912731 |
|  |  | 24817423 |
|  **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 140700 | 19714884 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 156800 | 12606720 |
|  |  | 32321604 |
|  **Semiconductors & Semiconductor Equipment — 17.3%** | **Semiconductors & Semiconductor Equipment — 17.3%** | **Semiconductors & Semiconductor Equipment — 17.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 107009 | 15184577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 86959 | 20697981 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 26711 | 21405928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1198720 | 330427168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 130740 | 10544181 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\*(a) | 32043 | 5304398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 234714 | 22847061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 95959 | 4701032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 67000 | 5185800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 62674 | 4410370 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 5467118 | 863749972 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 38241 | 8355276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 212231 | 48068199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 127710 | 26515150 |
|  |  | 1387397093 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software — 17.7%** | **Software — 17.7%** | **Software — 17.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 20433 | $7905119 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 60357 | 21129779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 30438 | 9422692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 208284 | 64182715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 78340 | 39899345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 37465 | 5032673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 96144 | 5308110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 13504 | 24684772 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 47493 | 26436029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 123191 | 97028927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 1576744 | 784288233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 146266 | 11180573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 325702 | 71208228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 90843 | 12383718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\*(a) | 121199 | 24802163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 294740 | 80372651 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 103072 | 105966262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\*(a) | 32912 | 16873324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc. (Class A Stock)\* | 68357 | 16405680 |
|  |  | 1424510993 |
|  **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 89900 | 19869698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 22329 | 17762050 |
|  |  | 37631748 |
|  **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 86459 | 4510285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 137773 | 30567696 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 106423 | 9591905 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 179994 | 22227459 |
|  |  | 66897345 |
|  **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 2364290 | 485081379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC(a) | 159190 | 22975893 |
|  |  | 508057272 |
|  **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 28398 | 6628943 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock)(a) | 87336 | 6204349 |
|  |  | 12833292 |
|  **Tobacco — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 185647 | 10884484 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 18067 | 18794016 |
|  **TOTAL COMMON STOCKS**<br>(cost $5,064,324,300) |  | 7598883743 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust,<br>Series 1(a) | 174900 | 96481836 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 500 Growth ETF | 1195346 | 113940381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Select Sector SPDR Fund(a) | 247589 | 62696962 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Growth ETF | 1264784 | $138114413 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $353,207,181) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $353,207,181) | 411233592 |
|  **TOTAL LONG-TERM INVESTMENTS**<br>(cost $5,417,531,481) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $5,417,531,481) | 8010117335 |
|  **SHORT-TERM INVESTMENTS — 2.9%** | **SHORT-TERM INVESTMENTS — 2.9%** | **SHORT-TERM INVESTMENTS — 2.9%** |
|  **AFFILIATED MUTUAL FUNDS — 2.8%** | **AFFILIATED MUTUAL FUNDS — 2.8%** | **AFFILIATED MUTUAL FUNDS — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | 47174322 | 47174322 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $176,338,924; includes $175,571,011 of cash collateral for securities on<br>loan)(b)(wb) | 176464663 | 176341138 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $223,513,246) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $223,513,246) | 223515460 |
|  **UNAFFILIATED FUND — 0.1%** | **UNAFFILIATED FUND — 0.1%** | **UNAFFILIATED FUND — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Funds - Treasury Only Portfolio (7-day effective yield 4.150%) (Institutional Shares) | 11384501 | 11384501 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $11,384,501) |  |  |
|  **TOTAL** S**HORT-TERM INVESTMENTS**<br>(cost $234,897,747) | **TOTAL** S**HORT-TERM INVESTMENTS**<br>(cost $234,897,747) | 234899961 |
|  **TOTAL INVESTMENTS—102.5%**<br>(cost $5,652,429,228) | **TOTAL INVESTMENTS—102.5%**<br>(cost $5,652,429,228) | 8245017296 |
|  **Liabilities in excess of other assets(z) — (2.5)%** | **Liabilities in excess of other assets(z) — (2.5)%** | (199819143) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $8045198153 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $173,941,140; cash collateral of $175,571,011 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /**<br> **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | S&P 500 E-Mini Index | Sep. 2025 | $13758250 | $239830 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  GS<br>| $1148000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $170875412 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 163506273 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 10158847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 30951541 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 95262472 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 560506609 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 53935018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 111429717 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 48974670 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 29610419 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 51318242 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 13444525 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 17777400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 20025251 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 82206185 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 28984462 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 22962311 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 49585831 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 14814227 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 285058636 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 441943819 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 91599310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 204345579 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 57066844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 8409307 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 240919584 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 59469285 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 787455116 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 59306000 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | $20249415 | $15155029 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 7645074 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 7017729 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 6591229 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 5779634 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 197292528 | 3104943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 24817423 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 32321604 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1387397093 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1424510993 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 37631748 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 62387060 | 4510285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 508057272 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 6204349 | 6628943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 10884484 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 18794016 |  |  |
|  Unaffiliated Exchange-Traded Funds | 411233592 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 223515460 |  |  |
|  Unaffiliated Fund | 11384501 |  |  |
|  **Total** | $**8215618096** | $**29399200** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**239830** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Software | 17.7 |
|  Semiconductors & Semiconductor Equipment | 17.3 |
|  Interactive Media & Services | 9.8 |
|  Broadline Retail | 7 |
|  Technology Hardware, Storage & Peripherals | 6.3 |
|  Financial Services | 5.5 |
|  Unaffiliated Exchange-Traded Funds | 5.1 |
|  Entertainment | 3.6 |
|  Hotels, Restaurants & Leisure | 3 |
|  Affiliated Mutual Funds (2.2% represents investments purchased with collateral from securities on loan) | 2.8 |
|  Health Care Equipment & Supplies | 2.5 |
|  Pharmaceuticals | 2.5 |
|  Aerospace & Defense | 2.1 |
|  Automobiles | 2 |
|  Capital Markets | 1.4 |
|  Biotechnology | 1.2 |
|  Ground Transportation | 1.1 |
|  Consumer Staples Distribution & Retail | 1 |
|  Specialty Retail | 0.8 |
|  Insurance | 0.7 |
|  IT Services | 0.7 |

---

---

| | |
|:---|:---|
|  Health Care Providers & Services | 0.7 |
|  Building Products | 0.7 |
|  Communications Equipment | 0.6 |
|  Electronic Equipment, Instruments & Components | 0.6 |
|  Chemicals | 0.6 |
|  Specialized REITs | 0.5 |
|  Life Sciences Tools & Services | 0.4 |
|  Real Estate Management & Development | 0.4 |
|  Beverages | 0.4 |
|  Commercial Services & Supplies | 0.4 |
|  Electric Utilities | 0.4 |
|  Professional Services | 0.3 |
|  Electrical Equipment | 0.3 |
|  Consumer Finance | 0.3 |
|  Trading Companies & Distributors | 0.2 |
|  Construction Materials | 0.2 |
|  Energy Equipment & Services | 0.2 |
|  Construction & Engineering | 0.2 |
|  Textiles, Apparel & Luxury Goods | 0.2 |
|  Unaffiliated Fund | 0.1 |
|  Tobacco | 0.1 |
|  Banks | 0.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Health Care REITs | 0.1% |
|  Machinery | 0.1 |
|  Media | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Passenger Airlines | 0.1 |
|  | 102.5 |
|  Liabilities in excess of other assets | (2.5) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br>**Assets and<br> Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Equity contracts | Due from/to broker-variation<br>margin futures | $239830 \* |  | $— |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Equity contracts | $(227299) |

---

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | |
|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Equity contracts | $255473 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $16829867 |

---

<sup>\*</sup> Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $173941140 | $(173941140) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

<br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>

---

| |
|:---|
|  **STATEMENT OF ASSETS AND LIABILITIES (unaudited)** |
|  as of June 30, 2025 |

---

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $173,941,140: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $5,428,915,982) | $8021501836.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $223,513,246) | 223515460.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2651363.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 2286690.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1921071.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1148000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 66000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 11194.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8253101614.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 175571011.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 23807277.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 4953443.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 1882067.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1053930.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 326567.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 308210.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 207903461.0 |
|  **NET ASSETS** | $8045198153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $8045198153.0 |
|  Net asset value and redemption price per share, $8,045,198,153 / 79,820,282 outstanding shares of beneficial interest | $100.79 |

---

---

| |
|:---|
|  **STATEMENT OF OPERATIONS (unaudited)** |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** | **NET INVESTMENT INCOME (LOSS)** |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $254,812 foreign withholding tax, of which $9,354 is reimbursable by an affiliate) | $22891835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1174874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $107,360) | 112090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 17950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 24196749 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 22942598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 9599414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 276610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 58775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 28631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 6186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 92532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 33043368 |
|  **NET INVESTMENT INCOME (LOSS)** | (8846619) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(50123)) | 384089604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (227299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 15319 |
|  | 383877624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $2,214) | 74477871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 255473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 2193 |
|  | 74735537 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 458613161 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $449766542 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(8846619) | $(19770478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 383877624 | 1077831166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 74735537 | 558624776 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 449766542 | 1616685464 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,353,208 and 7,648,971 shares, respectively] | 119707565 | 630042383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 19,204,772 shares, respectively] |  | 1870352791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [11,205,809 and 14,816,138 shares, respectively] | (985142210) | (1283642383) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (865434645) | 1216752791 |
|  **TOTAL INCREASE (DECREASE)** | (415668103) | 2833438255 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 8460866256 | 5627428001 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $8045198153 | $8460866256 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | |
|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS (unaudited)**  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $94.35 | $72.49 | $50.47 | $75.56 | $64.52 | $46.15 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | (0.11) | (0.25) | (0.11) | (0.13) | (0.38) | (0.23) |
|  Net realized and unrealized gain (loss) on investment and foreign<br> currency transactions | 6.55 | 22.11 | 22.13 | (24.96) | 11.42 | 18.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.44 | 21.86 | 22.02 | (25.09) | 11.04 | 18.37 |
|  Net Asset Value, end of period | $100.79 | $94.35 | $72.49 | $50.47 | $75.56 | $64.52 |
|  **Total Return<sup>(b)</sup>** | 6.83% | 30.16% | 43.63% | (33.21)% | 17.11% | 39.80% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $8045 | $8461 | $5627 | $4137 | $2783 | $3593 |
|  Average net assets (in millions) | $7743 | $6644 | $4925 | $3503 | $3128 | $2993 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.86 %<sup>(d)</sup> | 0.87% | 0.87% | 0.87% | 0.88% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.86 %<sup>(d)</sup> | 0.92% | 0.93% | 0.93% | 0.93% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.23)%<sup>(d)</sup> | (0.30)% | (0.17)% | (0.22)% | (0.54)% | (0.44)% |
|  Portfolio turnover rate<sup>(e)</sup> | 17% | 46% | 29% | 64% | 16% | 42% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.3%** | **LONG-TERM INVESTMENTS — 98.3%** | **LONG-TERM INVESTMENTS — 98.3%** |
|  **COMMON STOCKS — 95.2%** | **COMMON STOCKS — 95.2%** | **COMMON STOCKS — 95.2%** |
|  **Aerospace & Defense — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 66306 | $13893096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 1965 | 960001 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 17506 | 5105800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 11997 | 2233002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc.(a) | 14794 | 3572159 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc.(a) | 6900 | 1730796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 59527 | 29762309 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 380696 | 55589230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 51966 | 4172350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117018743 |
|  **Air Freight & Logistics — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 116209 | 26415468 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 41464 | 4185376 |
|  |  | 30600844 |
|  **Automobile Components — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 50772 | 3463666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada)(a) | 161960 | 6253275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobileye Global, Inc. (Israel) (Class A Stock)\*(a) | 3700 | 66526 |
|  |  | 9783467 |
|  **Automobiles — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 406790 | 4413671 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 754865 | 37146907 |
|  |  | 41560578 |
|  **Banks — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1672135 | 79125428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 648945 | 55238198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 212545 | 9511389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc.(a) | 44425 | 2649951 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 4219 | 426035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 55408 | 2278931 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. (Class A Stock)(a) | 6053 | 11842513 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 199209 | 4223231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 50300 | 843028 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 370269 | 107344686 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 34600 | 602732 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 5800 | 1125142 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 103344 | 19265388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 31400 | 738528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 95179 | 4091745 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 470722 | 21300171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co.(a) | 425438 | 34086093 |
|  |  | 354693189 |
|  **Beverages — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 434500 | 30740875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock) | 27376 | 4453528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 78010 | 2579010 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Beverages (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 75980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10032399 |
|  |  | 47805812 |
|  **Biotechnology — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 122026 | 22650466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 5400 | 678186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 4495 | 306109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 7400 | 204166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 37109 | 19482225 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 3022 | 868372 |
|  |  | 44189524 |
|  **Broadline Retail — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 195248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42835459 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 39778 | 2961870 |
|  |  | 45797329 |
|  **Building Products — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 12173 | 1420467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 114362 | 8370155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 219751 | 23210101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 9300 | 1278936 |
|  |  | 34279659 |
|  **Capital Markets — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 11048 | 5896649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 38125 | 3473569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc.(a) | 15672 | 16443846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 567560 | 51784174 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 66680 | 18378342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 34907 | 24705429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 6724 | 1233652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 7100 | 388299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 41700 | 5873862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 19643 | 2490536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 20404 | 3129362 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 139191 | 14801571 |
|  |  | 148599291 |
|  **Chemicals — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc.(a) | 126425 | 35659435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 77010 | 2286427 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 15804 | 1453968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The) | 147687 | 1691016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 317321 | 23649934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc.(a) | 94024 | 2489756 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 146308 | 10035266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 72100 | 5382986 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp.(a) | 170368 | 7112864 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 8741 | 642901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 23263 | 10914534 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock)(a) | 18600 | 1076196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp.(a) | 164787 | 3310571 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 118600 | 13490750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 55326 | 18996735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 3200 | 242976 |
|  |  | 138436315 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 4522 | $1045396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 123005 | 12417355 |
|  |  | 13462751 |
|  **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 565507 | 39234876 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\*(a) | 54700 | 16099304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 44882 | 18871086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden), ADR | 1030842 | 8741540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82946806 |
|  **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 801 | 302842 |
|  **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\*(a) | 49665 | 2460901 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 206163 | 18925763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials,<br>Inc.(a) | 41882 | 22991543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 11026 | 2875801 |
|  |  | 47254008 |
|  **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 64641 | 2517767 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 86095 | 27462583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 250434 | 53282338 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\* | 36300 | 661023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 38769 | 2587443 |
|  |  | 86511154 |
|  **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 105965 | 11426206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores,<br>Inc.(a) | 3794 | 1935964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 11700 | 1338246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 11500 | 1138960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 65928 | 4729015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 69831 | 6108118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp.(a) | 118387 | 11678878 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 23845 | 1836303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 295700 | 28913546 |
|  |  | 69105236 |
|  **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 158600 | 1457534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp.(a) | 244493 | 13713612 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co.(a) | 46958 | 2199043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 9135 | 1721491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 52048 | 2819961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC(a) | 35739 | 1542138 |
|  |  | 23453779 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 7700 | 934087 |
|  **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 367545 | 10636752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 440450 | 19058272 |
|  |  | 29695024 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 246998 | $| 12745097 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 405131 |  | 28124194 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 114301 |  | 18354454 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp.(a) | 504838 |  | 17108960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 101011 |  | 9275840 |
|  |  |  | 85608545 |
|  **Electrical Equipment — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 15653 |  | 2832567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co.(a) | 109312 |  | 14574569 |
|  |  |  | 17407136 |
|  **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 5200 |  | 463892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 158678 |  | 8344876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 33675 |  | 1681056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc.(a) | 13281 |  | 2896586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 11729 |  | 1921914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 4047 |  | 196255 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp.(a) | 33433 |  | 4536858 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (Switzerland) | 55578 |  | 9374341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 1601 |  | 820209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 8216 |  | 624252 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30860239 |
|  **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co.(a) | 197509 |  | 7572495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co.(a) | 49200 |  | 1002696 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 445384 |  | 5536123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV(a) | 167297 |  | 5654639 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC<br>(United Kingdom) | 44607 |  | 1536265 |
|  |  |  | 21302218 |
|  **Entertainment — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 3404 |  | 543619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (Class A Stock)\* | 800 |  | 75968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (Class C Stock)\* | 7433 |  | 776748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 5254 |  | 1275934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 166939 |  | 20702105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 323271 |  | 3704686 |
|  |  |  | 27079060 |
|  **Financial Services — 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 110800 |  | 15719196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\*(a) | 84220 |  | 40911549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 18000 |  | 1222740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 149594 |  | 5310587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 16798 |  | 5573912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\*(a) | 29889 |  | 3030147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 112236 |  | 9137133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 12572 |  | 2167539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 8900 |  | 712356 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp.(a) | 122817 |  | 3419225 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 11766 |  | 874449 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock)(a) | 66050 | $| 23451053 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\* | 18952 |  | 2783859 |
|  |  |  | 114313745 |
|  **Food Products — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 9100 |  | 480298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 67331 |  | 1378266 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc.(a) | 80875 |  | 4190134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 15391 |  | 2554136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 23138 |  | 699925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The)(a) | 231074 |  | 5966331 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (XLON) | 17171 |  | 1301905 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (NYSE)(a) | 1200 |  | 90611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock)(a) | 66775 |  | 4503306 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Co.(a) | 23970 |  | 734680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (Class A Stock) | 10400 |  | 581776 |
|  |  |  | 22481368 |
|  **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 99118 |  | 3234221 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 5600 |  | 804160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 27069 |  | 6928852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 13974 |  | 3828736 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\*(a) | 164601 |  | 20787460 |
|  |  |  | 35583429 |
|  **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 36900 |  | 5018769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 17005 |  | 3219557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 17415 |  | 527326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 150567 |  | 25935166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\* | 6720 |  | 478195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 31196 |  | 2439839 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 126866 |  | 9396965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\*(a) | 16900 |  | 1101204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 171891 |  | 14983738 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 6682 |  | 1605150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings,<br>Inc.(a) | 33071 |  | 3016406 |
|  |  |  | 67722315 |
|  **Health Care Providers & Services — 5.6%** | **Health Care Providers & Services — 5.6%** | **Health Care Providers & Services — 5.6%** | **Health Care Providers & Services — 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 9200 |  | 499376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 67008 |  | 22151505 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 408500 |  | 28178330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc.(a) | 39004 |  | 15170996 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc.(a) | 11506 |  | 4407949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 59995 |  | 14667577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 22204 |  | 5828772 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 75023 |  | 54975354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 3000 |  | 893700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.(a) | 37696 |  | 6771332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 4839 |  | 851664 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 189136 |  | 59004758 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213401313 |
|  **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 132990 |  | 3739679 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC (United Kingdom)\* | 1934 | $| 552660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 57100 |  | 15208014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. (Class A Stock) | 1122 |  | 156687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp.(a) | 79143 |  | 7251873 |
|  |  |  | 26908913 |
|  **Household Durables — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 30263 |  | 3901506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 6800 |  | 1419296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A<br>Stock)(a) | 16690 |  | 1846081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class B Stock) | 1000 |  | 105250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\*(a) | 39863 |  | 4179237 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 11 |  | 81242 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 242573 |  | 25581749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 7612 |  | 868757 |
|  |  |  | 37983118 |
|  **Household Products — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 206660 |  | 32925071 |
|  **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 26074 |  | 3969506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 73900 |  | 17209832 |
|  |  |  | 21179338 |
|  **Industrial REITs — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 106600 |  | 11205792 |
|  **Insurance — 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc.(a) | 18373 |  | 1937616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 108300 |  | 21801873 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 323715 |  | 27706767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 61291 |  | 5580545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 13096 |  | 3794173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 5205 |  | 775129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 1400 |  | 475790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 18297 |  | 1025730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 62960 |  | 7987735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 11415 |  | 1046299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 890 |  | 1777650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 82061 |  | 17941817 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 53993 |  | 4342117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc. (Class A Stock)\*(a) | 165731 |  | 3553273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 7900 |  | 627497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 66950 |  | 17866277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 1463 |  | 290201 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 3790 |  | 920591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 105632 |  | 28260785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 11897 |  | 960802 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 26100 |  | 1917567 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150590234 |
|  **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 268397 |  | 47299603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 5539 |  | 982563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 28406 |  | 20966185 |
|  |  |  | 69248351 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **IT Services — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland)<br>(Class A Stock) | 60300 | $| 18023067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 8100 |  | 646056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 33336 |  | 3041576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 84890 |  | 6623967 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 784 |  | 138627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\* | 5500 |  | 549835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 5300 |  | 659108 |
|  |  |  | 29682236 |
|  **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 930 |  | 109749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 24600 |  | 331116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 11727 |  | 2316552 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC\* | 1400 |  | 203630 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 18834 |  | 2968050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc.(a) | 4085 |  | 395101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 104989 |  | 42568840 |
|  |  |  | 48893038 |
|  **Machinery — 4.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 69519 |  | 7171580 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV(a) | 382263 |  | 4954128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 29740 |  | 9739850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 58273 |  | 29631238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 9871 |  | 1808663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 12142 |  | 632962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 234050 |  | 5390172 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 5170 |  | 907697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc.(a) | 41388 |  | 10233183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc.(a) | 193149 |  | 16066134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\*(a) | 14624 |  | 2105856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp.(a) | 2703 |  | 579442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 237475 |  | 23514775 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 92831 |  | 8824515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 28981 |  | 20242359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 12000 |  | 1231920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 5669 |  | 1764079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc.(a) | 56581 |  | 3833363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 11649 |  | 2438718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 10119 |  | 1308994 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152379628 |
|  **Media — 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\*(a) | 30898 |  | 12631411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 1315307 |  | 46943307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class A Stock)(a) | 23748 |  | 1330838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 24400 |  | 1259772 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class A Stock) | 18644 |  | 554100 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class B Stock) | 8805 |  | 302100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc.(a) | 136028 |  | 9785854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global (Class B Stock)(a) | 124398 |  | 1604734 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom), ADR(a) | 118180 |  | 4137482 |
|  |  |  | 78549598 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Metals & Mining — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 90559 | $| 2672396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 587070 |  | 25449484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 76253 |  | 4442500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 13400 |  | 1735836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc.(a) | 4525 |  | 1420398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.(a) | 16516 |  | 2114213 |
|  |  |  | 37834827 |
|  **Multi-Utilities — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 252556 |  | 14274465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 521520 |  | 39515571 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc.(a) | 170447 |  | 17760577 |
|  |  |  | 71550613 |
|  **Office REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust(a) | 239400 |  | 9154656 |
|  **Oil, Gas & Consumable Fuels — 6.4%** | **Oil, Gas & Consumable Fuels — 6.4%** | **Oil, Gas & Consumable Fuels — 6.4%** | **Oil, Gas & Consumable Fuels — 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 427302 |  | 7815354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp.(a) | 199025 |  | 28498390 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 414984 |  | 37240664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc.(a) | 40700 |  | 1032966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 20492 |  | 2815601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners LP, MLP | 640233 |  | 19853625 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc.(a) | 51882 |  | 6205606 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 137790 |  | 8035913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 44222 |  | 5171321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 625651 |  | 67445178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 46776 |  | 6480347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 75447 |  | 2218142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 18300 |  | 3039813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.(a) | 58374 |  | 1313415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum<br>Corp.(a) | 52600 |  | 2209726 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 32200 |  | 2628486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 97411 |  | 3706488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 15600 |  | 1861080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 54465 |  | 2215091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 415596 |  | 14595523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 68473 |  | 4821184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp.(a) | 116565 |  | 15668667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 41566 |  | 2610760 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247483340 |
|  **Passenger Airlines — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.(a) | 69200 |  | 3403256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co.(a) | 801745 |  | 26008608 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 35100 |  | 2795013 |
|  |  |  | 32206877 |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 4236 |  | 342269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 197795 |  | 4139849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR(a) | 47033 |  | 2877009 |
|  |  |  | 7359127 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 349940 | $24453807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 142792 | 6609842 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC, ADR(a) | 81321 | 3122726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC, ADR(a) | 1613524 | 16732244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 262790 | 40141173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 143700 | 11375292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark), ADR(a) | 131670 | 9087863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 205321 | 4976981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC (Class A Stock) | 14882 | 536199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 169407 | 16400921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 25169 | 1215914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 31225 | 278839 |
|  |  | 134931801 |
|  **Professional Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 273 | 6446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 4500 | 591525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 14073 | 2220156 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 21358 | 1768442 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 19061 | 1677368 |
|  |  | 6263937 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 20993 | 2941539 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 7400 | 594960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class A Stock)\* | 2000 | 136980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 28834 | 2019822 |
|  |  | 5693301 |
|  **Residential REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent (Class A Stock)(a) | 69347 | 2501346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 70785 | 4365311 |
|  |  | 6866657 |
|  **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 27955 | 3966814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 9200 | 2189784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 86266 | 23779223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 10181 | 821098 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\*(a) | 11002 | 1821271 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 6100 | 233020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 1162110 | 26031264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 24252 | 2360690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 47875 | 3705525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc.(a) | 462494 | 32545703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 38400 | 4732800 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 38231 | 8353091 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\*(a) | 72529 | 3801245 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 75956 | 12096752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 5900 | 439668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 30128 | 6823691 |
|  |  | 133701639 |
|  **Software — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 92730 | 46124829 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 2171 | $| 1230610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 43550 |  | 11875650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 8889 |  | 693164 |
|  |  |  | 59924253 |
|  **Specialized REITs — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 128750 |  | 28456325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 12393 |  | 9858260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc.\* | 2794 |  | 79657 |
|  |  |  | 38394242 |
|  **Specialty Retail — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 47201 |  | 17305775 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 169095 |  | 15240532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 12371 |  | 1578292 |
|  |  |  | 34124599 |
|  **Technology Hardware, Storage & Peripherals — 1.3%** | **Technology Hardware, Storage & Peripherals — 1.3%** | **Technology Hardware, Storage & Peripherals — 1.3%** | **Technology Hardware, Storage & Peripherals — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 89810 |  | 1836614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 72996 |  | 3310369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC(a) | 190073 |  | 27433236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 244808 |  | 15665264 |
|  |  |  | 48245483 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc.(a) | 73793 |  | 4868124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 16800 |  | 3991344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 16311 |  | 1432269 |
|  |  |  | 10291737 |
|  **Tobacco — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 285449 |  | 51988826 |
|  **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 73555 |  | 8605935 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc.(a) | 19499 |  | 14690547 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 17171 |  | 3180069 |
|  |  |  | 26476551 |
|  **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 114050 |  | 27173553 |
|  **TOTAL COMMON STOCKS**<br> (cost $3,500,824,476) | **TOTAL COMMON STOCKS**<br> (cost $3,500,824,476) |  | 3651401142 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 422925 |  | 82144723 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 500 Value ETF | 683426 |  | 35770517 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $106,058,221) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $106,058,221) |  | 117915240 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,606,882,697) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,606,882,697) |  | 3769316382 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 12.0%** | **SHORT-TERM INVESTMENTS — 12.0%** | **SHORT-TERM INVESTMENTS — 12.0%** | **SHORT-TERM INVESTMENTS — 12.0%** |
|  **AFFILIATED MUTUAL FUNDS — 12.0%** | **AFFILIATED MUTUAL FUNDS — 12.0%** | **AFFILIATED MUTUAL FUNDS — 12.0%** | **AFFILIATED MUTUAL FUNDS — 12.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | 32434842 | $32434842 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<br>(cost $426,680,575; includes $425,384,222 of cash collateral for securities on loan)(b)(wb) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<br>(cost $426,680,575; includes $425,384,222 of cash collateral for securities on loan)(b)(wb) | 426979461 | 426680575 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $459,115,417) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $459,115,417) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $459,115,417) | 459115417 |
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal<br>Amount**<br>**(000)#** |  |
|  **U.S. TREASURY OBLIGATIONS(n) — 0.0%** | **U.S. TREASURY OBLIGATIONS(n) — 0.0%** | **U.S. TREASURY OBLIGATIONS(n) — 0.0%** | **U.S. TREASURY OBLIGATIONS(n) — 0.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.137% | 10/02/25 | 250 | 247269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.206% | 11/06/25 (h) | 1049 | 1033541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.209% | 12/04/25 | 20 | 19644 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,300,635) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,300,635) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,300,635) | 1300454 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $460,416,052) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $460,416,052) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $460,416,052) | 460415871 |
|  **TOTAL INVESTMENTS—110.3%**<br> (cost $4,067,298,749) | **TOTAL INVESTMENTS—110.3%**<br> (cost $4,067,298,749) | **TOTAL INVESTMENTS—110.3%**<br> (cost $4,067,298,749) | 4229732253 |
|  **Liabilities in excess of other assets(z) — (10.3)%** | **Liabilities in excess of other assets(z) — (10.3)%** | **Liabilities in excess of other assets(z) — (10.3)%** | (394415595) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835316658 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $417,954,185; cash collateral of $425,384,222 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |
|  Euro,<br>Expiring 09/17/25 | MSI | EUR 674 | $780979 | $798080 | $17101 | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  British Pound,<br>Expiring 09/17/25 | CITI | GBP | 19060 | $25734037 | $26175349 | $— | $(441312) |
|  Expiring 09/17/25 | GSI | GBP | 2406 | 3272763 | 3303849 |  | (31086) |
|  Euro,<br>Expiring 09/17/25 | GSI | EUR | 13570 | 15562241 | 16067698 |  | (505457) |
|  |  |  |  | $44569041 | $45546896 |  | (977855) |
|  |  |  |  |  |  | $17101 | $(977855) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $117018743 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 30600844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 9783467 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 41560578 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 354693189 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 47805812 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 44189524 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 45797329 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 34279659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 148599291 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 138436315 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 13462751 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 82946806 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 302842 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 47254008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 86511154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 69105236 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 23453779 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 934087 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 29695024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 85608545 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 17407136 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 30860239 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 21302218 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 27079060 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 114313745 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 22481368 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 35583429 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 67722315 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 213401313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 26908913 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 37983118 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 32925071 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 21179338 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 11205792 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 150590234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 69248351 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 29682236 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 48893038 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 152379628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 78549598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 37834827 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 71550613 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 9154656 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 232887817 | 14595523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 32206877 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 7359127 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | $118530880 | $16400921 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 6263937 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 5693301 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 6866657 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 133701639 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 59924253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 38394242 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 34124599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 48245483 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 10291737 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 51988826 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 26476551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 27173553 |  |  |
|  Unaffiliated Exchange-Traded Funds | 117915240 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 459115417 |  |  |
|  U.S. Treasury Obligations |  | 1300454 |  |
|  **Total** | $**4197435355** | $**32296898** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contract | $**—** | $**17101** | $**—** |
|  **Liabilities** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts | $**—** | $**(977855)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (11.1% represents investments purchased with collateral from securities on loan) | 12.0 |
|  Banks | 9.2 |
|  Oil, Gas & Consumable Fuels | 6.4 |
|  Health Care Providers & Services | 5.6 |
|  Machinery | 4.0 |
|  Insurance | 3.9 |
|  Capital Markets | 3.9 |
|  Chemicals | 3.6 |
|  Pharmaceuticals | 3.5 |
|  Semiconductors & Semiconductor Equipment | 3.5 |
|  Unaffiliated Exchange-Traded Funds | 3.1 |
|  Aerospace & Defense | 3.0 |
|  Financial Services | 3.0 |
|  Consumer Finance | 2.3 |
|  Electric Utilities | 2.2 |
|  Communications Equipment | 2.2 |
|  Media | 2.0 |
|  Multi-Utilities | 1.9 |
|  Interactive Media & Services | 1.8 |
|  Consumer Staples Distribution & Retail | 1.8 |
|  Health Care Equipment & Supplies | 1.8 |
|  Software | 1.6 |

---

---

| | |
|:---|:---|
|  Tobacco | 1.4 |
|  Life Sciences Tools & Services | 1.3 |
|  Technology Hardware, Storage & Peripherals | 1.3 |
|  Beverages | 1.2 |
|  Construction Materials | 1.2 |
|  Broadline Retail | 1.2 |
|  Biotechnology | 1.1 |
|  Automobiles | 1.1 |
|  Specialized REITs | 1 |
|  Household Durables | 1 |
|  Metals & Mining | 1 |
|  Ground Transportation | 0.9 |
|  Building Products | 0.9 |
|  Specialty Retail | 0.9 |
|  Household Products | 0.9 |
|  Passenger Airlines | 0.8 |
|  Electronic Equipment, Instruments & Components | 0.8 |
|  Air Freight & Logistics | 0.8 |
|  Diversified Telecommunication Services | 0.8 |
|  IT Services | 0.8 |
|  Wireless Telecommunication Services | 0.7 |
|  Entertainment | 0.7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Hotels, Restaurants & Leisure | 0.7 |
|  Trading Companies & Distributors | 0.7 |
|  Containers & Packaging | 0.6 |
|  Food Products | 0.6 |
|  Energy Equipment & Services | 0.6 |
|  Industrial Conglomerates | 0.5 |
|  Electrical Equipment | 0.4 |
|  Commercial Services & Supplies | 0.3 |
|  Industrial REITs | 0.3 |
|  Textiles, Apparel & Luxury Goods | 0.3 |
|  Automobile Components | 0.3 |
|  Office REITs | 0.2 |
|  Personal Care Products | 0.2 |

---

---

| | |
|:---|:---|
|  Residential REITs | 0.2% |
|  Professional Services | 0.2 |
|  Real Estate Management & Development | 0.1 |
|  U.S. Treasury Obligations | 0.0 \* |
|  Distributors | 0.0 \* |
|  Construction & Engineering | 0.0 \* |
|  | 110.3 |
|  Liabilities in excess of other assets | (10.3) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity risk and foreign exchange risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | $17101 | Unrealized depreciation on OTC<br> forward foreign currency<br> exchange contracts | $977855 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |
|  Equity contracts | $(115105) | $— |
|  Foreign exchange contracts |  | (2877105) |
|  **Total** | $(115105) | $(2877105) |

---

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |
|  Equity contracts | $75452 | $— |
|  Foreign exchange contracts |  | (1750439) |
|  **Total** | $75452 | $(1750439) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $791433 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 2539922 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | $50256980 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
| Securities on Loan | $417954185 | $(417954185) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  CITI | $— | $(441312) | $(441312) | $— | $(441312) |
|  GSI |  | (536543) | (536543) | 455735 | (80808) |
|  MSI | 17101 |  | 17101 |  | 17101 |
|  | $17101 | $(977855) | $(960754) | $455735 | $(505019) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

<br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES (unaudited)** | **STATEMENT OF ASSETS AND LIABILITIES (unaudited)** |
| as of June 30, 2025 |  |
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $417,954,185: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,608,183,332) | $3770616836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $459,115,417) | 459115417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $7) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 23889770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 10838102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 4875516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 3899371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 17101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4273268184 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 425384222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 6271941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 2773793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1506242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 977855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 836090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 155808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 44619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 437951526 |
|  **NET ASSETS** | $3835316658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $3835316658 |
|  Net asset value and redemption price per share, $3,835,316,658 / 69,660,882 outstanding shares of beneficial interest | $55.06 |

---

---

| | |
|:---|:---|
|  **STATEMENT OF OPERATIONS (unaudited)** |  |
|  Six Months Ended June 30, 2025 |  |
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income<br>(net of $225,915 foreign withholding tax) | $40500459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1196280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $158,356) | 168179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 41885154 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 10348150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 4768733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 167434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 34111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 30038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 28631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 44356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15431387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense<br> reimbursement | (190749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15240638 |
|  **NET INVESTMENT INCOME (LOSS)** | 26644516 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(47016)) | 21890602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (115105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (2877105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (5458) |
|  | 18892934 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 121835645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 75452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (1750439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 80661 |
|  | 120241319 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 139134253 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $165778769 |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS (unaudited)** | | |
|  |<br>**Six Months Ended<br>June 30, 2025** |<br>**Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $26644516 | $54982346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 18892934 | 451759285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 120241319 | (226083905) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 165778769 | 280657726 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,319,325 and 12,134,811 shares, respectively] | 69860125 | 634884865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 11,472,553 shares, respectively] |  | 623074380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [8,408,668 and 11,041,741 shares, respectively] | (436315245) | (573335753) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (366455120) | 684623492 |
|  **TOTAL INCREASE (DECREASE)** | (200676351) | 965281218 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4035993009 | 3070711791 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3835316658 | $4035993009 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

<br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $52.59 | $47.84 | $43.59 | $42.86 | $33.18 | $33.08 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.37 | 0.86 | 0.86 | 0.76 | 0.42 | 0.50 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.10 | 3.89 | 3.39 | (0.03) | 9.26 | (0.40)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.47 | 4.75 | 4.25 | 0.73 | 9.68 | 0.10 |
|  Net Asset Value, end of period | $55.06 | $52.59 | $47.84 | $43.59 | $42.86 | $33.18 |
|  **Total Return<sup>(c)</sup>** | 4.70% | 9.93% | 9.75% | 1.70% | 29.21% | 0.27% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $3835 | $4036 | $3071 | $2775 | $1218 | $2166 |
|  Average net assets (in millions) | $3847 | $3319 | $2803 | $2841 | $1748 | $1304 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.80 %<sup>(e)</sup> | 0.81% | 0.80% | 0.80% | 0.81% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.81 %<sup>(e)</sup> | 0.83% | 0.83% | 0.82% | 0.83% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.40 %<sup>(e)</sup> | 1.66% | 1.94% | 1.76% | 1.06% | 1.82% |
|  Portfolio turnover rate<sup>(f)</sup> | 25% | 99% | 35% | 79% | 24% | 58% |

---

(a) Calculated based on average shares outstanding during the period.

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.1%** | **LONG-TERM INVESTMENTS — 98.1%** | **LONG-TERM INVESTMENTS — 98.1%** |
|  **COMMON STOCKS — 95.1%** |  |  |
|  **Aerospace & Defense — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 5429 | $373461 |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\*(a) | 18340 | 5225983 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerSale Corp.\* | 80500 | 483805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc. (Class A<br>Stock)\*(a) | 3740 | 40579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp.\* | 4379 | 146609 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 13714 | 1184067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\*(a) | 7673 | 6352784 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 5278 | 760349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Byrna Technologies, Inc.\* | 2050 | 63304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadre Holdings, Inc. | 5170 | 164664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 11220 | 5481531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 2381 | 196742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR(a) | 148568 | 8455005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp.(a) | 90465 | 5110368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc.(a) | 2790 | 673673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Solutions & Support, Inc.\* | 3370 | 46776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\*(a) | 175799 | 8854996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions,<br>Inc.\*(a) | 279801 | 12996756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo DRS, Inc. | 87117 | 4049198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\*(a) | 89818 | 7739617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 8676 | 467289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc. (Class A Stock) | 4243 | 767856 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 4580 | 448657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 3379 | 49908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab Corp.\*(a) | 81417 | 2912286 |
| &nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 4270 | 207308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 1328 | 325479 |
|  |  | 73579050 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 13457 | 655356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc. (Class A Stock) | 8800 | 294184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics, Inc.\* | 7056 | 42900 |
|  |  | 992440 |
|  **Automobile Components — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 109894 | 2138537 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing<br>Holdings, Inc.\* | 16939 | 69111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autoliv, Inc. (Sweden) | 7417 | 829962 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 24864 | 832447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 3530 | 75895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 20652 | 354182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 4618 | 566490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 45356 | 1176535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. (Switzerland) | 27817 | 292357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 80976 | 1780662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 4298 | 121591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 100263 | 1039727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc.\* | 8010 | 16020 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 23476 | 2140777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp.(a) | 39182 | 3721506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\*(a) | 39851 | 3925324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 3660 | 40992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 4711 | 434684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 18417 | 819372 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Automobile Components (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp.\* | 51767 | $347874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 3725 | 114432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc.\* | 1820 | 12813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 930 | 57855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp.\* | 15607 | 1456133 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 3470 | 124573 |
|  |  | 22489851 |
|  **Automobiles — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc.(a) | 66914 | 1579170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc.\*(a) | 129516 | 273279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc.(a) | 19703 | 1749824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 3638 | 105502 |
|  |  | 3707775 |
|  **Banks — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 24559 | 1524377 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACNB Corp. | 1060 | 45410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 4196 | 130915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 52970 | 965643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 10681 | 691061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ames National Corp. | 1750 | 31168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 12160 | 321267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp | 75701 | 1846347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 20423 | 638831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 35357 | 2688546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 92894 | 1305161 |
| &nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp. | 4984 | 616122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc. (The)\* | 7406 | 421920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank First Corp. | 530 | 62355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 5633 | 380396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 13216 | 301853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 6570 | 290920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK(a) | 16939 | 797149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 550 | 23007 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankFinancial Corp. | 3820 | 44197 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 102542 | 3649470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 1410 | 50802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 5122 | 328576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 2311 | 69238 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 14500 | 401795 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 3500 | 29470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 42393 | 1061521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Foundry Bancorp\* | 3390 | 32442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc.\* | 4050 | 14540 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp. | 8484 | 828293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc.\* | 26022 | 414010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 128474 | 1355401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services<br>Corp.(a) | 11000 | 657030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 4480 | 110432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 81727 | 2184563 |
| &nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 697 | 43026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 77636 | 2482799 |
| &nbsp;&nbsp;&nbsp;&nbsp; California BanCorp\* | 22300 | 351448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 17755 | 720498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Bancorp, Inc.(a) | 13810 | 463740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 2655 | 104474 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 235517 | $1436654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter Bankshares, Inc.\* | 18068 | 313299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 25625 | 1166706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 39617 | 1110465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 636 | 30827 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 320 | 9184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | 2649 | 50172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 920 | 12696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc. | 222 | 13036 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 2110 | 258306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 19728 | 457690 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 30872 | 705734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coastal Financial Corp.\* | 2220 | 215051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 3290 | 54186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc.(a) | 146609 | 3427718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial, Inc.\* | 12680 | 183987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc.(a) | 13428 | 800980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 15342 | 953812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 8168 | 464514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 14684 | 777077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 3170 | 61847 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 75370 | 1745569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 6176 | 793863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 4694 | 275726 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 20576 | 407199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 27452 | 739557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 660 | 11002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 63880 | 1244382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 26519 | 404945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Bancorp, Inc. | 1910 | 75712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 22863 | 1259751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc. (Class A Stock) | 2689 | 109711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 1450 | 137257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers & Merchants Bancorp, Inc. | 1450 | 36656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 22377 | 308579 |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 6570 | 297621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity D&D Bancorp, Inc. | 260 | 11960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 41180 | 1057502 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancorp | 5971 | 263261 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancorp, Inc. (The) | 2790 | 70894 |
| &nbsp;&nbsp;&nbsp;&nbsp; First BanCorp. (Puerto Rico) | 25380 | 528665 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bank | 4070 | 62963 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 70797 | 1620189 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 1255 | 63578 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 15178 | 246339 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 2811 | 110107 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 420 | 10240 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 14161 | 343546 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 19757 | 710857 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 15646 | 847857 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc. | 190082 | 969418 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 67650 | 1688544 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 36060 | 764472 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 17725 | 476802 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 46851 | 1350246 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 15401 | 589858 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 11230 | 421013 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 470 | $11769 |
| &nbsp;&nbsp;&nbsp;&nbsp; First United Corp. | 1840 | 57058 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 1180 | 26621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp\* | 1000 | 34750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Star Bancorp | 7210 | 205773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagstar Financial, Inc.(a) | 144428 | 1530937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 97403 | 1157148 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 51555 | 751672 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 1660 | 65371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 28981 | 522817 |
| &nbsp;&nbsp;&nbsp;&nbsp; FVCBankcorp, Inc.\* | 1550 | 18290 |
| &nbsp;&nbsp;&nbsp;&nbsp; German American Bancorp, Inc. | 5012 | 193012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc.(a) | 16434 | 707977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 13722 | 806579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greene County Bancorp, Inc. | 1140 | 25331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guaranty Bancshares, Inc. | 1636 | 69432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 70746 | 4060820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 62436 | 1540920 |
| &nbsp;&nbsp;&nbsp;&nbsp; HarborOne Bancorp, Inc. | 6773 | 79109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 1170 | 34094 |
| &nbsp;&nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 4210 | 106134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 264173 | 2623238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 36233 | 863795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 43900 | 1332365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution for Savings<br>(The)(a) | 4381 | 1088021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 8351 | 432415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 84386 | 2401626 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeStreet, Inc.\* | 26300 | 343741 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 2650 | 99137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 150082 | 1610380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 71952 | 1106622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. (XNGS) | 21359 | 1343161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. (XLON) | 3165 | 102578 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 10098 | 672123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 1380 | 26662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 159120 | 1027915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 3946 | 242482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landmark Bancorp, Inc. | 810 | 21416 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCNB Corp. | 2150 | 31240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 37774 | 1125665 |
| &nbsp;&nbsp;&nbsp;&nbsp; MainStreet Bancshares, Inc. | 730 | 13797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 16416 | 761867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Corp. | 960 | 12374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 4010 | 114606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp.\* | 1880 | 131600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | 11030 | 311046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlefield Banc Corp. | 390 | 11743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 37091 | 642416 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 25150 | 723565 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 132060 | 2975312 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp. (Class A Stock) | 5935 | 223215 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 780 | 21216 |
| &nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc.\* | 55300 | 987658 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 12836 | 533336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc.(a) | 16737 | 2066685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Bank | 27599 | 2456035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 1460 | 33938 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 108354 | $1243904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 8872 | 827403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 19066 | 243663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwood Financial Corp. | 1130 | 29131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oak Valley Bancorp | 770 | 20975 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 81183 | 1429633 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp (Puerto Rico) | 6962 | 297974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 690 | 22239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 184402 | 3935139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 6943 | 123169 |
| &nbsp;&nbsp;&nbsp;&nbsp; OP Bancorp | 1500 | 19485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Bancorp, Inc. | 560 | 14470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 31670 | 1131886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 2560 | 81485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 75055 | 1582910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park National Corp. | 2303 | 385200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parke Bancorp, Inc. | 2230 | 45425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 3720 | 294326 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp. | 2570 | 53919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 89809 | 2537104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penns Woods Bancorp, Inc. | 1240 | 37646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, Inc. | 1190 | 34332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 5485 | 167512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 7670 | 378668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 9648 | 1065236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Bancorp, Inc.\* | 910 | 10947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plumas Bancorp | 470 | 20896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ponce Financial Group, Inc.\* | 3270 | 45257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) | 9638 | 1062204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 56600 | 4898447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 4180 | 45353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 520 | 15881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 10360 | 727686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Bancorp, Inc.\* | 1340 | 16737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Holdings, Inc. | 1870 | 28985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 92168 | 1615705 |
| &nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 2386 | 162009 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp. | 22430 | 386020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red River Bancshares, Inc. | 900 | 52830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 11806 | 424190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Bancorp, Inc. (Class A Stock) | 2712 | 198274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richmond Mutual BanCorp, Inc. | 790 | 10902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riverview Bancorp, Inc. | 5290 | 29095 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 5508 | 208313 |
| &nbsp;&nbsp;&nbsp;&nbsp; SB Financial Group, Inc. | 810 | 15471 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 8196 | 635272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 27782 | 436733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp. | 12124 | 359962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp. (Class A Stock) | 79897 | 1514847 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 2957 | 99887 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 9680 | 348867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 1960 | 74539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 13758 | 753663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern States Bancshares, Inc. | 710 | 25823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 4390 | 129198 |
| &nbsp;&nbsp;&nbsp;&nbsp; SouthState Corp. | 14315 | 1317409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 6936 | 194069 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 4598 | $363150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 18295 | 946766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 7118 | 565169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 1090 | 35610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 2040 | 63648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 14320 | 898294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towne Bank | 19019 | 650069 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 29037 | 1175708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc.\* | 3392 | 186933 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. | 35071 | 1172073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 8802 | 320921 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp.(a) | 11148 | 1172324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 560 | 14907 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc.(a) | 21864 | 796506 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 18247 | 543578 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Security Bancshares | 1520 | 13148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 1875 | 88275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 38642 | 1160806 |
| &nbsp;&nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 910 | 15051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 180516 | 1612008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 64600 | 1686060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 310 | 11470 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 52376 | 1533569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 44898 | 1269715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 11926 | 651160 |
| &nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 55645 | 1760051 |
| &nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 3940 | 77342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp. | 4104 | 198798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp(a) | 11004 | 858092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 5700 | 52611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 35538 | 4406001 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 44418 | 2442990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 64593 | 3354960 |
|  |  | 163526668 |
|  **Beverages — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 1328 | 253396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\*(a) | 17208 | 798279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 16053 | 1792318 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 15069 | 451618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock) | 3593 | 172787 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 9571 | 413850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vita Coco Co., Inc. (The)\* | 7551 | 272591 |
|  |  | 4154839 |
|  **Biotechnology — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\* | 3640 | 13504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89bio, Inc.\* | 2423 | 23794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Absci Corp.\*(a) | 11370 | 29221 |
| &nbsp;&nbsp;&nbsp;&nbsp; AC Immune SA (Switzerland)\* | 4330 | 8790 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 13197 | 284659 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 151637 | 2761310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adverum Biotechnologies, Inc.\* | 2690 | 5784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 4662 | 155058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 11637 | 42359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc.\* | 3226 | 172139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc.\* | 9920 | 37994 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc.\* | 14330 | $20062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\*(a) | 75354 | 2155878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 18772 | 21212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc.\*(a) | 3790 | 14667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 2680 | 28354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 9110 | 21864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc.\*(a) | 65425 | 2841408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 3717 | 244764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc.\* | 3614 | 47018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 14180 | 115425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 5233 | 82681 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc.\* | 2051 | 35790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.\* | 1080 | 5789 |
| &nbsp;&nbsp;&nbsp;&nbsp; aTyr Pharma, Inc.\* | 4540 | 23018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.\* | 4010 | 25103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 2391 | 67904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\*(a) | 11014 | 187348 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 4348 | 239010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biomea Fusion, Inc.\*(a) | 2530 | 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, Inc.\* | 4590 | 11383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 81139 | 3503582 |
| &nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics, Inc.\* | 6970 | 9967 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 7150 | 139711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences, Inc.\*(a) | 13050 | 16443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 98501 | 2137472 |
| &nbsp;&nbsp;&nbsp;&nbsp; CG oncology, Inc.\*(a) | 111000 | 2886000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc.\* | 11240 | 80703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 154480 | 4442845 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG (Switzerland)\*(a) | 11418 | 555372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 7850 | 59111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc.\* | 7690 | 49985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 17324 | 242363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 4390 | 14794 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiaMedica Therapeutics, Inc.\* | 2380 | 9282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc.\* | 710 | 37602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 18391 | 182439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 7370 | 47021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 158 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 1940 | 13037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erasca, Inc.\* | 18000 | 22860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 14446 | 767660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 25296 | 1114921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc.\* | 14900 | 16688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 47753 | 2484111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ideaya Biosciences, Inc.\* | 527 | 11078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inozyme Pharma, Inc.\* | 5230 | 20920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 94000 | 9460160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc.\* | 12917 | 121161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc.\*(a) | 24950 | 42914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 6290 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc.\* | 5592 | 55752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jasper Therapeutics, Inc.\*(a) | 780 | 4329 |
| &nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc.\* | 3057 | 34559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.\* | 1308 | 17462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International PLC\* | 5681 | 157193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 6310 | 23536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 29403 | 4041736 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 11055 | $63787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.\*(a) | 55123 | 2405568 |
| &nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc.\* | 10990 | 13298 |
| &nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp.\* | 37003 | 138391 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediciNova, Inc.\* | 4930 | 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp; MeiraGTx Holdings PLC\* | 3811 | 24848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merus NV (Netherlands)\* | 99308 | 5223601 |
| &nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 21280 | 130021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 3360 | 15154 |
| &nbsp;&nbsp;&nbsp;&nbsp; MoonLake<br>Immunotherapeutics\*(a) | 1410 | 66552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 11208 | 59514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 34706 | 5863232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 583 | 73277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co. NV (Netherlands)\*(a) | 193000 | 3495230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 7360 | 12218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 6260 | 71301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvalent, Inc. (Class A Stock)\* | 13312 | 1015706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 9471 | 40346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 16810 | 61525 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 7130 | 72369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 20535 | 1134969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prothena Corp. PLC (Ireland)\* | 7287 | 44232 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 48602 | 2373722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 7140 | 24490 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 7187 | 59005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 20080 | 69477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc.\* | 10260 | 95315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.\* | 8412 | 309477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc.\* | 4000 | 17840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 49706 | 3140922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 640 | 11987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals, Inc.\* | 8070 | 19772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 69708 | 785609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc.\*(a) | 19750 | 53918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 4756 | 81328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savara, Inc.\* | 5450 | 12426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\*(a) | 40970 | 1451157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sera Prognostics, Inc. (Class A Stock)\* | 2450 | 6787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 78191 | 6550842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 2540 | 12370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc.\*(a) | 62059 | 929023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 7930 | 90005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sutro Biopharma, Inc.\* | 14430 | 10302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc.\* | 5300 | 49635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaya Therapeutics, Inc.\* | 4770 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\*(a) | 49593 | 1784852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 5348 | 196753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc.\* | 1770 | 16939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 37371 | 1358810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 8257 | 38973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 10696 | 289113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 168976 | 7189929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verve Therapeutics, Inc.\* | 5320 | 59744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 12130 | 61135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 6620 | 20588 |
| &nbsp;&nbsp;&nbsp;&nbsp; XBiotech, Inc.\* | 2660 | 7900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 10630 | 83552 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc. (Canada)\*(a) | 229112 | $7171206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y-mAbs Therapeutics, Inc.\* | 5180 | 23362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 8080 | 101404 |
|  |  | 97152499 |
|  **Broadline Retail — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1stdibs.com, Inc.\* | 3650 | 10037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Inc. (Class A<br>Stock)(a) | 1553 | 648890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 11273 | 565454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global-e Online Ltd. (Israel)\* | 122000 | 4091880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupon, Inc.\* | 2560 | 85632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp.(a) | 14285 | 121137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 35849 | 417999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 75632 | 9966785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savers Value Village, Inc.\* | 6850 | 69870 |
|  |  | 15977684 |
|  **Building Products — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 7914 | 518921 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc. | 8749 | 645239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 5369 | 616683 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 17264 | 921380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 24524 | 995674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 13038 | 2117893 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZEK Co., Inc. (The)\* | 180075 | 9787076 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc. | 25969 | 2453551 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 2406 | 690113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 9052 | 465997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 4402 | 259718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 52690 | 3813175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 23142 | 319360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 21569 | 802583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\*(a) | 468455 | 3813224 |
| &nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 174287 | 683205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 143851 | 1572291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 7370 | 139293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 92601 | 2042778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 6236 | 968513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 6070 | 469575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 11100 | 603618 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 9106 | 904772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 15695 | 573966 |
|  |  | 36178598 |
|  **Capital Markets — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 5735 | 202101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 4445 | 874643 |
| &nbsp;&nbsp;&nbsp;&nbsp; AlTi Global, Inc.\* | 3280 | 13612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc. (Class A Stock) | 10093 | 447423 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc. (Class A Stock) | 423093 | 4328241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp.(a) | 156214 | 2240109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridge Investment Group Holdings, Inc. (Class A Stock) | 5370 | 53754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 7304 | 550356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 4546 | 660579 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 20123 | 208273 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 4362 | $268917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 17345 | 4683497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federated Hermes, Inc. | 42999 | 1905716 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc. (Class A Stock) | 3500 | 40460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc. | 128503 | 1882569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. (Class A Stock)(a) | 67964 | 9659044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 1291 | 232315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd.(a) | 40542 | 639347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 20565 | 798745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 8180 | 447364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 11139 | 534449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC<br>(United Kingdom) | 46272 | 1826356 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 3512 | 784370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 6137 | 382458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Lending Corp.\* | 19630 | 38082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 2636 | 732650 |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc. (Class A<br>Stock)(a) | 34482 | 5689875 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 8525 | 766057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, Inc. (Class A Stock) | 1350 | 21411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 7054 | 732064 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 49515 | 4512797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. (Class A Stock) | 178022 | 11334661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 13120 | 587645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 8281 | 1502173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 1930 | 30108 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 21193 | 243931 |
|  |  | 59856152 |
|  **Chemicals — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 33935 | 805956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp.(a) | 8448 | 529436 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp. | 65185 | 255525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc.\* | 3590 | 19278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 6446 | 324105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 8917 | 52789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 13987 | 451920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 24258 | 720220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 4930 | 784856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioceres Crop Solutions Corp. (Argentina)\* | 4390 | 19623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 16734 | 1255050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 6252 | 345923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The) | 19468 | 222909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 9164 | 684184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 423809 | 3487948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 36660 | 830349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\*(a) | 1340 | 19778 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 12380 | 516865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings,<br>Inc.\*(a) | 1800 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 3155 | 448326 |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. | 7892 | 474704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 87675 | 913574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 21681 | 934234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 11311 | 951142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 2074 | 74104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 1937 | 62275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 10650 | 66030 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Chemicals (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 7175 | $| 48934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 4669 |  | 257122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 26483 |  | 966100 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 1145 |  | 791035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Technologies International Corp. | 1940 |  | 14375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 66958 |  | 1345186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion SA (Germany) | 7154 |  | 75046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 2733 |  | 38043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 2117 |  | 236977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 12124 |  | 46677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 3789 |  | 249923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp.(a) | 6541 |  | 644419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 3273 |  | 178640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinseo PLC | 2300 |  | 7176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC | 22615 |  | 114658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 355 |  | 26955 |
|  |  |  | 20312619 |
|  **Commercial Services & Supplies — 2.6%** | **Commercial Services & Supplies — 2.6%** | **Commercial Services & Supplies — 2.6%** | **Commercial Services & Supplies — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 79956 |  | 3774723 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 16093 |  | 57613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acme United Corp. | 640 |  | 26528 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc. (Class A Stock)\* | 638872 |  | 10362504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brady Corp. (Class A Stock) | 11434 |  | 777169 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.\* | 13630 |  | 226939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's Co. (The) | 56398 |  | 5035777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\* | 115099 |  | 13280123 |
| &nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp.\* | 5476 |  | 155026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC (Ireland)\* | 3033 |  | 142551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 2440 |  | 56340 |
| &nbsp;&nbsp;&nbsp;&nbsp; CompX International, Inc. | 700 |  | 18599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 6029 |  | 95921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 14217 |  | 249651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 21368 |  | 387616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp.\* | 11133 |  | 96634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 132810 |  | 1996134 |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 6991 |  | 343817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 24956 |  | 522329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 4650 |  | 109693 |
| &nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 82580 |  | 1603704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc.\* | 3700 |  | 80993 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.(a) | 5656 |  | 947550 |
| &nbsp;&nbsp;&nbsp;&nbsp; NL Industries, Inc. | 5070 |  | 32448 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 16071 |  | 392936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.\* | 1710 |  | 17989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 9888 |  | 107878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 8250 |  | 46612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Resource Holding Corp.\* | 1690 |  | 3414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steelcase, Inc. (Class A Stock) | 119256 |  | 1243840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc.(a) | 239575 |  | 8615117 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 5439 |  | 1023729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 14727 |  | 84386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virco Mfg. Corp.(a) | 2160 |  | 17237 |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp.(a) | 2889 |  | 378401 |
|  |  |  | 52311921 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 2291 | $20550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Optoelectronics,<br>Inc.\*(a) | 3650 | 93768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 18169 | 436964 |
| &nbsp;&nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 500 | 23565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 8927 | 474827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 9939 | 808339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 1460 | 63379 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 2226 | 18431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 5818 | 202815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 17814 | 168699 |
| &nbsp;&nbsp;&nbsp;&nbsp; KVH Industries, Inc.\* | 4460 | 23772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 40627 | 3862003 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 4531 | 131716 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 10492 | 260307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 25230 | 101172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 30169 | 303802 |
|  |  | 6994109 |
|  **Construction & Engineering — 3.0%** | **Construction & Engineering — 3.0%** | **Construction & Engineering — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Inc. (Class A Stock)\* | 3808 | 57844 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\* | 15430 | 787701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 6993 | 606363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 2463 | 543042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd.\* | 1320 | 37950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 13500 | 7238835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 6220 | 38253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. (Class A Stock)\*(a) | 89177 | 9477732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 8130 | 1986891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\* | 6640 | 421839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 56341 | 2888603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc.(a) | 51824 | 4846062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 10664 | 129994 |
| &nbsp;&nbsp;&nbsp;&nbsp; IES Holdings, Inc.\* | 3489 | 1033546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 1985 | 278099 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 4405 | 750744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 4116 | 55607 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 36176 | 6564135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Pipe Co.\* | 1615 | 66231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 5915 | 53649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 66002 | 5144196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 39216 | 9048308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp.\* | 42612 | 1993389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc.(a) | 2800 | 914396 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.(a) | 187314 | 5132404 |
|  |  | 60095813 |
|  **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 3309 | 668782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp.\* | 62459 | 5099153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith-Midland Corp.\* | 720 | 24163 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Lime & Minerals, Inc. | 4196 | 418761 |
|  |  | 6210859 |
|  **Consumer Finance — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 2707 | 148208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 34016 | 1942994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.\* | 3610 | 35486 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Finance (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\*(a) | 1338 | $| 681617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc.\* | 890 |  | 238885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 3289 |  | 127317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 3742 |  | 417308 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc. (Class A Stock)\* | 7674 |  | 106515 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 53287 |  | 7201205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp. (Class A Stock)\* | 8550 |  | 92169 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 158822 |  | 1910629 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 2029 |  | 75215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 126624 |  | 1785399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc. (Class A Stock) | 4293 |  | 519968 |
| &nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc. (Class A Stock)\* | 6392 |  | 70120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Market Capital Corp.\* | 1790 |  | 9809 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc.(a) | 15679 |  | 893703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp.\* | 4870 |  | 34869 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 6457 |  | 95241 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 6308 |  | 185140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 1462 |  | 42705 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp.(a) | 303491 |  | 9951470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.\*(a) | 63370 |  | 4098772 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 857 |  | 141508 |
|  |  |  | 30806252 |
|  **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 27074 |  | 994969 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 130000 |  | 14017900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\* | 126279 |  | 8057863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\*(a) | 10985 |  | 136434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc. (Class A Stock)\* | 186969 |  | 3984309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc. (Class A Stock) | 2311 |  | 146471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc. | 4810 |  | 188793 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 34432 |  | 3616737 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpartanNash Co. | 5341 |  | 141483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 12884 |  | 2121222 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 9994 |  | 232960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc. (Class A Stock) | 1362 |  | 52437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 3861 |  | 279884 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33971462 |
|  **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 2957 |  | 462564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging SA | 30320 |  | 129770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1900 |  | 195662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co.(a) | 28433 |  | 599083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc. (Class A Stock) | 3674 |  | 238773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc. (Class B Stock) | 1830 |  | 126288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 93407 |  | 1353468 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 22431 |  | 330633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\* | 8940 |  | 31916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 17478 |  | 542342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 35396 |  | 1917755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 36955 |  | 1609760 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 50840 |  | 1454532 |
|  |  |  | 8992546 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Distributors — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A-Mark Precious Metals, Inc. | 3850 | $| 85393 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp.(a) | 13968 |  | 516956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 2090 |  | 69304 |
|  |  |  | 671653 |
|  **Diversified Consumer Services — 2.1%** | **Diversified Consumer Services — 2.1%** | **Diversified Consumer Services — 2.1%** | **Diversified Consumer Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 90125 |  | 763359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 49957 |  | 6356029 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 3297 |  | 100427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* . | 44965 |  | 5557224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc | 2679 |  | 122537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 2752 |  | 24108 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Wax Center, Inc. (Class A Stock)\* | 6870 |  | 38678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 81435 |  | 4799779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 574 |  | 543102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 35246 |  | 6661494 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 18997 |  | 1042745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc. (Class A Stock)\* | 258647 |  | 6047167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp.\* | 5650 |  | 130232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp. (Class A Stock) | 4990 |  | 119311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 31174 |  | 187356 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. (Bahamas) | 15467 |  | 315372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 104351 |  | 3411234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 3579 |  | 304680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\* | 32205 |  | 4675844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc.\* | 3800 |  | 26714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 8138 |  | 275797 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41503189 |
|  **Diversified REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 31600 |  | 624100 |
|  **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anterix, Inc.\* | 3430 |  | 87980 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc.\*(a) | 21279 |  | 994368 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc. | 1716 |  | 27885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc. (Class A Stock)\* | 4570 |  | 72663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 1975 |  | 46511 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDT Corp. (Class B Stock) | 3534 |  | 241443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 14755 |  | 445158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd. (Belgium) (Class A Stock)\* | 19440 |  | 194594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd. (Belgium) (Class C Stock)\* | 19113 |  | 197055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)\* | 5367 |  | 32739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)\* | 21566 |  | 134141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 110651 |  | 484651 |
|  |  |  | 2959188 |
|  **Electric Utilities — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd. (Class B Stock) | 4329 |  | 116364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 18570 |  | 197399 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc.(a) | 6705 |  | 774092 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 5510 | $| 487304 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 58493 |  | 2595919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp.(a) | 17599 |  | 1356707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 8420 |  | 753337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 41196 |  | 1673794 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 35565 |  | 2003021 |
|  |  |  | 9957937 |
|  **Electrical Equipment — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 3702 |  | 1104455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 2306 |  | 83731 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 4289 |  | 157363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 19372 |  | 1366695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp. (Class A Stock)\*(a) | 15783 |  | 377529 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 35332 |  | 3030426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Espey Mfg. & Electronics Corp. | 510 |  | 23312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluence Energy, Inc.\*(a) | 14150 |  | 94946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 4753 |  | 680677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyliion Holdings Corp.\* | 8830 |  | 11656 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 5140 |  | 87431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Power, Inc.\* | 4530 |  | 11189 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc. (Class A Stock)\* | 74875 |  | 4070954 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 7138 |  | 522858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc.\*(a) | 8075 |  | 12032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc.(a) | 1753 |  | 368919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 759 |  | 121296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 83920 |  | 12165043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 143288 |  | 4314402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 28173 |  | 230455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 51717 |  | 1452213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp.\* | 4900 |  | 44002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 4386 |  | 198949 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30530533 |
|  **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 5792 |  | 767440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airgain, Inc.\* | 2760 |  | 11454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 35271 |  | 4494584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 88847 |  | 4715999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 4385 |  | 1074106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc. (Class A Stock) | 190 |  | 17072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc. (Class B Stock) | 1667 |  | 162849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 34047 |  | 3942643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 43580 |  | 1692211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (Canada)\*(a) | 19299 |  | 3012767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc. | 880 |  | 94081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coda Octopus Group, Inc.\* | 2180 |  | 17832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 16525 |  | 524173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 38736 |  | 3455639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co.(a) | 32857 |  | 1770992 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 4777 |  | 203548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 8178 |  | 123651 |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc.\* | 19128 |  | 1379129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc.\* | 6490 |  | 40498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 17952 |  | 5290095 |
| &nbsp;&nbsp;&nbsp;&nbsp; FARO Technologies, Inc.\* | 2695 |  | 118364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc. | 1778 |  | 40378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Identiv, Inc.\* | 3640 |  | 11866 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 4829 | $| 666813 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\*(a) | 22432 |  | 1539957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 13670 |  | 1799382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 51140 |  | 983422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp.\* | 13657 |  | 240636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 2838 |  | 643460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 147520 |  | 1402915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\* | 146110 |  | 3145748 |
| &nbsp;&nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 200 |  | 8400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Napco Security Technologies, Inc. | 5282 |  | 156823 |
| &nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 8320 |  | 163738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 5397 |  | 695835 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc.\* | 22611 |  | 5084309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc.\* | 4000 |  | 97000 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp.\*(a) | 107252 |  | 7440071 |
| &nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 7443 |  | 489601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 11174 |  | 1511954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc.\* | 14180 |  | 61116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richardson Electronics Ltd. | 1900 |  | 18335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 2489 |  | 170447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 16374 |  | 1601868 |
| &nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 40852 |  | 1708022 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 2625 |  | 356213 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 15522 |  | 633608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 95814 |  | 1521526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 2061 |  | 57914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 37891 |  | 1398178 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66558662 |
|  **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 167300 |  | 4154059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Water Solutions, Inc. (Class A Stock) | 41301 |  | 976769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.(a) | 5560 |  | 74337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 4605 |  | 151827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 82106 |  | 3589674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories, Inc.(a) | 50480 |  | 581530 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 3810 |  | 30709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Services of America Corp. | 1160 |  | 11530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings NV\* | 152900 |  | 1313411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 1680 |  | 32710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geospace Technologies Corp.\* | 3390 |  | 48341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Island Fabrication, Inc.\* | 4650 |  | 30922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 23734 |  | 148100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 13649 |  | 206919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\*(a) | 76490 |  | 1194774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 5743 |  | 196813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 90741 |  | 1041707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 5570 |  | 15596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 1710 |  | 47914 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Energy Services Reunited Corp.\*(a) | 74100 |  | 446082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc.\* | 2477 |  | 63931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 18285 |  | 485467 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 135048 |  | 1678647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 14245 |  | 295156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 173865 |  | 931916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 23610 |  | 140007 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp. (Class A Stock)\*(a) | 115460 | $895970 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 190160 | 1135255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc. (Class A Stock) | 2720 | 32477 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc.(a) | 205394 | 971514 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.\* | 4611 | 23516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd. (Norway)\* | 7794 | 204592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. (Class A Stock) | 118536 | 1024151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc.<br>(Class A Stock)(a) | 94685 | 2678639 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC<br>(United Kingdom) | 57949 | 1995764 |
| &nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 22252 | 74767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 33769 | 1557764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd.\*(a) | 107544 | 278539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\*(a) | 8465 | 356461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 28892 | 1453556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30571813 |
|  **Entertainment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. (Class A Stock)\* | 1747 | 85970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. (Class C Stock)\* | 6252 | 292406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc.(a) | 17141 | 517315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Inc. (Class A Stock)\* | 12310 | 32375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaia, Inc.\* | 2680 | 11765 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp.\* | 7906 | 221052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment Corp.\* | 5983 | 239141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp.\* . | 2338 | 488525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus Corp. (The) | 4292 | 72363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 6110 | 8004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reservoir Media, Inc.\* | 3490 | 26768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co.\* | 3955 | 165319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats, Inc. (Class A Stock)\*(a) | 17660 | 29846 |
|  |  | 2190849 |
|  **Financial Services — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 10610 | 37984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 3800 | 82232 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc.\* | 27635 | 270547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 12143 | 133452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 16694 | 725354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 39149 | 1454385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 115368 | 7006299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 18055 | 1830416 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 45111 | 1626251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp. (Class C Stock) | 36518 | 7094717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.\* | 13501 | 157962 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Money Express, Inc.\* | 73576 | 742382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc. (Class A Stock) | 9407 | 835247 |
| &nbsp;&nbsp;&nbsp;&nbsp; loanDepot, Inc. (Class A Stock)\* | 6480 | 8230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc. (Class A Stock)\* | 58392 | 340425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 42560 | 1407459 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 78143 | 2175501 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 5506 | 157086 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.\* | 45303 | $1911334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 1388 | 52980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. (Class A Stock)\* | 276446 | 9053606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 48314 | 330951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysafe Ltd.\* | 6830 | 86195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysign, Inc.\* | 6810 | 49032 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 39176 | 3903497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc.\* | 1760 | 13693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 36600 | 1318332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 68691 | 1289330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp.\* | 14190 | 68396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp. (Class A Stock)\* | 2220 | 21867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\*(a) | 29482 | 2921961 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFS Financial Corp. | 19160 | 248122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Velocity Financial, Inc.\* | 1290 | 23917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 61270 | 4350170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 5049 | 355853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 4632 | 63968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 157595 | 1326950 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\*(a) | 25515 | 3747898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57223981 |
|  **Food Products — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alico, Inc. | 1412 | 46144 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc.(a) | 11090 | 46911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 3892 | 312450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 2537 | 67459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 6599 | 657458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 15146 | 310039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 17324 | 657273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 7170 | 100308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 26557 | 424381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 7111 | 230539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\*(a) | 46893 | 3186848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 200050 | 304076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc | 30817 | 4179402 |
| &nbsp;&nbsp;&nbsp;&nbsp; J&JSnackFoodsCorp. | 2882 | 326848 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 701 | 68838 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B. Sanfilippo & Son, Inc. | 15311 | 968268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.(a) | 11204 | 580927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Colony Corp. | 3954 | 683133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.\* | 545 | 13434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 3208 | 50205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc.\* | 5420 | 44986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 7520 | 88134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd.<br>(United Kingdom) | 135671 | 2305050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 4641 | 208752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\*(a) | 8234 | 897753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaboard Corp. | 126 | 360511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp. (Class A Stock)\* | 249 | 25256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Co. (The)\* | 81873 | 2586368 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Co.(a) | 22186 | 680001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc.(a) | 6233 | 208494 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 7355 | 142834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 10700 | 134285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 6824 | 262860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Food Products (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WK Kellogg Co.(a) | 66627 | $| 1062034 |
|  |  |  | 22222259 |
|  **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 3415 |  | 410551 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 97774 |  | 1629893 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 10523 |  | 891403 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 15140 |  | 678575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 31841 |  | 1264724 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc | 7705 |  | 553681 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc | 1820 |  | 40732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 25117 |  | 1868454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 23511 |  | 1716068 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 21623 |  | 787510 |
|  |  |  | 9841591 |
|  **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 2591 |  | 199533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 726 |  | 122730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 3352 |  | 80817 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 12950 |  | 79902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 75010 |  | 648086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 15736 |  | 696003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 3829 |  | 532308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc. (Class A Stock)\* | 39021 |  | 614971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 35946 |  | 466939 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAMT Corp.\* | 4660 |  | 59974 |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc.\* | 12706 |  | 199738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 4156 |  | 660804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 1688 |  | 462495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc. (Class B Stock)(a) | 37256 |  | 899732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 3910 |  | 99236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 9176 |  | 251055 |
|  |  |  | 6074323 |
|  **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 15880 |  | 21756 |
| &nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 6895 |  | 68398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 5818 |  | 180940 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\*(a) | 7272 |  | 238303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 6842 |  | 83746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 7689 |  | 83426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc. (Class A Stock)\* | 7360 |  | 48723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceribell, Inc.\* | 175000 |  | 3277750 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 4447 |  | 231600 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc.\* | 1050 |  | 6174 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 23614 |  | 374990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 1330 |  | 29247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 7140 |  | 69187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 7440 |  | 233318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 58472 |  | 1142543 |
| &nbsp;&nbsp;&nbsp;&nbsp; FONAR Corp.\* | 1660 |  | 24834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp.\* | 27632 |  | 2854109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc.<br>(Class A Stock)\* | 4449 |  | 262580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\*(a) | 47925 |  | 3575684 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 2473 |  | 326807 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmode Ltd.\* | 78800 | $| 1137872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 4940 |  | 34728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 56767 |  | 7366654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 5127 |  | 630467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 9365 |  | 114909 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 1850 |  | 110611 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 25929 |  | 3992029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kewaunee Scientific Corp.\* | 340 |  | 19958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\*(a) | 48688 |  | 3985600 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 3210 |  | 266590 |
| &nbsp;&nbsp;&nbsp;&nbsp; LENSAR, Inc.\* | 1409 |  | 18557 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 40487 |  | 1822725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp.\* | 3244 |  | 545706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 8866 |  | 828794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 19160 |  | 91585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 6786 |  | 199508 |
| &nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 6831 |  | 20493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 5030 |  | 56084 |
| &nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 3459 |  | 74299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 1614 |  | 414201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro-Dex, Inc.\* | 550 |  | 24002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 5610 |  | 14530 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 5762 |  | 166061 |
| &nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc.\* | 4820 |  | 62660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc.\* | 580 |  | 16466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific, Inc.\*(a) | 1220 |  | 47263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensus Healthcare, Inc.\* | 1770 |  | 8390 |
| &nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc.\* | 4970 |  | 93535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc.\* | 4080 |  | 16850 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 5913 |  | 99220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surmodics, Inc.\* | 338 |  | 10042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 2723 |  | 27611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 3436 |  | 406685 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 26745 |  | 3584097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc.\* | 3630 |  | 21344 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 1111 |  | 271262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 12497 |  | 711329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 7040 |  | 61037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimvie, Inc.\* | 4450 |  | 41608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zynex, Inc.\*(a) | 1660 |  | 4283 |
|  |  |  | 40553760 |
|  **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 64152 |  | 1455609 |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 15040 |  | 141827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 107490 |  | 12381773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc.\*(a) | 36399 |  | 905607 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 625 |  | 14744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc.\* | 28841 |  | 200733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 4740 |  | 96791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 1366 |  | 665146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 17950 |  | 61030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 42885 |  | 882145 |
| &nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp.\* | 8331 |  | 856260 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 5018 |  | 714814 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 3530 |  | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 5935 |  | 727809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 7300 |  | 70372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ensign Group, Inc. (The) | 8700 |  | 1342062 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 5110 | $101587 |
| &nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 10498 | 969070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 103526 | 5387493 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 11466 | 1201178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\*(a) | 14796 | 1080848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\*(a) | 18901 | 942215 |
| &nbsp;&nbsp;&nbsp;&nbsp; InfuSystem Holdings, Inc.\* | 4840 | 30202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Corp. (The)\* | 1234 | 14240 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 33203 | 171660 |
| &nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 2342 | 250617 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 30260 | 508368 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 19006 | 138934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 86942 | 2823876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 8688 | 79061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 152672 | 2190843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennant Group, Inc. (The)\* | 4697 | 140206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performant Healthcare, Inc.\* | 8490 | 33960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc. (Class A Stock) | 13493 | 295902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 14774 | 339802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 10061 | 221342 |
| &nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 11418 | 649798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp | 68121 | 1034077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonida Senior Living, Inc.\* | 680 | 16966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 17833 | 396428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talkspace, Inc.\* | 22130 | 61521 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc. | 2282 | 178452 |
|  |  | 39780910 |
|  **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 20876 | 244249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp.\* | 12020 | 46878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. (Class A Stock)\* | 9765 | 598985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc. (Class A Stock)\* | 13488 | 151875 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoodRx Holdings, Inc. (Class A Stock)\*. | 12470 | 62101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Catalyst, Inc.\* | 9980 | 37625 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc | 4474 | 123795 |
| &nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 3400 | 45900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 1120 | 31875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc.\* | 5180 | 104221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc. | 2748 | 47953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 21402 | 186411 |
| &nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 2330 | 54569 |
|  |  | 1736437 |
|  **Hotel & Resort REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 122900 | 941414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts,<br>Inc.(a) | 123800 | 1266474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 130600 | 1304694 |
|  |  | 3512582 |
|  **Hotels, Restaurants & Leisure — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accel Entertainment, Inc.\* | 88210 | 1038232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 22091 | 924950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc. (Class A Stock)\* | 20 | 28007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc. (Class B Stock)\* | 359 | 104903 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 3419 | 152487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 145575 | 1253401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 42479 | 3323132 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 7051 | $1271507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 17882 | 507670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.\*(a) | 23580 | 1986143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The)(a) | 39191 | 2455708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.(a) | 5521 | 700504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 3907 | 394607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 2711 | 165588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\*(a) | 17401 | 523422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denny's Corp.\* | 235650 | 966165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 2320 | 56446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc. (Class A Stock)\* | 69110 | 4725051 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 77136 | 849267 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.\* | 8040 | 128962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc.\* | 4770 | 17458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Business Travel Group, Inc.\*(a) | 11300 | 71190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 2450 | 72104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations,<br>Inc.\*(a) | 45735 | 1899375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspired Entertainment, Inc.\* | 4080 | 33334 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Game Technology PLC | 76700 | 1212627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme, Inc. | 22200 | 64602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc. (Class A Stock)\*(a) | 1820 | 156666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 133389 | 4045688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder, Inc.\*(a) | 7907 | 761128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc.\* | 7400 | 86358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucky Strike Entertainment Corp. (Class A Stock)(a) | 4210 | 38437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp.(a) | 26331 | 1903995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 11500 | 994060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nathan's Famous, Inc. | 683 | 75526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 31766 | 644214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 13389 | 655258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 12812 | 228950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 28830 | 3143911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portillo's, Inc. (Class A<br>Stock)\*(a) | 8870 | 103513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potbelly Corp.\* | 5150 | 63088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions & Hospitality, Inc.\* | 106070 | 3057998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. (Class A Stock) | 5531 | 287778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.\* | 5001 | 74515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp.\* | 54060 | 170830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 5784 | 813230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Soho House & Co., Inc.<br>(United Kingdom)\* | 2670 | 19625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sportradar Group AG (Switzerland)<br>(Class A Stock)\* | 137730 | 3867458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweetgreen, Inc. (Class A Stock)\* | 15063 | 224137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Hospitality Corp.\* | 3640 | 25917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 37469 | 1933775 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts,<br>Inc.\*(a) | 34089 | 1607296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 3809 | 598508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 26854 | 306673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 1395 | 469752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc.(a) | 104929 | 8521284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd.(a) | 7698 | 721072 |
|  |  | 60527482 |
|  **Household Durables — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 2380 | 36176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.\* | 110890 | 2480609 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Household Durables (cont'd.)** | **Household Durables (cont'd.)** | **Household Durables (cont'd.)** | **Household Durables (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 5040 | $| 2189527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 14933 |  | 841027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 8309 |  | 520227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc. (Class A Stock) | 2990 |  | 20242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. (Class A Stock)\* | 4400 |  | 110572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 3854 |  | 107334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 1010 |  | 36390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 12914 |  | 812032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co. (Class A Stock) | 2460 |  | 44009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 27410 |  | 777896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hooker Furnishings Corp. | 2690 |  | 28460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc.(a) | 14368 |  | 2590838 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 11096 |  | 587755 |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 6385 |  | 237330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp.\* | 30170 |  | 683652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 99734 |  | 889627 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 12063 |  | 621486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifetime Brands, Inc. | 4000 |  | 20400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lovesac Co. (The)\* | 2906 |  | 52889 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 6000 |  | 672720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 7090 |  | 743316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 48911 |  | 264119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc.(a) | 11534 |  | 784889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 17775 |  | 192148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 57605 |  | 3538099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 3600 |  | 410868 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 2075 |  | 671761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc.\* | 5360 |  | 9166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 43754 |  | 1397940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc.\* | 2730 |  | 18073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp.(a) | 5935 |  | 601928 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22993505 |
|  **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\*(a) | 18116 |  | 637321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co. (Class A Stock)\* | 7479 |  | 234018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 34211 |  | 689694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil-Dri Corp. of America | 1592 |  | 93912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 19747 |  | 422981 |
| &nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 1951 |  | 445003 |
|  |  |  | 2522929 |
|  **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 56759 |  | 597104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class A Stock) | 4330 |  | 131026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 11091 |  | 354912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc.\* | 17490 |  | 38828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 9246 |  | 774445 |
|  |  |  | 1896315 |
|  **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc.(a) | 28384 |  | 1366122 |
|  **Insurance — 3.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambac Financial Group, Inc.\* | 83740 |  | 594554 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 3610 |  | 40143 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 2841 | $124237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 1830 | 361407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 78136 | 6805646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 51570 | 5353997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (The) (Class A Stock)\*(a) | 9753 | 417526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 8902 | 478661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens, Inc.\*(a) | 2590 | 9039 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 38532 | 1486565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crawford & Co. (Class A Stock) | 5840 | 61787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donegal Group, Inc. (Class A Stock) | 5030 | 100726 |
| &nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc.\* | 5050 | 21967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 61032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879490 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 37520 | 1199890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. (United Kingdom) | 5450 | 90361 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 63432 | 3894090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc. (Class A Stock)\* | 60437 | 470200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 5715 | 710317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. (Class A Stock) | 3011 | 317691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd. (Class A Stock)\* | 5895 | 84711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hagerty, Inc. (Class A Stock)\* | 3950 | 39934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 12279 | 2085834 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 21735 | 3308067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 5170 | 128940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc.\* | 1480 | 41336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 35019 | 1504766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investors Title Co. | 286 | 60432 |
| &nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings Ltd. | 7070 | 41430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 81477 | 5258526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingstone Cos., Inc.\* | 2670 | 41145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.(a) | 1028 | 497449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lemonade, Inc.\* | 244 | 10690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 37097 | 1283556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 15320 | 1031649 |
| &nbsp;&nbsp;&nbsp;&nbsp; NI Holdings, Inc.\* | 1170 | 14906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 23537 | 904762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc. (Class A Stock)\*(a) | 24441 | 524015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 26276 | 4053073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 3386 | 926647 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 8765 | 200105 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 13466 | 972515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Root, Inc. (Class A Stock)\* | 731 | 93546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 122257 | 9705983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 18666 | 1617409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc.\* | 10340 | 24609 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint Ltd. (Sweden)\* | 16503 | 336496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 64757 | 3742307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slide Insurance Holdings, Inc.\* | 68829 | 1490836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 17211 | 1120436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiptree, Inc. | 5878 | 138603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 5166 | 285938 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 15240 | 437388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 3902 | 108202 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd. | 3290 | $| 5907919 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;73442454 |
|  **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc. (Class A Stock)\* | 13600 |  | 89624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 79517 |  | 2661434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 9667 |  | 114554 |
| &nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc. (Class A Stock)\* | 4093 |  | 98969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Images Holdings, Inc.\*(a) | 12550 |  | 20833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 26971 |  | 833134 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaAlpha, Inc. (Class A Stock)\* | 1121 |  | 12275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc.\* | 25550 |  | 42413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outbrain, Inc.\* | 2710 |  | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 8382 |  | 134950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 75710 |  | 1435462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelzoo\* | 1790 |  | 22787 |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 15843 |  | 206751 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc.\* | 21390 |  | 40641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vimeo, Inc.\* | 26250 |  | 106050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.\* | 9142 |  | 313296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 6067 |  | 183648 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 123513 |  | 1249951 |
|  |  |  | 7573493 |
|  **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 8061 |  | 735486 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 71064 |  | 3548225 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSP, Inc. | 1550 |  | 20057 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 10965 |  | 313160 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 25846 |  | 395185 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 3428 |  | 606139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA\*(a) | 4233 |  | 384526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 12245 |  | 141430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hackett Group, Inc. (The) | 51264 |  | 1303131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 8140 |  | 39072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 30991 |  | 1300382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp.\* | 12490 |  | 56580 |
|  |  |  | 8843373 |
|  **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp.(a) | 9140 |  | 665575 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 2348 |  | 24537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 34460 |  | 1903571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarus Corp. | 4520 |  | 15684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escalade, Inc. | 3210 |  | 44876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funko, Inc. (Class A Stock)\* | 8620 |  | 41031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 15131 |  | 1116971 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 1780 |  | 36988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc. (Class A Stock) | 25790 |  | 780663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latham Group, Inc.\* | 11430 |  | 72923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Inc. (Class A Stock)\* | 3242 |  | 101604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Products Corp. | 5730 |  | 48762 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\*(a) | 2550 |  | 47379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 37599 |  | 741452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc.(a) | 40874 |  | 1661528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 6428 |  | 55795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 1260 |  | 45234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 23513 |  | 189280 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Leisure Products (cont'd.)** | **Leisure Products (cont'd.)** | **Leisure Products (cont'd.)** | **Leisure Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 11495 | $| 362323 |
|  |  |  | 7956176 |
|  **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 16430 |  | 191410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 33808 |  | 455056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 6840 |  | 210535 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 7580 |  | 163273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. (Class A Stock)\* | 1777 |  | 428826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 12313 |  | 633504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 10129 |  | 417315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 4529 |  | 687185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 8880 |  | 21667 |
| &nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 7750 |  | 57815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc.\* | 17830 |  | 60622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc. (Class A Stock)\* | 12390 |  | 29860 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxCyte, Inc.\* | 12450 |  | 27141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\*(a) | 1905 |  | 597903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 701 |  | 66048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 1790 |  | 25794 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 13228 |  | 23017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personalis, Inc.\* | 5380 |  | 35293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 3992 |  | 26547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 4493 |  | 558839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seer, Inc.\* | 5000 |  | 10700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 32395 |  | 360232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group SpA (Italy)(a) | 290000 |  | 7084700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12173282 |
|  **Machinery — 5.0%** | **Machinery — 5.0%** | **Machinery — 5.0%** | **Machinery — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp.\*(a) | 12210 |  | 18803 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 7176 |  | 740276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 1813 |  | 395923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp. (Class A Stock) | 22981 |  | 1611658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 10465 |  | 994070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 3376 |  | 140745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 85614 |  | 3118062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Bird Corp.\* | 23730 |  | 1024187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 33881 |  | 5578507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 44457 |  | 678858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 28137 |  | 5342935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 9417 |  | 653069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 41784 |  | 1231374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Co. (The) | 1520 |  | 34686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc.\* | 8645 |  | 110483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 8191 |  | 332227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 3242 |  | 621005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 103923 |  | 12527918 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 21469 |  | 4119257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 31086 |  | 3308172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 64231 |  | 3362493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 6963 |  | 624860 |
| &nbsp;&nbsp;&nbsp;&nbsp; FreightCar America, Inc.\* | 1140 |  | 9827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 178094 |  | 4101505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 3440 |  | 48160 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp Co. (The) | 3789 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Corp.\* | 1830 |  | 90603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) | 30394 |  | 1399644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 5056 |  | 168719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 64992 |  | 1304389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 21729 |  | 155145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hurco Cos., Inc.\* | 1450 |  | 27405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 2380 |  | 94676 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 48570 |  | 7617233 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 93218 |  | 11210397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc.(a) | 1655 |  | 525380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 44866 |  | 1030123 |
| &nbsp;&nbsp;&nbsp;&nbsp; L.B. Foster Co. (Class A Stock)\* | 14021 |  | 306639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 723 |  | 149892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 8639 |  | 1246176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxfer Holdings PLC (United Kingdom) | 3660 |  | 44579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The)\* | 3307 |  | 39750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mayville Engineering Co., Inc.\* | 2270 |  | 36229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\*(a) | 5647 |  | 813168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc.(a) | 14478 |  | 643692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 15400 |  | 1223838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. (Class A Stock) | 23829 |  | 572849 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN, Inc.\* | 8590 |  | 18039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Flex, Inc. | 1850 |  | 59903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 8186 |  | 929438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Holdings Corp. | 2910 |  | 51973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perma-Pipe International Holdings, Inc.\* | 2080 |  | 47570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 19745 |  | 790590 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\*(a) | 17126 |  | 6590085 |
| &nbsp;&nbsp;&nbsp;&nbsp; REV Group, Inc. | 17857 |  | 849815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shyft Group, Inc. (The) | 5311 |  | 66600 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 15890 |  | 2664435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 1760 |  | 275405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 1517 |  | 102777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 15527 |  | 1203032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 9055 |  | 422778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. (The) | 27989 |  | 2030602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 7535 |  | 77384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 7744 |  | 547346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 11892 |  | 321203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twin Disc, Inc. | 2870 |  | 25342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 122094 |  | 1297859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. (Class A Stock) | 3922 |  | 964381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 25919 |  | 1649485 |
|  |  |  | 100554760 |
|  **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Costamare Bulkers Holdings Ltd. (Monaco)\* | 3460 |  | 29998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. (Monaco) | 17300 |  | 157603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 5724 |  | 74813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 7571 |  | 858627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 28127 |  | 3131941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 6150 |  | 28905 |
|  |  |  | 4281887 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.\* | 24590 | $32459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice USA, Inc. (Class A Stock)\* | 34460 | 73744 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc. (Class A Stock)\* | 4850 | 30410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Omaha Corp. (Class A Stock)\* | 5310 | 74552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 560 | 76054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardlytics, Inc.\* | 7160 | 11778 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 18930 | 283382 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp. (Class A Stock)\* | 674 | 18670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerald Holding, Inc.(a) | 80978 | 392743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp. (Class A Stock) | 15860 | 36795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gambling.com Group Ltd. (Malta)\* | 4420 | 52554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gannett Co., Inc.\* | 20063 | 71826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 13058 | 59153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp.\* | 19280 | 160217 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. (Class A Stock) | 6589 | 294067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (Class A Stock)\* | 910 | 89016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (Class C Stock)\* | 2330 | 229225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc.\*(a) | 536045 | 12929406 |
| &nbsp;&nbsp;&nbsp;&nbsp; National CineMedia, Inc. | 44140 | 213858 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co. (The) (Class A Stock) | 18959 | 1061325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 3973 | 687130 |
| &nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Inc. (Class A Stock)\* | 4448 | 55333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saga Communications, Inc. (Class A Stock) | 970 | 12610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 3590 | 75318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 6580 | 90936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 472118 | 2124531 |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 267736 | 4487255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 5250 | 63840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23788187 |
|  **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 22849 | 674274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 1566 | 176144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 2140 | 26985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caledonia Mining Corp. PLC (South Africa) | 1900 | 36708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp.(a) | 24396 | 6742567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 14225 | 256335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 58461 | 444304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 59407 | 526346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 17180 | 840274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc.\* | 4616 | 92735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE\* | 36600 | 486780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dakota Gold Corp.\* | 8380 | 30922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Friedman Industries, Inc.(a) | 1970 | 32623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 97820 | 585942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Strategic Resources, Inc.\* | 930 | 12164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Electric, Inc.\* | 4218 | 38257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 2470 | 197353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 3087 | 245015 |
| &nbsp;&nbsp;&nbsp;&nbsp; McEwen Mining, Inc. (Canada)\* | 5250 | 50453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 4961 | 76449 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.\*(a) | 16442 | 547025 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexa Resources SA (Brazil) | 7220 | $| 35811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 1298 |  | 42302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. (Canada) | 104005 |  | 2953742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radius Recycling, Inc. | 2923 |  | 86784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc. (Class A Stock) | 6170 |  | 81074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc. (Class B Stock) | 151 |  | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 4352 |  | 773960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | 5206 |  | 112293 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 12854 |  | 110416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 7040 |  | 61952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 3305 |  | 151468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 1874 |  | 55901 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16586593 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance, Inc. | 65100 |  | 630168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp.(a) | 125600 |  | 599112 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc.(a) | 142100 |  | 717605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. | 107000 |  | 304950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Point Mortgage Trust, Inc. | 105579 |  | 260780 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust(a) | 125322 |  | 1611641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc.(a) | 272576 |  | 1610924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.(a) | 73898 |  | 1483133 |
|  |  |  | 7218313 |
|  **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 40395 |  | 1532990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 29534 |  | 1656858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 28494 |  | 1461742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 12698 |  | 662201 |
|  |  |  | 5313791 |
|  **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 81261 |  | 2440268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc. (Class A Stock) | 153400 |  | 1241006 |
|  |  |  | 3681274 |
|  **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp.\* | 8000 |  | 25600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 65627 |  | 1243632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 17329 |  | 698012 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 31655 |  | 578970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. (Ireland) | 6450 |  | 61920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada)(a) | 663089 |  | 1186929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Corp. | 13920 |  | 38558 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 23484 |  | 1072514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. (Canada)(a) | 48239 |  | 3580781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp. (Class A Stock)\* | 2399 |  | 439449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 735 |  | 71185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 8225 |  | 226352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 32133 |  | 62659 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 21963 |  | 739714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\*(a) | 37445 |  | 1036103 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 3978 | $| 277426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co. (Class A Stock) | 157998 |  | 1358783 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc. | 76754 |  | 2060845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 101111 |  | 2141531 |
| &nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 24651 |  | 266477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 6349 |  | 154789 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 8905 |  | 978749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Energy Corp. (Canada)\* | 6920 |  | 19791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epsilon Energy Ltd. | 3100 |  | 22878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 7920 |  | 37224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy, Inc. (Class A Stock) . | 188590 |  | 5529459 |
| &nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 8200 |  | 31816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 10500 |  | 66885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 7680 |  | 46310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 21843 |  | 4394156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 5750 |  | 91022 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 18074 |  | 742480 |
| &nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc.(a) | 2890 |  | 28322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc. (Class A Stock)\*(a) | 209560 |  | 3837044 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc.(a) | 25222 |  | 920099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 6695 |  | 294915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd. (Ghana)\*(a) | 721982 |  | 1241809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. (Class A Stock)(a) | 180792 |  | 4064204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 95486 |  | 4556592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.(a) | 72737 |  | 1636582 |
| &nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc. (Class A Stock). | 1370 |  | 60705 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextDecade Corp.\*(a) | 155200 |  | 1382832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 35530 |  | 93444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc.(a) | 58135 |  | 1648127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 18843 |  | 716976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 89510 |  | 2374700 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 85451 |  | 1851723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 15134 |  | 203098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 32282 |  | 439681 |
| &nbsp;&nbsp;&nbsp;&nbsp; PrimeEnergy Resources Corp.\* | 170 |  | 24885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 74091 |  | 3013281 |
| &nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 33186 |  | 1616490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 1210 |  | 31738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. (Monaco) | 6737 |  | 263619 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. (Norway) | 22729 |  | 189333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sitio Royalties Corp. (Class A Stock) | 8370 |  | 153841 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 14519 |  | 358764 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Bow Corp. (Canada)(a) | 95673 |  | 2478887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 193566 |  | 1641440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teekay Corp. Ltd. (Bermuda) | 12438 |  | 102613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. (Canada) (Class A Stock) | 4151 |  | 173180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp.\*(a) | 460938 |  | 3134378 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 333590 |  | 1204260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc.(a) | 133383 |  | 5085894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc.\*(a) | 81700 |  | 1314553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vitesse Energy, Inc.(a) | 3530 |  | 77978 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp.(a) | 178162 |  | 5050893 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;80549879 |
|  **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 3230 |  | 87985 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Paper & Forest Products (cont'd.)** | **Paper & Forest Products (cont'd.)** | **Paper & Forest Products (cont'd.)** | **Paper & Forest Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 10593 | $| 910892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp.\* | 1193 |  | 14411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc. (Germany) | 10501 |  | 36754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 15845 |  | 793835 |
|  |  |  | 1843877 |
|  **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 17074 |  | 844821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.\* | 2867 |  | 157542 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 50077 |  | 561864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blade Air Mobility, Inc.\* | 8840 |  | 35625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA (Panama) (Class A Stock) | 4146 |  | 455936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc.\* | 15420 |  | 55975 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 53492 |  | 226271 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 6181 |  | 636457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 41980 |  | 493265 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467756 |
|  **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 71291 |  | 4129888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc. (Class A Stock)\* | 83383 |  | 387731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 28496 |  | 667091 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\*(a) | 8675 |  | 1079517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd.\* | 12140 |  | 104647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honest Co., Inc. (The)\* | 14860 |  | 75637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interparfums, Inc. | 7680 |  | 1008461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifevantage Corp.(a) | 3800 |  | 49704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 3830 |  | 56646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oddity Tech Ltd. (Israel) (Class A Stock)\*(a) | 29209 |  | 2204403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.\* | 18070 |  | 25298 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 3081 |  | 94063 |
|  |  |  | 9883086 |
|  **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.\* | 6720 |  | 9542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc.\*(a) | 2108 |  | 6324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 42645 |  | 344998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 43568 |  | 1000321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 2560 |  | 16410 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 12048 |  | 786132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arvinas, Inc.\* | 8501 |  | 62567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\* | 6270 |  | 22572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 13709 |  | 1431083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biote Corp. (Class A Stock)\* | 4170 |  | 16763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 4747 |  | 140369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 36119 |  | 2651135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc.\*(a) | 75379 |  | 988219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 62299 |  | 889630 |
| &nbsp;&nbsp;&nbsp;&nbsp; EyePoint Pharmaceuticals, Inc.\* | 1530 |  | 14397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 11430 |  | 78638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 45690 |  | 1443804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.\* | 409 |  | 12491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 9292 |  | 186676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 7013 |  | 744220 |
| &nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc.\* | 530 |  | 15534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 2612 |  | 296932 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvation Bio, Inc.\*(a) | 13420 | $| 26169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 30279 |  | 293101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 6312 |  | 150857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 18151 |  | 484995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. (Class A Stock) | 4046 |  | 103335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc.\*(a) | 7400 |  | 8584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 7558 |  | 603506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Septerna, Inc.\*(a) | 124940 |  | 1320616 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies, Inc.(a) | 100394 |  | 654569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 7714 |  | 243145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\*(a) | 28107 |  | 1138615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 9180 |  | 34241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 5080 |  | 56032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Third Harmonic Bio, Inc.\* | 2350 |  | 12761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc.\* | 2840 |  | 15535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verona Pharma PLC (United Kingdom), ADR\* | 99842 |  | 9443056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 23593 |  | 210685 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd.\* | 197329 |  | 1282639 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;27241198 |
|  **Professional Services — 2.6%** | **Professional Services — 2.6%** | **Professional Services — 2.6%** | **Professional Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc. (Class A Stock) | 61857 |  | 350111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 3609 |  | 150459 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGSF, Inc.\* | 1870 |  | 11912 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackSky Technology, Inc.\* | 1150 |  | 23667 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. (Class A Stock)\* | 1756 |  | 837085 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.\* | 2970 |  | 212979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 81478 |  | 350355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.(a) | 47113 |  | 2490158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 28013 |  | 73954 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 1034 |  | 193741 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 4613 |  | 301275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\*(a) | 10842 |  | 600538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 48641 |  | 442147 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 58422 |  | 2558299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 75529 |  | 5642772 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\*(a) | 216266 |  | 3592178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 33180 |  | 328482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 16806 |  | 383513 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 4829 |  | 779884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 18189 |  | 800498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | 26566 |  | 1215660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 19401 |  | 2668414 |
| &nbsp;&nbsp;&nbsp;&nbsp; IBEX Holdings Ltd.\* | 2160 |  | 62856 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 2611 |  | 221178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc.\*(a) | 4470 |  | 228953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 20043 |  | 1204985 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 70898 |  | 3398850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc. (Class A Stock) | 149328 |  | 1748631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kforce, Inc. | 31545 |  | 1297446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 25888 |  | 1898367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com, Inc.\* | 21900 |  | 195129 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 34422 |  | 1390649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastech Digital, Inc.\* | 1560 |  | 11185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 49289 |  | 3460088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 5322 |  | 42629 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Professional Services (cont'd.)** | **Professional Services (cont'd.)** | **Professional Services (cont'd.)** | **Professional Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; NV5 Global, Inc.\* | 9814 | $| 226605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.\*(a) | 78920 |  | 5664088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 3602 |  | 652646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC\* | 202002 |  | 1232212 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc.\* | 1540 |  | 36298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 157830 |  | 847547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 9523 |  | 390919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 11432 |  | 1287358 |
| &nbsp;&nbsp;&nbsp;&nbsp; TaskUS, Inc. (Philippines) (Class A Stock)\* | 2900 |  | 48604 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 6156 |  | 450250 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 137768 |  | 892737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc.\* | 17371 |  | 233466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 21229 |  | 539004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 2210 |  | 138147 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;51808908 |
|  **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.\* | 520 |  | 10884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 14040 |  | 50825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc. (Class A Stock)\* | 42682 |  | 268043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 173235 |  | 1917711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | 198470 |  | 460450 |
| &nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings, Inc. | 11020 |  | 100282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Point Holdings LLC (Class A Stock)\* | 9610 |  | 52855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 7001 |  | 140020 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 2778 |  | 74700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\*(a) | 6945 |  | 468788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 47 |  | 12022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 20610 |  | 140148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 25041 |  | 769009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maui Land & Pineapple Co., Inc.\* | 2882 |  | 52424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc. (Class A Stock) | 20622 |  | 250557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc.\*(a) | 46181 |  | 24614 |
| &nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc. (Class A Stock)\* | 3610 |  | 29530 |
| &nbsp;&nbsp;&nbsp;&nbsp; RMR Group, Inc. (The) (Class A Stock) | 43000 |  | 703050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seritage Growth Properties (Class A Stock)\*(a) | 148600 |  | 457688 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Joe Co. (The) | 8502 |  | 405545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stratus Properties, Inc.\* | 1810 |  | 34173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 3633 |  | 61616 |
|  |  |  | 6484934 |
|  **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 2800 |  | 630896 |
|  **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aehr Test Systems\*(a) | 5490 |  | 70986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 19641 |  | 671526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 4958 |  | 127222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 4262 |  | 281569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 33030 |  | 693300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amtech Systems, Inc.\* | 2960 |  | 13142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc.\*(a) | 49994 |  | 4520457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\*(a) | 37357 |  | 2603409 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 3921 |  | 86184 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 23446 | $| 2444363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 5870 |  | 112939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 142912 |  | 13232222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 22892 |  | 1210758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 8216 |  | 325764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everspin Technologies, Inc.\* | 2880 |  | 18115 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 11231 |  | 386459 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSI Technology, Inc.\* | 5130 |  | 17237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 5191 |  | 101951 |
| &nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc. (China) (Class A Stock)\*(a) | 19190 |  | 68316 |
| &nbsp;&nbsp;&nbsp;&nbsp; inTEST Corp.\* | 2310 |  | 16817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. (Singapore) | 7932 |  | 274447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 132524 |  | 6492351 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 62697 |  | 8983853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp. (South Korea)\* | 8820 |  | 35104 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc.\* | 8974 |  | 127521 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 5685 |  | 564862 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVE Corp. | 829 |  | 61023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\*(a) | 30695 |  | 3098046 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 6290 |  | 134480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 8261 |  | 163650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 134598 |  | 2534480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 8036 |  | 449212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 26974 |  | 2290362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 14092 |  | 902170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 292 |  | 13181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 4031 |  | 594008 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\* | 25845 |  | 5507053 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWater Technology, Inc.\*(a) | 3170 |  | 31193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 8859 |  | 660173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 5609 |  | 363575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 5566 |  | 125625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 4463 |  | 689355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 7462 |  | 151628 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;61250088 |
|  **Software — 6.7%** | **Software — 6.7%** | **Software — 6.7%** | **Software — 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 18460 |  | 36182 |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 10627 |  | 205632 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 16084 |  | 738416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc.(a) | 309817 |  | 4380812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 2607 |  | 298866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 7004 |  | 396216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc.\*(a) | 68017 |  | 2050032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc. (Class A Stock)\* | 2510 |  | 31124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc. (Class A Stock)\* | 2242 |  | 516288 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 103049 |  | 1989876 |
| &nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 11985 |  | 554426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 7662 |  | 491977 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc.\* | 7380 |  | 417856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. (Class A Stock)\* | 21392 |  | 730965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc. (Class A Stock)\* | 111250 |  | 3126125 |
| &nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc. (Class A Stock)\* | 3874 |  | 95184 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\*(a) | 64011 |  | 602344 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 3157 | $32233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipher Mining, Inc.\* | 3630 | 17351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc.\* | 4635 | 51124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc. (Class A Stock) | 10792 | 299586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\* | 295500 | 6480315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 33166 | 5781829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 3520 | 81171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Scientific, Inc.\*(a) | 175413 | 2994300 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCard Corp.\* | 790 | 22886 |
| &nbsp;&nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 8880 | 38806 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 27284 | &nbsp;&nbsp;&nbsp;&nbsp;11101314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daily Journal Corp.\* | 190 | 80228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. (Class A Stock) | 5916 | 439322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. (Class A Stock)\*(a) | 25769 | 736993 |
| &nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc. (Canada)\*(a) | 46160 | 675782 |
| &nbsp;&nbsp;&nbsp;&nbsp; E2open Parent Holdings, Inc.\* | 34203 | 110476 |
| &nbsp;&nbsp;&nbsp;&nbsp; eGain Corp.\* | 6990 | 43688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expensify, Inc. (Class A Stock)\* | 2700 | 6993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 6339 | 167857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc. (Class A Stock)\* | 23892 | 356230 |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. (Class A Stock)\* | 3805 | 104561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informatica, Inc. (Class A Stock)\* | 16977 | 413390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 114685 | 5920040 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. | 45089 | 10110306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 16910 | 160814 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog Ltd.\* | 313610 | 13761207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klaviyo, Inc. (Class A Stock)\* | 2088 | 70115 |
| &nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 89596 | 2960252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridianlink, Inc.\* | 7580 | 123023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 6532 | 64667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\*(a) | 8335 | 2621191 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc.\* | 23710 | 192051 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\* | 12245 | 342493 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.\* | 146290 | 1715982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 37633 | 2876667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olo, Inc. (Class A Stock)\* | 16060 | 142934 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\* | 6710 | 36435 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc. | 5915 | 98721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc.\*(a) | 200000 | 5660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc.\* | 4400 | 56760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc.(a) | 17198 | 930928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.\* | 1584 | 108377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp. | 6101 | 389488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 85166 | 7970686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 5245 | 749353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 4002 | 92566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 1630 | 80196 |
| &nbsp;&nbsp;&nbsp;&nbsp; ReposiTrak, Inc.(a) | 1260 | 24759 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc. (Class A Stock)\* | 8648 | 245171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc.\* | 8450 | 95485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubrik, Inc. (Class A Stock)\* | 19222 | 1722099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sapiens International Corp. NV (Israel) . | 7130 | 208553 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc. (Class A Stock)\* | 13562 | 122736 |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc. (Class A Stock)\* | 26951 | 492664 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc. (Class A Stock)\* | 61000 | 6537980 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc.\* | 1288 | 16815 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc. (Class A Stock)\* | 17870 | $| 151180 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 5127 |  | 697733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telos Corp.\* | 9790 |  | 31034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 12570 |  | 280437 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc. (Class A Stock)\* | 45880 |  | 587264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc.\*(a) | 32691 |  | 791122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verint Systems, Inc.\* | 92073 |  | 1811076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc. (Class A Stock)\* | 242532 |  | 8569868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viant Technology, Inc. (Class A Stock)\* | 1990 |  | 26328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 101000 |  | 6913450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 6610 |  | 52285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc.\* | 20220 |  | 171870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. (Class A Stock)\* | 10844 |  | 167974 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;133651891 |
|  **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust(a) | 169490 |  | 5421985 |
|  **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc. (Class A Stock)\*(a) | 5370 |  | 26420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. (Class A Stock)\*(a) | 41102 |  | 3405301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc.(a) | 56633 |  | 2537725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.(a) | 23720 |  | 1102743 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 21318 |  | 205079 |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 1290 |  | 72292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc.\* | 7370 |  | 63898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arko Corp. | 17560 |  | 74279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 5360 |  | 1278574 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 5551 |  | 1102706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 65499 |  | 1962350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\*(a) | 57812 |  | 8787424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckle, Inc. (The) | 7314 |  | 331690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 2091 |  | 107812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 4109 |  | 50212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc. (Class A Stock) | 8956 |  | 153954 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 7464 |  | 501655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 11427 |  | 3850442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cato Corp. (The) (Class A Stock) | 4750 |  | 13348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 1280 |  | 42739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc. (Class A Stock) | 6990 |  | 16636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Holdings, Inc. (Class B Stock)\* | 4710 |  | 9891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envela Corp.\* | 1390 |  | 8507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 2524 |  | 331098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. (Class A<br>Stock)\*(a) | 7398 |  | 561952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foot Locker, Inc.\* | 12880 |  | 315560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 48497 |  | 1057720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 1869 |  | 36801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 13638 |  | 5955851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc. | 6461 |  | 78113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 57989 |  | 1180076 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Jill, Inc. | 2190 |  | 32062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc.\* | 5246 |  | 56185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leslie's, Inc.\* | 21130 |  | 8872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 2278 |  | 769554 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 33018 | $| 830073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 4340 |  | 64709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 1536 |  | 624845 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 8986 |  | 206768 |
| &nbsp;&nbsp;&nbsp;&nbsp; ODP Corp. (The)\* | 3631 |  | 65830 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc. (Class A Stock)\*(a) | 64400 |  | 862316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 690 |  | 118549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.\* | 20700 |  | 58581 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc.\* | 42110 |  | 139805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 6170 |  | 123708 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH\* | 1953 |  | 369137 |
| &nbsp;&nbsp;&nbsp;&nbsp; RumbleON, Inc. (Class B Stock)\* | 2030 |  | 4689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 16690 |  | 154549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 4495 |  | 84101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 20647 |  | 1642469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp.\* | 4430 |  | 29925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. (Class A Stock) | 24631 |  | 1968756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings, Inc.\* | 8080 |  | 27876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stitch Fix, Inc. (Class A Stock)\* | 14569 |  | 53905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tile Shop Holdings, Inc.\* | 5470 |  | 34789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tilly's, Inc. (Class A Stock)\*(a) | 3670 |  | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 8330 |  | 209083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 45270 |  | 3283886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc.\*(a) | 207222 |  | 7847497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 9687 |  | 179403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\* | 244918 |  | 5371052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc. (Class A Stock)\* | 3760 |  | 192286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winmark Corp. | 520 |  | 196357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 3206 |  | 42512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;60882042 |
|  **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstroNova, Inc.\* | 2310 |  | 26773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 11890 |  | 112123 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 1370 |  | 32496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 2760 |  | 152904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak Co.\* | 7420 |  | 41923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 2400 |  | 33192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp.(a) | 16142 |  | 85068 |
|  |  |  | 484479 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC (Germany)\* | 7182 |  | 353211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 19504 |  | 587656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 7975 |  | 487113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\*(a) | 7320 |  | 741370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Culp, Inc.\* | 3200 |  | 12576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figs, Inc. (Class A Stock)\* | 23190 |  | 130792 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 30807 |  | 690077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc.\* | 46718 |  | 213968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 7955 |  | 524791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Industries, Inc. | 1620 |  | 22048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co. (Class A Stock) | 11110 |  | 205424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 2670 |  | 40717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc.(a) | 27297 |  | 1098704 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 16487 |  | 1131008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 1790 |  | 39720 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Skechers USA, Inc. (Class A Stock)\* | 9547 | $| 602416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 38644 |  | 926683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 3400 |  | 35020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class A Stock)\* | 224165 |  | 1531047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class C Stock)\* | 30577 |  | 198445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc.\* | 4140 |  | 21611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc.\* | 6450 |  | 14254 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp.(a) | 39823 |  | 467920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 7440 |  | 134515 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10211086 |
|  **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 22256 |  | 1686337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 3831 |  | 223118 |
|  |  |  | 1909455 |
|  **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp. | 16082 |  | 940636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. | 5890 |  | 37225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc.(a) | 23786 |  | 5529056 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 1136 |  | 84496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 5866 |  | 509286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 11178 |  | 674592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.\* | 13280 |  | 65603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc.\* | 4397 |  | 120786 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 15660 |  | 232238 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 2565 |  | 224822 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 1480 |  | 32308 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 67379 |  | 7751280 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 5506 |  | 845501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 45656 |  | 1233168 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMS, Inc.\* | 5455 |  | 593231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc.(a) | 4849 |  | 638565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 4419 |  | 35882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 1920 |  | 54067 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 7355 |  | 852886 |
| &nbsp;&nbsp;&nbsp;&nbsp; MRC Global, Inc.\* | 13503 |  | 185126 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. (Class A Stock) | 20922 |  | 1778788 |
| &nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 14760 |  | 125608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. (Class A Stock) | 33715 |  | 1736660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. (Class B Stock) | 2935 |  | 154029 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.\* | 4589 |  | 554994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 74678 |  | 1479371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc.\* | 1277 |  | 109771 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 4330 |  | 801916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp.(a) | 960 |  | 137069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc. (Class A Stock)\* | 5830 |  | 196996 |
|  |  |  | 27715956 |
|  **Water Utilities — 0.2%** | **Water Utilities — 0.2%** | **Water Utilities — 0.2%** | **Water Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 5752 |  | 440948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp. (Class A Stock) | 1462 |  | 49065 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 8849 |  | 402453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co., Ltd. | 2625 |  | 78803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 10658 |  | 395838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Water Resources, Inc. | 1480 |  | 15081 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Water Utilities (cont'd.)** | **Water Utilities (cont'd.)** | **Water Utilities (cont'd.)** | **Water Utilities (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; H2O America | 28185 | $| 1464774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 2490 |  | 134908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp.\* | 4910 |  | 52635 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 1791 |  | 56596 |
|  |  |  | 3091101 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 13660 |  | 200529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 7601 |  | 103830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc | 16467 |  | 585896 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Cellular Corp.\* | 2191 |  | 140158 |
|  |  |  | 1030413 |
|  **TOTAL COMMON STOCKS**<br>(cost $1,892,491,971) | **TOTAL COMMON STOCKS**<br>(cost $1,892,491,971) |  | 1912103870 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | 155185 |  | 33487371 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 Growth ETF | 18884 |  | 5398180 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 Value ETF | 42657 |  | 6729569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Small-Cap Growth ETF | 24147 |  | 6687270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Small-Cap Value ETF | 38003 |  | 7410965 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $57,803,884) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $57,803,884) |  | 59713355 |
|  | **Units** |  |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; M-Tron Industries, Inc., expiring 03/11/28 | 200 |  | 207 |
|  **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Optinose, Inc., expiring 11/23/27 | 66494 |  | 204822 |
|  **TOTAL WARRANTS**<br>(cost $1,467) |  |  | 205029 |
|  **TOTAL LONG-TERM INVESTMENTS**<br>(cost $1,950,297,322) |  |  | 1972022254 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 16.8%** | **SHORT-TERM INVESTMENTS — 16.8%** | **SHORT-TERM INVESTMENTS — 16.8%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | 41081697 | $41081697 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $296,114,443; includes $295,149,751 of cash collateral for securities on loan)(b)(wb) | 296326772 | 296119343 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $337,196,140) |  | 337201040 |
|  **TOTAL INVESTMENTS**—114.9%<br>(cost $2,287,493,462) |  | 2309223294 |
|  **Liabilities in excess of other assets — (14.9)%** | **Liabilities in excess of other assets — (14.9)%** | (298900928) |
|  **NET ASSETS — 100.0%** |  | $2010322366 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $290,363,057; cash collateral of $295,149,751 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;73579050 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics. | 992440 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | $22489851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 3707775 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163526668 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 4154839 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 97152499 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 15977684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 36178598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 59856152 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 20312619 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 52311921 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 6994109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 60095813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 6210859 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 30806252 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 33971462 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 8992546 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 671653 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 41503189 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 624100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 2959188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 9957937 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 30530533 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 66558662 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 30571813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 2190849 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 57223981 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 22222259 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 9841591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 6074323 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 40553760 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 39780910 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 1736437 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 3512582 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure. | 60527482 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 22993505 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 2522929 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 1896315 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 1366122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 73442454 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 7573493 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 8843373 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 7956176 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 12173282 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 100554760 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 4281887 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 23788187 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 16586593 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 7218313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 5313791 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 3681274 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 80549879 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 1843877 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 3467756 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 9883086 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 27241198 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 51808908 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 6484934 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 630896 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | $61250088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 133651891 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 5421985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 60882042 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 484479 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 10211086 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 1909455 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 27715956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 3091101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 1030413 |  |  |
|  Unaffiliated Exchange-Traded Funds | 59713355 |  |  |
|  Warrants |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 207 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 204822 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 337201040 |  |  |
|  **Total** | $**2309018472** | $**204822** | **$—** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (14.7% represents investments purchased with collateral from securities on loan) | 16.8 |
|  Banks | 8.1 |
|  Software | 6.7 |
|  Machinery | 5.0 |
|  Biotechnology | 4.8 |
|  Oil, Gas & Consumable Fuels | 4.0 |
|  Aerospace & Defense | 3.7 |
|  Insurance | 3.7 |
|  Electronic Equipment, Instruments & Components | 3.3 |
|  Semiconductors & Semiconductor Equipment | 3.0 |
|  Specialty Retail | 3.0 |
|  Hotels, Restaurants & Leisure | 3.0 |
|  Construction & Engineering | 3.0 |
|  Capital Markets | 3.0 |
|  Unaffiliated Exchange-Traded Funds | 3.0 |
|  Financial Services | 2.8 |
|  Commercial Services & Supplies | 2.6 |
|  Professional Services | 2.6 |
|  Diversified Consumer Services | 2.1 |
|  Health Care Equipment & Supplies | 2.0 |
|  Health Care Providers & Services | 2.0 |
|  Building Products | 1.8 |
|  Consumer Staples Distribution & Retail | 1.7 |
|  Consumer Finance | 1.5 |
|  Energy Equipment & Services | 1.5 |
|  Electrical Equipment | 1.5 |
|  Trading Companies & Distributors | 1.4 |
|  Pharmaceuticals | 1.4 |
|  Media | 1.2 |
|  Household Durables | 1.1 |
|  Automobile Components | 1.1 |

---

---

| | |
|:---|:---|
|  Food Products | 1.1 |
|  Chemicals | 1 |
|  Metals & Mining | 0.8 |
|  Broadline Retail | 0.8 |
|  Life Sciences Tools & Services | 0.6 |
|  Textiles, Apparel & Luxury Goods | 0.5 |
|  Electric Utilities | 0.5 |
|  Personal Care Products | 0.5 |
|  Gas Utilities | 0.5 |
|  Containers & Packaging | 0.4 |
|  IT Services | 0.4 |
|  Leisure Products | 0.4 |
|  Interactive Media & Services | 0.4 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.4 |
|  Communications Equipment | 0.3 |
|  Real Estate Management & Development | 0.3 |
|  Construction Materials | 0.3 |
|  Ground Transportation | 0.3 |
|  Specialized REITs | 0.3 |
|  Multi-Utilities | 0.3 |
|  Marine Transportation | 0.2 |
|  Beverages | 0.2 |
|  Automobiles | 0.2 |
|  Office REITs | 0.2 |
|  Hotel & Resort REITs | 0.2 |
|  Passenger Airlines | 0.2 |
|  Water Utilities | 0.2 |
|  Diversified Telecommunication Services | 0.1 |
|  Household Products | 0.1 |
|  Entertainment | 0.1 |
|  Tobacco | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Paper & Forest Products | 0.1% |
|  Health Care Technology | 0.1 |
|  Industrial REITs | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Distributors | 0.0 \* |
|  Retail REITs | 0.0 \* |
|  Diversified REITs | 0.0 \* |

---

---

| | |
|:---|:---|
|  Technology Hardware, Storage & Peripherals | 0.0 |
|  | 114.9 |
|  Liabilities in excess of other assets | (14.9) |
|  | 100.0% |

---

\* Less than 0.05%

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $290363057 | $(290363057) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

<br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>

**STATEMENT OF ASSETS AND LIABILITIES (unaudited)** 

as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $290,363,057: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,950,297,322) | $1972022254.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $337,196,140) | 337201040.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3402949.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 1108010.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1056095.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 80620.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 2236.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 1963.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2314875167.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 295149751.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 6223934.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1239246.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1104320.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 699524.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 82204.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 52866.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 304552801.0 |
|  **NET ASSETS** | $2010322366.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2010322366.0 |
|  Net asset value and redemption price per share, $2,010,322,366 / 25,666,909 outstanding shares of beneficial interest | $78.32 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $30,629 foreign withholding tax, of which $113 is reimbursable by an affiliate) | $11809430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 755615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $263,212) | 306789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12871834 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 6910185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 2459140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 131155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 24147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 14624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 13902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9595476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (98366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9497110 |
|  **NET INVESTMENT INCOME (LOSS)** | 3374724 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(42540)) | 19717158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (22) |
|  | 19717136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $7,076) | (74836737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1676 |
|  | (74835061) |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | (55117925) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(51743201) |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3374724 | $(4569306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 19717136 | 282426914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (74835061) | (180659433) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (51743201) | 97198175 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [850,583 and 1,913,456 shares, respectively] | 62505684 | 154505819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 13,572,297 shares, respectively] |  | 1144280376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [2,490,647 and 4,511,996 shares, respectively] | (189268091) | (347081602) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (126762407) | 951704593 |
|  **TOTAL INCREASE (DECREASE)** | (178505608) | 1048902768 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2188827974 | 1139925206 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2010322366 | $2188827974 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

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<br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $80.16 | $69.79 | $59.60 | $82.29 | $78.72 | $53.05 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.13 | (0.29) | (0.21) | (0.23) | (0.54) | (0.26) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.97) | 10.66 | 10.40 | (22.46) | 4.11 | 25.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.84) | 10.37 | 10.19 | (22.69) | 3.57 | 25.67 |
|  Net Asset Value, end of period | $78.32 | $80.16 | $69.79 | $59.60 | $82.29 | $78.72 |
|  **Total Return<sup>(b)</sup>** | (2.30)% | 14.86% | 17.10% | (27.57)% | 4.54% | 48.39% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $2010 | $2189 | $1140 | $1054 | $934 | $1012 |
|  Average net assets (in millions) | $1984 | $1179 | $1091 | $821 | $1004 | $793 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.97 %<sup>(d)</sup> | 0.99% | 0.98% | 0.99% | 0.99% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.98 %<sup>(d)</sup> | 1.00% | 1.00% | 1.01% | 0.99% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 %<sup>(d)</sup> | (0.39)% | (0.33)% | (0.36)% | (0.65)% | (0.45)% |
|  Portfolio turnover rate<sup>(e)</sup> | 32% | 173% | 92% | 88% | 44% | 97% |

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(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

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#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
(unaudited)

1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of June 30, 2025 consisted of 34 separate portfolios. The information presented in these financial statements pertains only to the 5 portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The Portfolios have the following investment objective(s):

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| | |
|:---|:---|
| **Portfolio** | **Investment Objective(s)** |
|  AST International Equity Portfolio<br> ("International Equity") | Long-term growth of capital. |
|  AST Large-Cap Equity Portfolio<br> ("Large-Cap Equity") formerly known as<br> AST Large-Cap Core Portfolio | Long-term capital appreciation. |
|  AST Large-Cap Growth Portfolio<br> ("Large-Cap Growth") | Long-term growth of capital. |
|  AST Large-Cap Value Portfolio<br> ("Large-Cap Value") | Current income and long-term growth of income, as well as capital appreciation. |
|  AST Small-Cap Equity Portfolio<br> ("Small-Cap Equity") | Long-term capital growth. |

---

2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

B1

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The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments") and/or AST Investment Services, Inc., the co-managers of the Portfolio, as applicable (collectively, the "Investment Manager" or "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves

B2

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obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in

B3

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excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolios' exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions

B4

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under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants:* Certain Portfolios held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Portfolios until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

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| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
| &nbsp;&nbsp; International Equity | Jennison Associates LLC ("Jennison") (a wholly-owned subsidiary of PGIM, Inc.); J.P. Morgan; Massachusetts Financial Services Company ("MFS"); PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") (a wholly-owned subsidiary of PGIM, Inc.); Effective January 11, 2025, Putnam Investment Management, LLC ("Putnam"); Prior to January 11, 2025, LSV Asset Management |
| &nbsp;&nbsp; Large-Cap Equity | J.P. Morgan; PGIM Quantitative Solutions; Effective January 25, 2025, ClearBridge Investments, LLC ("ClearBridge"); Dimensional Fund Advisors LP ("Dimensional"); Prior to January 25, 2025, MFS |
| &nbsp;&nbsp; Large-Cap Growth | ClearBridge; Jennison; J.P. Morgan; Putnam; T. Rowe Price Associates, Inc. ("T. Rowe") |
| &nbsp;&nbsp; Large-Cap Value | ClearBridge; Dimensional; Hotchkis and Wiley Capital Management, LLC ("Hotchkis and Wiley"); J.P. Morgan; Putnam |
| &nbsp;&nbsp; Small-Cap Equity | Boston Partners Global Investors, Inc.; Dimensional; Driehaus Capital Management LLC; Hotchkis and Wiley; TimesSquare Capital Management LLC |

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*Management Fees and Expense Limitations:* The Investment Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at the respective annual rate specified below. The Investment Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Investment Manager under the agreements are reflected in the Statement of Operations.

The Investment Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain Portfolios so that management fees plus other annual ordinary operating expenses, excluding taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales, do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Management Fee** | **Effective<br>Management Fee,<br>before any waivers<br>and/or expense<br>reimbursements** | **Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements** |
| &nbsp;&nbsp; International Equity<sup>(1)</sup> | 0.7025% first $3.25 billion;<br> 0.6925% on next $2.75 billion;<br> 0.6625% on next $4 billion;<br> 0.6425% in excess of $10 billion | 0.70% | 0.69% |
| &nbsp;&nbsp; Large-Cap Equity<sup>(2)</sup> | 0.5625% first $750 million;<br> 0.5525% on next $2.5 billion;<br> 0.5425% on next $2.75 billion;<br> 0.5125% on next $4 billion;<br> 0.4925% in excess of $10 billion | 0.56% | 0.56% |
| &nbsp;&nbsp; Large-Cap Growth | 0.5975% first $10 billion;<br> 0.5925% in excess of $10 billion | 0.60% | 0.60% |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Large-Cap Value | 0.5425% first $6 billion; | 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
|  | 0.5125% on next$4 billion; |  |  |
|  | 0.4925% in excess of $10 billion |  |  |
| &nbsp;&nbsp; Small-Cap Equity | 0.7025% first $6 billion; | 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
|  | 0.6625% on next$4 billion: |  |  |
|  | 0.6425% in excess of $10 billion |  |  |

---

---

| | |
|:---|:---|
| **Portfolio** | **Fee Waivers and/or**<br> **Expense Limitations** |
| &nbsp;&nbsp; International Equity | contractually limit expenses to 1.03%<br> through January 10, 2025;<br> effective December 11, 2024,<br> voluntarily waive 0.03%<br> through January 10, 2025;<br> effective January 11, 2025,<br> contractually waive 0.01%<br> through June 30, 2026 |
| &nbsp;&nbsp; Large-Cap Equity | contractually waive 0.015%<br> through January 24, 2025;<br> contractually limit expenses to 0.86%<br> through January 24, 2025 |
| &nbsp;&nbsp; Large-Cap Value | contractually waive 0.01%<br> through June 30, 2026 |
| &nbsp;&nbsp; Small-Cap Equity | contractually waive 0.01%<br> through June 30, 2026 |

---

(1) Prior to January 11, 2025, the contractual management fee rate was as follows: 0.7325% first $300 million; 0.7225% on next $200 million; 0.7125% on next $250 million; 0.7025% on next $2.5 billion; 0.6925% on next $2.75 billion; 0.6625% on next $4 billion; 0.6425% in excess of $10 billion.

(2) Prior to January 25, 2025, the contractual management fee rate was as follows: 0.5825% first $300 million; 0.5725% on next $200 million; 0.5625% on next $250 million; 0.5525% on next $2.5 billion; 0.5425% on next $2.75 billion; 0.5125% on next $4 billion; 0.4925% in excess of $10 billion.

The Trust, on behalf of the Portfolios, has entered into an agreement with Prudential Annuities Distributors, Inc. ("PAD"), which serves as the distributor for the shares of each Portfolio. The Trust, on behalf of the Portfolios, has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan") for the shares of each Portfolio. Under the 12b-1 Plan, the shares of each covered Portfolio are charged an annual fee, primarily to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The annual shareholder services and distribution fee (the "12b-1 fee") for each covered Portfolio's shares is 0.25% of the average daily net assets of the Portfolios.

The Trust, on behalf of certain Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended June 30, 2025, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
|  International Equity | $1360 |
|  Large-Cap Equity | 26356 |
|  Large-Cap Growth | 11964 |
|  Large-Cap Value | 4720 |
|  Small-Cap Equity | 16678 |

---

AST Investment Services, Inc., Jennison, PAD, PGIM, Inc., PGIM Investments and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
B7

------

Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the PGIM Core Government Money Market Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the PGIM Core Government Money Market Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers.

For the reporting period ended June 30, 2025, the Portfolios' purchase and sales transactions under Rule 17a-7 and realized gain (loss) as a result of Rule 17a-7 sales transactions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** | **Realized <br>Gain (Loss)** |
|  Large-Cap Equity | $53999 | $– | $— |

---

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  International Equity | $269738 |
|  Large-Cap Growth | 9354 |

---

B8

------

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  Small-Cap Equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |

---

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  International Equity | $650616 |
|  Large-Cap Equity | 8580 |
|  Large-Cap Growth | 1140 |
|  Large-Cap Value | 90519 |
|  Small-Cap Equity | 611 |

---

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
|  International Equity | $698908650 | $826859695 |
|  Large-Cap Equity | 645321737 | 636601811 |
|  Large-Cap Growth | 1324200742 | 2177421353 |
|  Large-Cap Value | 953750853 | 1278946017 |
|  Small-Cap Equity | 633566504 | 743614864 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2025, is presented as follows:

#### International Equity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> |
| $10561262 | $190717201 | $181974421 | $— | $— | $19304042 | 19304042 | $342286 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |
| 14452120 | 226205193 | 206038725 | 1640 | (445) | 34619783 | 34644034 | 49865<sup>(1)</sup> |  |
| $25013382 | $416922394 | $388013146 | $1640 | $(445) | $53923825 |  | $392151 | $— |
| **Large-Cap Equity** | **Large-Cap Equity** | **Large-Cap Equity** | **Large-Cap Equity** | **Large-Cap Equity** |  |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> |
| $2203505 | $290710775 | $268014121 | $— | $— | $24900159 | 24900159 | $539051 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |
| 4023661 | 523087271 | 459435565 |  | (6592) | 67668775 | 67716177 | 22949<sup>(1)</sup> |  |
| $6227166 | $813798046 | $727449686 | $— | $(6592) | $92568934 |  | $562000 | $— |

---

B9

------

#### Large-Cap Growth

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> |
| $47446106 | $496681045 | $496952829 | $— | $— | $47174322 | 47174322 | $1174874 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |
| 281726950 | 2277418114 | 2382756017 | 2214 | (50123) | 176341138 | 176464663 | 107360<sup>(1)</sup> |  |
| $329173056 | $2774099159 | $2879708846 | $2214 | $(50123) | $223515460 |  | $1282234 | $— |
| **Large-Cap Value** | **Large-Cap Value** | **Large-Cap Value** | **Large-Cap Value** | **Large-Cap Value** |  |  |  |  |
| **Value,**<br> **Beginning<br>of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized**<br> **Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> |
| $74740457 | $394732422 | $437038037 | $— | $— | $32434842 | 32434842 | $1196280 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |
| 235667178 | 2150497033 | 1959436620 |  | (47016) | 426680575 | 426979461 | 158356<sup>(1)</sup> |  |
| $310407635 | $2545229455 | $2396474657 | $— | $(47016) | $459115417 |  | $1354636 | $— |
| **Small-Cap Equity** | **Small-Cap Equity** | **Small-Cap Equity** | **Small-Cap Equity** | **Small-Cap Equity** |  |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> |
| $57793382 | $312646574 | $329358259 | $— | $— | $41081697 | 41081697 | $755615 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |
| 154007447 | 995600355 | 853452995 | 7076 | (42540) | 296119343 | 296326772 | 263212<sup>(1)</sup> |  |
| $211800829 | $1308246929 | $1182811254 | $7076 | $(42540) | $337201040 |  | $1018827 | $— |

---

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wb) Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2024 are subject to

B10

------

such review.

7. Borrowings

The Trust, on behalf of the Portfolios, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | **SCA** |
|  **Term of Commitment** | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 |
|  **Annualized Commitment Fee on the Unused Portion of the SCA** | 0.15% |
|  **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios indicated below utilized the SCA during the reporting period ended June 30, 2025. The average balance outstanding is for the number of days the Portfolios utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br>Interest Rates** | **Number**<br> **of Days<br>Outstanding** | **Maximum<br>Balance<br>Outstanding** | **Balance<br>Outstanding at<br>June 30, 2025** |
| &nbsp;&nbsp; International Equity | $2289345 | 5.46% | 29 | $14524000 | $— |
| &nbsp;&nbsp; Large-Cap Equity | 1006875 | 5.44 | 16 | 7157000 |  |
| &nbsp;&nbsp; Large-Cap Growth | 938909 | 5.45 | 11 | 4260000 |  |
| &nbsp;&nbsp; Large-Cap Value | 1147333 | 5.43 | 6 | 5082000 |  |
| &nbsp;&nbsp; Small-Cap Equity | 1053143 | 5.42 | 21 | 3766000 |  |

---

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of June 30, 2025, all Portfolios offer only a single share class to investors.

As of June 30, 2025, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

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| | | |
|:---|:---|:---|
| **Portfolio** | **Number of Shares** | **Percentage of**<br> **Outstanding Shares** |
|  International Equity | 33529266 | 70.1% |
|  Large-Cap Equity | 35110585 | 74.9 |
|  Large-Cap Growth | 61719078 | 77.3 |
|  Large-Cap Value | 52051741 | 74.7 |
|  Small-Cap Equity | 19579551 | 76.3 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

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---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of**<br> **Shareholders** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of** <br> **Outstanding Shares**  |
|  **Affiliated:** |  |  |
|  International Equity | 2 | 68.5% |
|  Large-Cap Equity | 3 | 74.9 |
|  Large-Cap Growth | 3 | 68.5 |
|  Large-Cap Value | 3 | 63.9 |
|  Small-Cap Equity | 3 | 66.2 |
|  **Unaffiliated:** |  |  |
|  International Equity | 1 | 29.8 |
|  Large-Cap Equity | 1 | 25.1 |
|  Large-Cap Growth | 1 | 22.5 |
|  Large-Cap Value | 1 | 25.2 |
|  Small-Cap Equity | 1 | 23.7 |

---

For U.S. GAAP purposes, the securities and other assets transferred were recorded at fair value, and the historical cost basis of the assets transferred was not carried forward to the Portfolios.

9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **International**<br> **Equity** | **Large-**<br> **Cap**<br> **Equity** | **Large-<br>Cap<br>Growth** | **Large-<br>Cap<br>Value** | **Small-<br>Cap<br>Equity** |
|  Asset Transfer Program | X | X | X | X | X |
|  Blend Style |  | X |  |  | X |
|  Currency | X |  |  |  | X |
|  Derivatives | X | X |  |  | X |
|  Emerging Markets | X |  |  |  |  |
|  Equity Securities | X | X | X | X | X |
|  Exchange-Traded Funds (ETF) | X | X | X | X |  |
|  Expense | X | X | X | X | X |
|  Focus | X | X | X | X |  |
|  Foreign Investment | X |  | X | X | X |
|  Growth |  | X | X |  |  |
|  Investment Style | X | X | X | X | X |
|  Large Company |  | X | X | X |  |
|  Liquidity and Valuation | X | X | X | X | X |
|  Market and Management | X | X | X | X | X |
|  Mid-Sized Company |  | X |  | X |  |
|  Participation Notes (P-Notes) | X |  |  |  |  |
|  Portfolio Turnover | X |  |  |  |  |
|  Quantitative Model |  | X |  |  |  |
|  Real Estate | X |  |  |  |  |
|  Redemption | X | X | X | X | X |
|  Regulatory | X | X | X | X | X |
|  Small Sized Company |  |  |  |  | X |
|  Technology Sector |  |  | X |  |  |
|  Valuation |  |  |  | X |  |
|  Value Style |  | X |  | X |  |

---

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*Asset Transfer Program Risk:* Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Currency Risk:* Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

*Emerging Markets Risk:* The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will,

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which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Focus Risk:* The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio invests in the securities of a small number of issuers and has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers' securities as compared to a portfolio that invests in the securities of a larger number of issuers.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Growth Risk:* Because the Portfolio normally invests primarily in stocks of growth companies, it is subject to the risk of underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the market as a whole.

*Investment Style Risk:* Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

*Large Company Risk:* Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately

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reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a Portfolio Manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can adversely affect the liquidity and volatility of investments held by the Portfolio, and there is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Mid-Sized Company Risk:* The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing and volatility of these securities and on the Portfolio's ability to sell the securities.

*Participation Notes (P-Notes) Risk:* The Portfolio may gain exposure to securities traded in foreign markets through P-notes. In addition to risks similar to those associated with a direct investment in the underlying security, such as foreign investment risk, the holder of a P-note is not entitled to the same rights as an underlying security's direct owner and P-notes are considered general unsecured contractual obligations and are subject to counterparty credit risks.

*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Real Estate Risk:* Investments in real estate investment trusts (REITs) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

*Redemption Risk:* A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly, the businesses and other issuers of

B15

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the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

*Small Sized Company Risk:* Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

*Technology Sector Risk:* The value of Portfolio shares may be particularly impacted by events that adversely affect the information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition, and may fluctuate more than that of a portfolio that does not concentrate in companies in the technology sector.

*Valuation Risk:* Due to the nature of the Portfolio's investments and the market environment, a portion of the Portfolio's assets may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. The Portfolio's assets may be valued using prices provided by a pricing service or, alternatively, a broker-dealer or other market intermediary (sometimes just one broker-dealer or other market intermediary) when other reliable pricing sources may not be available. No assurance can be given that such prices accurately reflect the price the Portfolio would receive upon sale of a security.

*Value Style Risk:* Value style investing attempts to identify companies that are believed to be undervalued. Value stocks typically have prices that are low relative to factors such as the company's earnings, cash flow or dividends. Since the Portfolio may invest significantly in value stocks or use a value investment style, there is the risk that value stocks or the value style may be out of favor for a period of time, that the market will not recognize a security's intrinsic value for a long time or at all or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value investing style may perform better or worse than equity portfolios that focus on growth stocks or that have a broader investment style.

10. Reorganization

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST Mid-Cap Growth Portfolio ("Mid-Cap Growth") (the "Merged Portfolio") for shares of Large-Cap Growth (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on November 26, 2024 and the reorganization took place at the close of business on December 13, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  Mid-Cap Growth | $1798082711 | $1748996209 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 13, 2024:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | | **Shares** |
|  Mid-Cap Growth |  | 107260990 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Large-Cap Growth | 19204772 | $1870352791 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio were carried forward to reflect the tax-free status of the acquisition.

B16

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The net assets and net unrealized appreciation immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  Mid-Cap Growth | $49086502 | $1870352791 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Large-Cap Growth |  | $6990342921 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2024 would have been as follows:

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| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>loss (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Large-Cap Growth | $(23577136) | $1807605559 | $1784028423 |

---

(a) Net investment loss as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment loss from the Merged Portfolio pre-merger as follows: Mid-Cap Growth $(3,806,658).

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: Mid-Cap Growth $171,149,617.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 13, 2024.

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST Mid-Cap Value Portfolio ("Mid-Cap Value") (the "Merged Portfolio") for shares of Large-Cap Value (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on November 26, 2024 and the reorganization took place at the close of business on December 13, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  Mid-Cap Value | $602015309 | $601223545 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 13, 2024:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** |  | **Shares** |
|  Mid-Cap Value |  | 11202807 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Large-Cap Value | 11472553 | $623074380 |

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For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio were carried forward to reflect the tax-free status of the acquisition.

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The net assets and net unrealized appreciation immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  Mid-Cap Value | $791764 | $623074380 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Large-Cap Value |  | $3576451162 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2024 would have been as follows:

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| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Large-Cap Value | $60499283 | $313493601 | $373992884 |

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(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: Mid-Cap Value $5,516,937.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: Mid-Cap Value $87,818,221.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 13, 2024.

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST Small-Cap Value Portfolio ("Small-Cap Value") (the "Merged Portfolio") for shares of Small-Cap Equity (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on November 26, 2024 and the reorganization took place at the close of business on December 13, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  Small-Cap Value | $1180276623 | $1044426587 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 13, 2024:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** |  | **Shares** |
|  Small-Cap Value |  | 26378489 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Small-Cap Equity | 13572297 | $1144280376 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

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The net assets and net unrealized appreciation immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  Small-Cap Value | $135850036 | $1144280376 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Small-Cap Equity |  | $1185300065 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2024 would have been as follows:

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| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Small-Cap Equity | $3741792 | $226787852 | $230529644 |

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(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: Small-Cap Value $8,311,098.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: Small-Cap Value $125,020,371.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 13, 2024.

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST Emerging Markets Equity Portfolio ("Emerging Markets Equity") (the "Merged Portfolio") for shares of International Equity (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on December 11, 2024 and the reorganization took place at the close of business on January 10, 2025.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  Emerging Markets Equity | $186968823 | $191769718 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on January 10, 2025:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** |  | **Shares** |
|  Emerging Markets Equity |  | 21393206 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  International Equity | 7466229 | $199348312 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

B19

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The net assets and net unrealized depreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Depreciation<br>on Investments** | **Net Assets** |
|  Emerging Markets Equity | $(4800895) | $199348312 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  International Equity |  | $1226314011 |

---

Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of operations for the reporting period ended June 30, 2025 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  International Equity | $22161967 | $264343441 | $286505408 |

---

(a) Net investment income as reported in the Statement of Operations (Period ended June 30, 2025) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: Emerging Markets Equity $84,323.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Period ended June 30, 2025) of the Acquiring Portfolio, plus net realized and unrealized loss on investments from the Merged Portfolio pre-merger as follows: Emerging Markets Equity $(2,808,276).

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since January 10, 2025.

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST ClearBridge Dividend Growth Portfolio ("ClearBridge Dividend Growth"), AST Cohen & Steers Realty Portfolio ("Cohen & Steers Realty"), AST MFS Global Equity Portfolio ("MFS Global Equity"), and AST T. Rowe Price Natural Resources Portfolio ("T. Rowe Price Natural Resources") (the "Merged Portfolios") for shares of Large-Cap Equity (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolios, respectively. Shareholders approved the Plan at a meeting on December 11, 2024 and the reorganization took place at the close of business on January 24, 2025.

On the reorganization date, the Merged Portfolios had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| **Merged Portfolios** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  ClearBridge Dividend Growth | $252615492 | $222176319 |
|  Cohen & Steers Realty | 439148181 | 427733371 |
|  MFS Global Equity | 532682344 | 495972857 |
| T. Rowe Price Natural Resources | 191670711 | 185168523 |

---

The purpose of the transaction was to combine five portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on January 24, 2025:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | | **Shares** |
|  ClearBridge Dividend Growth |  | 7368777 |
|  Cohen & Steers Realty |  | 26133545 |
|  MFS Global Equity |  | 17670987 |
| T. Rowe Price Natural Resources |  | 6353110 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Large-Cap Equity | 38074184 | $1539719990 |

---

B20

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For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolios were carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolios** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  ClearBridge Dividend Growth | $30439173 | $274714636 |
|  Cohen & Steers Realty | 11414810 | 475954581 |
|  MFS Global Equity | 36709487 | 578516315 |
| T. Rowe Price Natural Resources | 6502188 | 210534458 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Large-Cap Equity |  | $460980639 |

---

Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of operations for the reporting period ended June 30, 2025 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase<br>in net assets<br>resulting<br>from operations** |
|  Large-Cap Equity | $11784408 | $74263563 | $86047971 |

---

(a) Net investment income as reported in the Statement of Operations (Period ended June 30, 2025) of the Acquiring Portfolio, plus net investment income (loss) from the Merged Portfolio pre-merger as follows: ClearBridge Dividend Growth $73,693, Cohen & Steers Realty $25,003, MFS Global Equity $(44,723), and T. Rowe Price Natural Resources $(9,122).

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Period ended June 30, 2025) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: ClearBridge Dividend Growth $9,572,571, Cohen & Steers Realty $7,731,389, MFS Global Equity $17,349,384, and T. Rowe Price Natural Resources $17,090,536.

Since both the Merged Portfolios and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolios that have been included in the Acquiring Portfolio's Statement of Operations since January 24, 2025.

11. Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) –"Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of June 30, 2025.

B21

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#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies- None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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#### Advanced Series Trust

#### Approval of Advisory Agreements

#### Renewal of Management and Subadvisory Agreements
**The Trust's Board of Trustees** 

The Board of Trustees (the Board) of Advanced Series Trust (the Trust, and each series thereof, the Portfolios) consists of eight individuals, six of whom are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on directors or trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Governance Committee, the Compliance Committee, and the Investment Review and Risk Committee. Each committee is chaired by an Independent Trustee.

**Annual Approval of the Trust's Advisory Agreements** 

As required under the 1940 Act, the Board determines annually whether to renew the Trust's management agreements with PGIM Investments LLC (PGIM Investments) and AST Investment Services, Inc. (ASTIS), as applicable,<sup>1</sup> and each Portfolio's subadvisory agreement(s). As is further discussed and explained below, in considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 17-18, 2025 (the Meeting) and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each Portfolio's beneficial shareholders.

In advance of the Meeting, the Trustees requested and received materials relating to the agreements and had the opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of the Manager and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board's decision to approve an agreement. In connection with its deliberations, the Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from the Manager and subadviser personnel such as portfolio managers.

The Board determined that the overall arrangements between the Trust and the Manager, which serves as the Trust's investment manager pursuant to a management agreement, and between the Manager and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with the Manager, are in the best interests of the Trust, each Portfolio and each Portfolio's shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each Portfolio as part of its consideration of agreements for multiple portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.

The material factors and conclusions that formed the basis for the Board's determinations to approve the renewal of the agreements are discussed separately below.

**Nature, Quality and Extent of Services** 

The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by the Manager and each subadviser. The Board considered the services provided by the Manager, including but not limited to the oversight of the subadvisers, the provision of accounting oversight, recordkeeping, compliance and other services to the Trust, such as the Manager's role as administrator of the Trust's liquidity risk management program and as valuation designee. With respect to the Manager's oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and

1 When used herein, the term "Manager" refers to (1) PGIM Investments with respect to each Portfolio solely managed by PGIM Investments; and (2) PGIM Investments and ASTIS collectively with respect to each Portfolio jointly managed by PGIM Investments and ASTIS.

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reporting to the Board on the performance and operations of the subadvisers. The Board noted that the PGIM Fixed Income unit of PGIM, Inc., the PGIM Real Estate unit of PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), and Jennison Associates LLC (Jennison), which serve as subadvisers to certain of the Portfolios, are each affiliated with the Manager. The Board also considered that the Manager pays the salaries of all of the officers and Trustees that are employed by the Manager or its affiliates. The Board also considered the investment subadvisory services provided by each subadviser, as well as compliance with each Portfolio's investment restrictions, policies and procedures. The Board considered the Manager's evaluation of the subadvisers, as well as the Manager's recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager's senior management personnel responsible for the oversight of each Portfolio and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers' portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to the Manager's and each subadviser's organizational structure, senior management, investment operations, and other relevant information pertaining to the Manager and each subadviser. The Board also noted that it received favorable compliance reports from the Trust's Chief Compliance Officer (CCO) with respect to the Manager and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by the Manager and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the services provided by the Manager and each subadviser under the management and subadvisory agreements.

**Costs of Services and Profits Realized by the Manager** 

The Board was provided with information on the profitability of the Manager and its affiliates from serving as the Trust's investment manager. The Board discussed with the Manager the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. The Board considered information regarding the profitability of PGIM, Inc., Jennison and PGIM Quantitative Solutions, each of which are affiliates of the Manager, on a consolidated basis. Taking these factors into account, the Board concluded that the profitability of the Manager and its affiliates in relation to the services rendered was not unreasonable.

The Board concluded that the level of profitability of a subadviser not affiliated with the Manager may not be as significant as the Manager's profitability given the arm's length nature of the process by which the subadvisory fee rates were negotiated by the Manager and the unaffiliated subadvisers, as well as the fact that the Manager compensates the subadvisers out of its management fee.

**Economies of Scale** 

The Board received and discussed information concerning whether the Manager realizes economies of scale as each Portfolio's assets grow beyond current levels. The Board noted that the management fee schedules for most of the Portfolios of the Trust contain breakpoints, which have the effect of decreasing the fee rate as assets increase, and that at current asset levels the effective fee rates for many of the Portfolios reflected some of these rate reductions. The Board took note that the fee structure for those Portfolios currently results in benefits to Portfolio shareholders whether or not the Manager realizes any economies of scale. The Board considered that economies of scale, if any, may be shared with the Portfolios in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of the Manager's costs are not specific to individual funds, but rather are incurred across a variety of products and services.

**Other Benefits to the Manager and the Subadvisers** 

The Board considered potential ancillary benefits that might be received by the Manager, the subadvisers, and their affiliates as a result of their relationship with the Trust. The Board concluded that potential benefits to be derived by the Manager included compensation received by insurance company affiliates of the Manager from the subadvisers, as well as benefits to its reputation or other intangible

------

benefits resulting from the Manager's association with the Trust. The Board also considered information provided by the Manager regarding the regulatory requirement that insurance companies determine that the fees and charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of the Manager at least annually review and represent that the fees and charges of the variable contracts using the Trust's Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions that may be received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by the Manager and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

**Performance of the Portfolios / Fees and Expenses / Other Factors** 

With respect to each Portfolio, the Board also considered certain additional factors and made related conclusions relating to the historical performance of the Portfolios (depending on each Portfolio's inception date) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2024, except as otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio's benchmark index and/or performance or custom benchmark index (as applicable), and to a universe of mutual funds that were determined by Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio (the Peer Universe).

The Board also considered each Portfolio's actual management fee, as well as each Portfolio's net total expense ratio, for the calendar year 2024. The Board considered the management fee for each Portfolio as compared to the management fee charged by the Manager to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the variable contracts.

The mutual funds included in each Peer Universe and each Peer Group were objectively selected by Broadridge, an independent provider of mutual fund data. To the extent that the Manager deemed appropriate, and for reasons addressed in detail with the Board, the Manager may have provided, and the Board may have considered, supplemental data compiled by Broadridge for the Board's consideration. Further, to the extent that it deemed appropriate, and for the reasons summarized below, for certain Portfolios the Board considered information provided by a different, independent third-party provider, JDL Consultants, Inc. (JDL Consultants). The comparisons used by the Board placed the Portfolios in various quartiles over various periods, with the 1st quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The sections below summarize certain key factors considered by the Board and the Board's conclusions regarding each Portfolio's performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST International Equity Portfolio** | &nbsp;&nbsp; **AST International Equity Portfolio** | &nbsp;&nbsp; **AST International Equity Portfolio** |  |  |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 1<sup>st</sup> Quartile | 4<sup>th</sup> Quartile | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 3<sup>rd</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its benchmark index over the one-, five- and ten-year periods and underperformed its benchmark index over the three-year period.

● The Board noted that the Portfolio underwent a repositioning in January 2025 with a change in investment strategy and a new subadviser added to the Portfolio replacing certain of the Portfolio's prior subadvisers, and as a result, the Portfolio's performance prior to January 2025 was not attributable to the Portfolio's current subadvisers. In this regard, the Board noted that the Portfolio ranked in the first quartile for the quarter ended March 31, 2025, and considered the Manager's assertion that the new mix of subadvisers should be afforded more time to develop their own performance record.

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● The Board noted that in connection with the Portfolio's repositioning in January 2025, the investment management fee for the Portfolio was reduced. The Board also noted that the Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST Large-Cap Equity Portfolio** (formerly, AST Large-Cap Core Portfolio) | &nbsp;&nbsp; **AST Large-Cap Equity Portfolio** (formerly, AST Large-Cap Core Portfolio) | &nbsp;&nbsp; **AST Large-Cap Equity Portfolio** (formerly, AST Large-Cap Core Portfolio) | &nbsp;&nbsp; **AST Large-Cap Equity Portfolio** (formerly, AST Large-Cap Core Portfolio) | &nbsp;&nbsp; **AST Large-Cap Equity Portfolio** (formerly, AST Large-Cap Core Portfolio) |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 1<sup>st</sup> Quartile | 2<sup>nd</sup> Quartile | 3<sup>rd</sup> Quartile | 4<sup>th</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile |

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● The Board noted that the Portfolio outperformed its benchmark index over the one- and three-year periods and underperformed its benchmark index over the five- and ten-year periods.

● The Board noted that the Portfolio underwent a repositioning in January 2025 with a change in investment strategy and two new subadvisers added to the Portfolio replacing one of the Portfolio's prior subadvisers, and as a result, the Portfolio's performance prior to January 2025 was not attributable to the Portfolio's current subadvisers. In this regard, the Board considered the Manager's assertion that the new mix of subadvisers should be afforded more time to develop their own performance record.

● The Board noted that in connection with the Portfolio's repositioning in January 2025, the investment management fee for the Portfolio was reduced.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST Large-Cap Growth Portfolio** | &nbsp;&nbsp; **AST Large-Cap Growth Portfolio** | &nbsp;&nbsp; **AST Large-Cap Growth Portfolio** |  |  |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 3<sup>rd</sup> Quartile | 2<sup>nd</sup> Quartile | 3<sup>rd</sup> Quartile | 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio underperformed its performance benchmark index over all periods.

● The Board noted that the Portfolio underwent a repositioning in December 2024 with a change in investment strategy and two new subadvisers added to the Portfolio replacing one of the Portfolio's prior subadvisers, and as a result, the Portfolio's performance prior to December 2024 was not attributable to the Portfolio's current subadvisers. In this regard, the Board noted that the Portfolio ranked in the second quartile for the quarter ended March 31, 2025 and considered the Manager's assertion that the new mix of subadvisers should be afforded more time to develop their own performance record.

● The Board noted that in connection with the Portfolio's repositioning in December 2024, the investment management fee for the Portfolio was reduced.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST Large-Cap Value Portfolio** | &nbsp;&nbsp; **AST Large-Cap Value Portfolio** | &nbsp;&nbsp; **AST Large-Cap Value Portfolio** |  |  |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 4<sup>th</sup> Quartile | 2<sup>nd</sup> Quartile | 2<sup>nd</sup> Quartile | 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio and outperformed its performance benchmark index over the three-, five- and ten-year periods and underperformed its performance benchmark index over the one-year period.

------

● The Board noted that the Portfolio underwent a repositioning in December 2024 with a change in investment strategy and four new subadvisers added to the Portfolio replacing three of the Portfolio's prior subadvisers, and as a result, the Portfolio's performance prior to December 2024 was not attributable to the Portfolio's current subadvisers. In this regard, the Board noted that the Portfolio ranked in the second quartile for the quarter ended March 31, 2025, and considered the Manager's assertion that the new mix of subadvisers should be afforded more time to develop their own performance record.

● The Board noted that in connection with the Portfolio's repositioning in December 2024, the investment management fee for the Portfolio was reduced. The Board also noted that the Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST Small-Cap Equity Portfolio** (formerly, AST Small-Cap Growth Portfolio) | &nbsp;&nbsp; **AST Small-Cap Equity Portfolio** (formerly, AST Small-Cap Growth Portfolio) | &nbsp;&nbsp; **AST Small-Cap Equity Portfolio** (formerly, AST Small-Cap Growth Portfolio) | &nbsp;&nbsp; **AST Small-Cap Equity Portfolio** (formerly, AST Small-Cap Growth Portfolio) | &nbsp;&nbsp; **AST Small-Cap Equity Portfolio** (formerly, AST Small-Cap Growth Portfolio) |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 1<sup>st</sup> Quartile | 4<sup>th</sup> Quartile | 2<sup>nd</sup> Quartile | 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees*: 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses*: 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its performance benchmark index over the one-, five- and ten-year periods and underperformed its performance benchmark index over the three-year period.

● The Board noted that the Portfolio underwent a repositioning in December 2024 with a change in investment strategy and four new subadvisers added to the Portfolio replacing four of the Portfolio's prior subadvisers, and as a result, the Portfolio's performance prior to December 2024 was not attributable to the Portfolio's current subadvisers. In this regard, the Board considered the Manager's assertion that the new mix of subadvisers should be afforded more time to develop their own performance record.

● The Board noted that in connection with the Portfolio's repositioning in December 2024, the investment management fee for the Portfolio was reduced. The Board also noted that the Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Trust, each Portfolio and its beneficial shareholders.

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### June 30, 2025

---

| | |
|:---|:---|
| ![LOGO](g945993dsp1.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **AST Bond Portfolio 2025**<br> **AST Bond Portfolio 2026**<br> **AST Bond Portfolio 2027**<br> **AST Bond Portfolio 2028**<br> **AST Bond Portfolio 2029**<br> **AST Bond Portfolio 2030**<br> **AST Bond Portfolio 2031**<br> **AST Bond Portfolio 2032**<br> **AST Bond Portfolio 2033**<br> **AST Bond Portfolio 2034**<br> **AST Bond Portfolio 2035**<br> **AST Bond Portfolio 2036**<br> **AST Core Fixed Income Portfolio**<br> **AST Government Money Market Portfolio**<br> **AST Investment Grade Bond Portfolio**<br> **AST Multi-Sector Fixed Income Portfolio**<br> **AST Quantitative Modeling Portfolio** |

---

![LOGO](g945993dsp1a.jpg)

------

Advanced Series Trust **Table of Contents** Financial Statements and Other Information June 30, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

---

| | | |
|:---|:---|:---|
|  Section A  | [Schedule of Investments, Financial Statements, and Financial Highlights](#edgar945993_1) | A1 |
|  | [Glossary](#edgar945993_2) | A1 |
|  | [AST Bond Portfolio 2025](#edgar945993_3) | A3 |
|  | [AST Bond Portfolio 2026](#edgar945993_4) | A8 |
|  | [AST Bond Portfolio 2027](#edgar945993_5) | A13 |
|  | [AST Bond Portfolio 2028](#edgar945993_6) | A18 |
|  | [AST Bond Portfolio 2029](#edgar945993_7) | A23 |
|  | [AST Bond Portfolio 2030](#edgar945993_8) | A28 |
|  | [AST Bond Portfolio 2031](#edgar945993_9) | A33 |
|  | [AST Bond Portfolio 2032](#edgar945993_10) | A38 |
|  | [AST Bond Portfolio 2033](#edgar945993_11) | A43 |
|  | [AST Bond Portfolio 2034](#edgar945993_12) | A48 |
|  | [AST Bond Portfolio 2035](#edgar945993_13) | A53 |
|  | [AST Bond Portfolio 2036](#edgar945993_14) | A58 |
|  | [AST Core Fixed Income Portfolio](#edgar945993_15) | A63 |
|  | [AST Government Money Market Portfolio](#edgar945993_16) | A124 |
|  | [AST Investment Grade Bond Portfolio](#edgar945993_17) | A130 |
|  | [AST Multi-Sector Fixed Income Portfolio](#edgar945993_18) | A150 |
|  | [AST Quantitative Modeling Portfolio](#edgar945993_19) | A176 |
|  Section B | [Notes to Financial Statements](#edgar945993_20) | B1 |

---

∎ **[APPENDIX A](#edgar945993_21)** 

∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar945993_22)** 

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

------

<br> ***Glossary*** <br>

The following abbreviations are used in the Portfolios' descriptions:

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNH | Chinese Renminbi |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwanese Dollar |
| USD | US Dollar |
| ZAR | South African Rand |
|  144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | 144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
| A — Annual payment frequency for swaps | A — Annual payment frequency for swaps |
| ABS — Asset-Backed Security | ABS — Asset-Backed Security |
| ADR — American Depositary Receipt | ADR — American Depositary Receipt |
| AID — Agency for International Development | AID — Agency for International Development |
| BABs — Build America Bonds | BABs — Build America Bonds |
| BARC — Barclays Bank PLC | BARC — Barclays Bank PLC |
| BNP — BNP Paribas S.A. | BNP — BNP Paribas S.A. |
| BNY — Bank of New York Mellon | BNY — Bank of New York Mellon |
| BOA — Bank of America, N.A. | BOA — Bank of America, N.A. |
| BOS — BofA Securities, Inc. | BOS — BofA Securities, Inc. |
| bps — Basis Points | bps — Basis Points |
| CDX — Credit Derivative Index | CDX — Credit Derivative Index |
| CGM — Citigroup Global Markets, Inc. | CGM — Citigroup Global Markets, Inc. |
| CITI — Citibank, N.A. | CITI — Citibank, N.A. |
| CLO — Collateralized Loan Obligation | CLO — Collateralized Loan Obligation |
| CMBS — Collateralized Mortgage-Backed Security | CMBS — Collateralized Mortgage-Backed Security |
| CMBX — Commercial Mortgage-Backed Index | CMBX — Commercial Mortgage-Backed Index |
| CME — Chicago Mercantile Exchange | CME — Chicago Mercantile Exchange |
| COP — Certificates of Participation | COP — Certificates of Participation |
| CVA — Certificate Van Aandelen (Bearer) | CVA — Certificate Van Aandelen (Bearer) |

---

---

| |
|:---|
| CVT — Convertible Security |
| DAC — Designated Activity Company |
| DB — Deutsche Bank AG |
| EAFE — Europe, Australasia, Far East |
| EMTN — Euro Medium Term Note |
| ETF — Exchange-Traded Fund |
| EURIBOR — Euro Interbank Offered Rate |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| FREMF — Freddie Mac Mortgage Trust |
| GMTN — Global Medium Term Note |
| GNMA — Government National Mortgage Association |
| GS — Goldman Sachs & Co. LLC |
| GSI — Goldman Sachs International |
| HSBC — HSBC Bank PLC |
| IO — Interest Only (Principal amount represents notional) |
| JPM — JPMorgan Chase Bank N.A. |
| JPS — J.P. Morgan Securities LLC |
| LP — Limited Partnership |
| M — Monthly payment frequency for swaps |
| MASTR — Morgan Stanley Structured Asset Security |
| MLC — Merrill Lynch Capital Services, Inc. |
| MSC — Morgan Stanley & Co. LLC |
| MSCI — Morgan Stanley Capital International |
| MSI — Morgan Stanley & Co International PLC |
| MTN — Medium Term Note |
| N/A — Not Applicable |
| OTC — Over-the-counter |
| PIK — Payment-in-Kind |
| PO — Principal Only |
| PRFC — Preference Shares |
| Q — Quarterly payment frequency for swaps |
| REITs — Real Estate Investment Trust |
| REMIC — Real Estate Mortgage Investment Conduit |
|  RFUCCT — Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| S&P — Standard & Poor's |
| SOFR — Secured Overnight Financing Rate |
| SONIA — Sterling Overnight Index Average |
| SSB — State Street Bank & Trust Company |
|  STRIPs — Separate Trading of Registered Interest and Principal of Securities |
| T — Swap payment upon termination |
| TBA — To Be Announced |
| TD — The Toronto-Dominion Bank |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

<br> ***Glossary (CONTINUED)*** <br>

TIPS — Treasury Inflation-Protected Securities

UMBS — Uniform Mortgage-Backed Securities

USOIS — United States Overnight Index Swap

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2025*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 96.0%** | **LONG-TERM INVESTMENT — 96.0%** | **LONG-TERM INVESTMENT — 96.0%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404851 | $15200485 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $13,726,803) |  |  |
|  **SHORT-TERM INVESTMENT — 0.9%** | **SHORT-TERM INVESTMENT — 0.9%** | **SHORT-TERM INVESTMENT — 0.9%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $136,421) | 136421 | 136421 |
|  **TOTAL INVESTMENTS—96.9%**<br> (cost $13,863,224)(wa) |  | 15336906 |
|  **Other assets in excess of liabilities(z) — 3.1%** | **Other assets in excess of liabilities(z) — 3.1%** | 494580 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15831486 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br>**Date** | **Current**<br>**Notional**<br>**Amount** | **Value /**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 10 | 3 Month CME SOFR | Sep. 2025 | $2391625 | $(6771) |
| 20 | 3 Month CME SOFR | Dec. 2025 | 4799500 | (2437) |
|  |  |  |  | (9208) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 13 | 2 Year U.S. Treasury Notes | Sep. 2025 | 2704305 | (10057) |
| 40 | 5 Year U.S. Treasury Notes | Sep. 2025 | 4360000 | (46963) |
| 16 | 10 Year U.S. Treasury Notes | Sep. 2025 | 1794000 | (30741) |
| 14 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 1599719 | (35526) |
| 20 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 2309375 | (77958) |
| 9 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 1072125 | (42107) |
|  |  |  |  | (243352) |
|  |  |  |  | $(252560) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $595000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2025** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $15200485 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 136421 |  |  |
|  **Total** | $**15336906** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(252560)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 96.0% |
|  Short-Term | 0.9 |
|  | 96.9 |
|  Other assets in excess of liabilities | 3.1 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
|  Interest rate contracts |  | $— | Due from/to broker-variation margin futures | $252560 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $67964 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2025** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(602452) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $11490225 |
|  Futures Contracts - Short Positions (1) | 21764365 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

<br> **AST BOND PORTFOLIO 2025** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $13,863,224) | $15336906.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 595000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 219795.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 211.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 16151912.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 231363.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 51361.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19749.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 10150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 4540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 930.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 714.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 663.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 320426.0 |
|  **NET ASSETS** | $15831486.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $15831486.0 |
|  Net asset value and redemption price per share, $15,831,486 / 1,068,619 outstanding shares of beneficial interest | $14.81 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $14874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 14777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 29651 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 70487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 37577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 23293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fee | 9925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 183715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (46933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 136782 |
| **NET INVESTMENT INCOME (LOSS)** | (107131) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON**<br> **INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $1,077,569) | 1077648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 67964 |
|  | 1145612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 88805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (602452) |
|  | (513647) |
| **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 631965 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $524834 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(107131) | $(190807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1145612 | 386560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (513647) | 1507534 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 524834 | 1703287 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,035,784 and 3,667,439 shares, respectively] | 15147932 | 51560067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [2,914,926 and 1,148,556 shares, respectively] | (42725767) | (16302194) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (27577835) | 35257873 |
|  **TOTAL INCREASE (DECREASE)** | (27053001) | 36961160 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 42884487 | 5923327 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $15831486 | $42884487 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

<br> **AST BOND PORTFOLIO 2025** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $14.55 | $13.81 | $13.05 | $14.30 | $14.72 | $13.22 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | (0.05) | (0.09) | (0.06) | (0.04) | 0.32 | 0.26 |
| Net realized and unrealized gain (loss) on investment transactions | 0.31 | 0.83 | 0.82 | (1.21) | (0.74) | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.26 | 0.74 | 0.76 | (1.25) | (0.42) | 1.50 |
|  Net Asset Value, end of period | $14.81 | $14.55 | $13.81 | $13.05 | $14.30 | $14.72 |
|  **Total Return<sup>(b)</sup>** | 1.79% | 5.36% | 5.82% | (8.74)% | (2.85)% | 11.35% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $16 | $43 | $6 | $7 | $2 | $9 |
|  Average net assets (in millions) | $30 | $29 | $7 | $6 | $4 | $28 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(d)</sup> | 0.91% | 0.91% | 0.91% | 0.93% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.22 %<sup>(d)</sup> | 1.27% | 3.00% | 3.07% | 5.14% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.71)%<sup>(d)</sup> | (0.66)% | (0.48)% | (0.33)% | 2.19% | 1.82% |
|  Portfolio turnover rate<sup>(e)</sup> | 43% | 48% | 98% | 114% | 52% | 273% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2026*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 96.1%** | **LONG-TERM INVESTMENT — 96.1%** | **LONG-TERM INVESTMENT — 96.1%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 3425877 | $37067992 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $34,535,710) |  |  |
|  **SHORT-TERM INVESTMENT — 2.8%** | **SHORT-TERM INVESTMENT — 2.8%** | **SHORT-TERM INVESTMENT — 2.8%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $1,065,529) | 1065529 | 1065529 |
|  **TOTAL INVESTMENTS—98.9%**<br> (cost $35,601,239)(wa) |  | 38133521 |
|  **Other assets in excess of liabilities(z) — 1.1%** | **Other assets in excess of liabilities(z) — 1.1%** | 434694 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38568215 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 29 | 3 Month CME SOFR | Dec. 2025 | $6959275 | $5022 |
| 113 | 2 Year U.S. Treasury Notes | Sep. 2025 | 23506648 | 93061 |
|  |  |  |  | 98083 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 102 | 5 Year U.S. Treasury Notes | Sep. 2025 | 11118000 | (118664) |
| 40 | 10 Year U.S. Treasury Notes | Sep. 2025 | 4485000 | (83992) |
| 33 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 3770766 | (84458) |
| 50 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 5773438 | (197055) |
| 21 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 2501625 | (109008) |
|  |  |  |  | (593177) |
|  |  |  |  | $(495094) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $611000 | $— |

---

#### Fair Value Measurements :
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2026** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $37067992 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1065529 |  |  |
|  **Total** | $**38133521** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**98083** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(593177)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 96.1% |
|  Short-Term | 2.8 |
|  | 98.9 |
|  Other assets in excess of liabilities | 1.1 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $98083 \* | Due from/to broker-variation margin futures | $593177 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $374728 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2026** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(676504) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $22818620 |
|  Futures Contracts - Short Positions (1) | 20456753 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

<br> **AST BOND PORTFOLIO 2026** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $35,601,239) | $38133521.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 611000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 427569.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 208.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 39172298.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 450072.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 113708.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 27916.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 4843.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 4540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 1615.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 433.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 604083.0 |
|  **NET ASSETS** | $38568215.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $38568215.0 |
|  Net asset value and redemption price per share, $38,568,215 / 3,106,167 outstanding shares of beneficial interest | $12.42 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $20406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 10308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 30714 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 72720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 38769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 185941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (44822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 141119 |
|  **NET INVESTMENT INCOME (LOSS)** | (110405) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(44214)) | (44073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 374728 |
|  | 330655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 1240748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (676504) |
|  | 564244 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 894899 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $784494 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(110405) | $(139858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 330655 | 61230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 564244 | 963359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 784494 | 884731 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,215,772 and 506,336 shares, respectively] | 27113340 | 6000036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [797,268 and 869,452 shares, respectively] | (9793201) | (10215954) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 17320139 | (4215918) |
|  **TOTAL INCREASE (DECREASE)** | 18104633 | (3331187) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 20463582 | 23794769 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $38568215 | $20463582 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

<br> **AST BOND PORTFOLIO 2026** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $12.13 | $11.60 | $10.95 | $12.26 | $12.75 | $11.52 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | (0.04) | (0.08) | (0.07) | — <sup>(b)</sup> | 0.16 | 0.18 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.33 | 0.61 | 0.72 | (1.31) | (0.65) | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | 0.53 | 0.65 | (1.31) | (0.49) | 1.23 |
|  Net Asset Value, end of period | $12.42 | $12.13 | $11.60 | $10.95 | $12.26 | $12.75 |
|  **Total Return<sup>(c)</sup>** | 2.39% | 4.57% | 5.94% | (10.69)% | (3.84)% | 10.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $39 | $20 | $24 | $27 | $30 | $52 |
|  Average net assets (in millions) | $31 | $21 | $25 | $29 | $39 | $92 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(e)</sup> | 0.91% | 0.91% | 0.92% | 0.93% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.20 %<sup>(e)</sup> | 1.48% | 1.31% | 1.21% | 1.18% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.71)%<sup>(e)</sup> | (0.66)% | (0.59)% | 0.03% | 1.25% | 1.50% |
|  Portfolio turnover rate<sup>(f)</sup> | 26% | 25% | 42% | 47% | 30% | 93% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Amount rounds to zero.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2027*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 96.2%** | **LONG-TERM INVESTMENT — 96.2%** | **LONG-TERM INVESTMENT — 96.2%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 3679017 | $39806960 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $36,269,484) |  |  |
|  **SHORT-TERM INVESTMENT — 2.2%** | **SHORT-TERM INVESTMENT — 2.2%** | **SHORT-TERM INVESTMENT — 2.2%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $895,222) | 895222 | 895222 |
|  **TOTAL INVESTMENTS—98.4%**<br> (cost $37,164,706)(wa) |  | 40702182 |
|  **Other assets in excess of liabilities(z) — 1.6%** | **Other assets in excess of liabilities(z) — 1.6%** | 653563 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41355745 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 16 | 3 Month CME SOFR | Sep. 2025 | $3826600 | $(629) |
| 83 | 2 Year U.S. Treasury Notes | Sep. 2025 | 17265945 | 58109 |
| 98 | 3 Year U.S. Treasury Notes | Sep. 2025 | 20821172 | 140754 |
|  |  |  |  | 198234 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 115 | 5 Year U.S. Treasury Notes | Sep. 2025 | 12535000 | (136477) |
| 43 | 10 Year U.S. Treasury Notes | Sep. 2025 | 4821375 | (92207) |
| 35 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 3999297 | (89531) |
| 51 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 5888906 | (204838) |
| 22 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 2620750 | (113259) |
|  |  |  |  | (636312) |
|  |  |  |  | $(438078) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $807000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2027** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $39806960 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 895222 |  |  |
|  **Total** | $**40702182** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**198863** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(636941)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 96.2% |
|  Short-Term | 2.2 |
|  | 98.4 |
|  Other assets in excess of liabilities | 1.6 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $198,863\* | Due from/to broker-variation margin futures | $636,941\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $619288 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2027** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(768401) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $39014624 |
|  Futures Contracts - Short Positions (1) | 31150568 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

<br> **AST BOND PORTFOLIO 2027** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $37,164,706) | $40702182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 807000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 36212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 17722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 41563327 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 108972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 55840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 17990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 207582 |
|  **NET ASSETS** | $41355745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $41355745 |
|  Net asset value and redemption price per share, $41,355,745 / 3,483,007 outstanding shares of beneficial interest | $11.87 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $23304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 16402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 39706 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 96645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 51523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 222219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (34674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 187545 |
|  **NET INVESTMENT INCOME (LOSS)** | (147839) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 24113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 619288 |
|  | 643401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 1533608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (768401) |
|  | 765207 |
| **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 1408608 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1260769 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(147839) | $(304304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 643401 | 186990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 765207 | 1757806 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1260769 | 1640492 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [283,947 and 258,186 shares, respectively] | 3311121 | 2913112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [365,164 and 1,070,768 shares, respectively] | (4264250) | (12096389) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (953129) | (9183277) |
|  **TOTAL INCREASE (DECREASE)** | 307640 | (7542785) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 41048105 | 48590890 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $41355745 | $41048105 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

<br> **AST BOND PORTFOLIO 2027** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $11.52 | $11.10 | $10.52 | $12.05 | $12.63 | $11.29 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | (0.04) | (0.08) | (0.07) | (0.03) | 0.10 | 0.15 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.39 | 0.50 | 0.65 | (1.50) | (0.68) | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 0.42 | 0.58 | (1.53) | (0.58) | 1.34 |
|  Net Asset Value, end of period | $11.87 | $11.52 | $11.10 | $10.52 | $12.05 | $12.63 |
|  **Total Return<sup>(b)</sup>** | 3.04% | 3.78% | 5.51% | (12.70)% | (4.59)% | 11.87% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $41 | $41 | $49 | $52 | $48 | $69 |
|  Average net assets (in millions) | $42 | $45 | $50 | $54 | $56 | $65 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(d)</sup> | 0.91% | 0.91% | 0.92% | 0.93% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.08 %<sup>(d)</sup> | 1.06% | 1.02% | 0.98% | 1.04% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.72)%<sup>(d)</sup> | (0.67)% | (0.62)% | (0.26)% | 0.79% | 1.26% |
|  Portfolio turnover rate<sup>(e)</sup> | 8% | 5% | 15% | 40% | 40% | 189% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2028*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.8%** | **LONG-TERM INVESTMENT — 95.8%** | **LONG-TERM INVESTMENT — 95.8%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 5729434 | $61992475 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $57,238,071) |  |  |
|  **SHORT-TERM INVESTMENT — 3.3%** | **SHORT-TERM INVESTMENT — 3.3%** |  |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,146,702) | 2146702 | 2146702 |
|  **TOTAL INVESTMENTS—99.1%**<br> (cost $59,384,773)(wa) | **TOTAL INVESTMENTS—99.1%**<br> (cost $59,384,773)(wa) | 64139177 |
|  **Other assets in excess of liabilities(z) — 0.9%** | **Other assets in excess of liabilities(z) — 0.9%** | 587990 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64727167 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 175 | 3 Year U.S. Treasury Notes | Sep. 2025 | $37180664 | $230785 |
| 112 | 5 Year U.S. Treasury Notes | Sep. 2025 | 12208000 | 135754 |
|  |  |  |  | 366539 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 64 | 2 Year U.S. Treasury Notes | Sep. 2025 | 13313500 | (51079) |
| 65 | 10 Year U.S. Treasury Notes | Sep. 2025 | 7288125 | (138441) |
| 55 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 6284610 | (140253) |
| 80 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 9237500 | (321543) |
| 36 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 4288500 | (180998) |
|  |  |  |  | (832314) |
|  |  |  |  | $(465775) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  CGM | $775000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2028** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $61992475 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2146702 |  |  |
|  **Total** | $**64139177** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**366539** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(832314)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.8% |
|  Short-Term | 3.3 |
|  | 99.1 |
|  Other assets in excess of liabilities | 0.9 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $366539 \* | Due from/to broker-variation margin futures | $832314 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $1069458 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2028** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(758244) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $53379719 |
|  Futures Contracts - Short Positions (1) | 43662558 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

<br> **AST BOND PORTFOLIO 2028** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES (unaudited)**<br> as of June 30, 2025 | **STATEMENT OF ASSETS AND LIABILITIES (unaudited)**<br> as of June 30, 2025 |
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $59,384,773) | $64139177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 775000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 4442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 64928139 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 140712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 17942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 9657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 8461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 4725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 200972 |
|  **NET ASSETS** | $64727167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $64727167 |
|  Net asset value and redemption price per share, $64,727,167 / 5,463,975 outstanding shares of beneficial interest | $11.85 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $47532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 15796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 63328 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 153651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 81914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 310641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (12473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 298168 |
|  **NET INVESTMENT INCOME (LOSS)** | (234840) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 334703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1069458 |
|  | 1404161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 2166366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (758244) |
|  | 1408122 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 2812283 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2577443 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(234840) | $(538083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1404161 | 742298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1408122 | 1732323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2577443 | 1936538 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [48,662 and 55,308 shares, respectively] | 567012 | 620068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [625,785 and 1,748,727 shares, respectively] | (7235024) | (19582911) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (6668012) | (18962843) |
|  **TOTAL INCREASE (DECREASE)** | (4090569) | (17026305) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 68817736 | 85844041 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $64727167 | $68817736 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

<br> **AST BOND PORTFOLIO 2028** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $11.39 | $11.10 | $10.52 | $12.24 | $12.81 | $11.17 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | (0.04) | (0.08) | (0.07) | (0.03) | — <sup>(b)</sup> | 0.17 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.50 | 0.37 | 0.65 | (1.69) | (0.57) | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.46 | 0.29 | 0.58 | (1.72) | (0.57) | 1.64 |
|  Net Asset Value, end of period | $11.85 | $11.39 | $11.10 | $10.52 | $12.24 | $12.81 |
|  **Total Return<sup>(c)</sup>** | 4.04% | 2.61% | 5.51% | (14.05)% | (4.45)% | 14.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $65 | $69 | $86 | $102 | $89 | $3 |
|  Average net assets (in millions) | $66 | $77 | $93 | $112 | $50 | $6 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(e)</sup> | 0.90% | 0.86% | 0.83% | 0.93% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.95 %<sup>(e)</sup> | 0.92% | 0.88% | 0.84% | 1.06% | 3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.72)%<sup>(e)</sup> | (0.70)% | (0.62)% | (0.29)% | 0.01% | 1.44% |
|  Portfolio turnover rate<sup>(f)</sup> | 1% | 1% | 1% | 41% | 230% | 211% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Amount rounds to zero.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2029*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.8%** | **LONG-TERM INVESTMENT — 95.8%** | **LONG-TERM INVESTMENT — 95.8%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 538856 | $5830426 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $5,158,651) |  |  |
|  **SHORT-TERM INVESTMENT — 2.3%** | **SHORT-TERM INVESTMENT — 2.3%** |  |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (cost $137,474) | 137474 | 137474 |
|  **TOTAL INVESTMENTS—98.1%**<br> (cost $5,296,125)(wa) | **TOTAL INVESTMENTS—98.1%**<br> (cost $5,296,125)(wa) | 5967900 |
|  **Other assets in excess of liabilities(z) — 1.9%** | **Other assets in excess of liabilities(z) — 1.9%** | 115888 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083788 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| 61 | 5 Year U.S. Treasury Notes | Sep. 2025 | $6649000 | $76407 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 7 | 2 Year U.S. Treasury Notes | Sep. 2025 | 1456164 | (5337) |
| 9 | 3 Year U.S. Treasury Notes | Sep. 2025 | 1912149 | (13215) |
| 6 | 10 Year U.S. Treasury Notes | Sep. 2025 | 672750 | (12055) |
| 5 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 571328 | (12678) |
| 7 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 808281 | (27776) |
| 4 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 476500 | (16397) |
|  |  |  |  | (87458) |
|  |  |  |  | $(11051) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $158000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2029** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $5830426 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 137474 |  |  |
|  **Total** | $**5967900** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**76407** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(87458)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.8% |
|  Short-Term | 2.3 |
|  | 98.1 |
|  Other assets in excess of liabilities | 1.9 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $76407 \* | Due from/to broker-variation margin futures | $87458 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $99208 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2029** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(28239) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $8397180 |
|  Futures Contracts - Short Positions (1) | 7792672 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

<br> **AST BOND PORTFOLIO 2029** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $5,296,125) | $5967900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 158000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 8550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 6144822 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 17934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 10027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 4540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports payable | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 61034 |
|  **NET ASSETS** | $6083788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $6083788 |
|  Net asset value and redemption price per share, $6,083,788 / 525,781 outstanding shares of beneficial interest | $11.57 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $3204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5821 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 14466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 7712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services. | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports. | 3842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 95380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (67308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 28072 |
|  **NET INVESTMENT INCOME (LOSS)** | (22251) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 46390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 99208 |
|  | 145598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 191275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (28239) |
|  | 163036 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 308634 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $286383 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(22251) | $(49745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 145598 | 49371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 163036 | 115160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 286383 | 114786 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [7,899 and 36,705 shares, respectively] | 90267 | 393871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [66,283 and 188,029 shares, respectively] | (748964) | (2058953) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (658697) | (1665082) |
|  **TOTAL INCREASE (DECREASE)** | (372314) | (1550296) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6456102 | 8006398 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6083788 | $6456102 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

<br> **AST BOND PORTFOLIO 2029** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $11.05 | $10.89 | $10.31 | $12.27 | $12.85 | $11.05 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | (0.04) | (0.07) | (0.06) | (0.05) | 0.10 | 0.17 |
| Net realized and unrealized gain (loss) on investment transactions | 0.56 | 0.23 | 0.64 | (1.91) | (0.68) | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.52 | 0.16 | 0.58 | (1.96) | (0.58) | 1.80 |
|  Net Asset Value, end of period | $11.57 | $11.05 | $10.89 | $10.31 | $12.27 | $12.85 |
|  **Total Return<sup>(b)</sup>** | 4.71% | 1.47% | 5.63% | (15.97)% | (4.51)% | 16.29% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $6 | $6 | $8 | $9 | $3 | $3 |
|  Average net assets (in millions) | $6 | $7 | $9 | $8 | $3 | $10 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(d)</sup> | 0.91% | 0.91% | 0.91% | 0.93% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.09 %<sup>(d)</sup> | 2.83% | 2.47% | 2.54% | 6.01% | 2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.72)%<sup>(d)</sup> | (0.67)% | (0.60)% | (0.43)% | 0.80% | 1.51% |
|  Portfolio turnover rate<sup>(e)</sup> | 1% | 5% | 15% | 98% | 68% | 199% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2030*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 94.8%** | **LONG-TERM INVESTMENT — 94.8%** | **LONG-TERM INVESTMENT — 94.8%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
|  **Fixed Income** | **Fixed Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 4572377 | $49473121 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $45,204,152) |  |  |
|  **SHORT-TERM INVESTMENT — 4.0%** | **SHORT-TERM INVESTMENT — 4.0%** |  |
|  **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,093,460) | 2093460 | 2093460 |
|  **TOTAL INVESTMENTS—98.8%**<br> (cost $47,297,612)(wa) |  | 51566581 |
|  **Other assets in excess of liabilities(z) — 1.2%** | **Other assets in excess of liabilities(z) — 1.2%** | 650213 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52216794 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 475 | 5 Year U.S. Treasury Notes | Sep. 2025 | $51775000 | $587291 |
| 91 | 10 Year U.S. Treasury Notes | Sep. 2025 | 10203375 | 200627 |
|  |  |  |  | 787918 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 65 | 2 Year U.S. Treasury Notes | Sep. 2025 | 13521524 | (52028) |
| 117 | 3 Year U.S. Treasury Notes | Sep. 2025 | 24857930 | (160872) |
| 45 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 5141953 | (113888) |
| 64 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 7390000 | (260497) |
| 27 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 3216375 | (139415) |
|  |  |  |  | (726700) |
|  |  |  |  | $61218 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  CGM | $746000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2030** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $49473121 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2093460 |  |  |
|  **Total** | $**51566581** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**787918** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(726700)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 94.8% |
|  Short-Term | 4.0 |
|  | 98.8 |
|  Other assets in excess of liabilities | 1.2 |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $787918 \* | Due from/to broker-variation margin futures | $726700 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $675874 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2030** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $111812 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $60272318 |
|  Futures Contracts - Short Positions (1) | 52568209 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

<br> **AST BOND PORTFOLIO 2030** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $47,297,612) | $51566581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 746000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 65256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 52387055 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 68690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 49377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 17956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 7332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 5843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports payable | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 170261 |
|  **NET ASSETS** | $52216794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $52216794 |
|  Net asset value and redemption price per share, $52,216,794 / 4,491,029 outstanding shares of beneficial interest | $11.63 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $38453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 15140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 53593 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 122819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 65477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 262304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (23966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses. | 238338 |
|  **NET INVESTMENT INCOME (LOSS)** | (184745) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 187824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 675874 |
|  | 863698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 1780008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 111812 |
|  | 1891820 |
| **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 2755518 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2570773 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(184745) | $(384511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 863698 | 198252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1891820 | 688512 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2570773 | 502253 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [188,120 and 178,108 shares, respectively] | 2127859 | 1964459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [488,632 and 858,312 shares, respectively] | (5517564) | (9404544) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (3389705) | (7440085) |
|  **TOTAL INCREASE (DECREASE)** | (818932) | (6937832) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 53035726 | 59973558 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $52216794 | $53035726 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

<br> **AST BOND PORTFOLIO 2030** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $11.07 | $10.96 | $10.39 | $12.55 | $13.10 | $11.44 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | (0.04) | (0.08) | (0.07) | (0.02) | 0.10 | 0.12 |
| Net realized and unrealized gain (loss) on investment transactions | 0.60 | 0.19 | 0.64 | (2.14) | (0.65) | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.56 | 0.11 | 0.57 | (2.16) | (0.55) | 1.66 |
|  Net Asset Value, end of period | $11.63 | $11.07 | $10.96 | $10.39 | $12.55 | $13.10 |
|  **Total Return<sup>(b)</sup>** | 5.06% | 1.00% | 5.38% | (17.13)% | (4.20)% | 14.51% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $52 | $53 | $60 | $58 | $73 | $141 |
|  Average net assets (in millions) | $53 | $56 | $58 | $64 | $103 | $213 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(d)</sup> | 0.91% | 0.91% | 0.91% | 0.91% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.00 %<sup>(d)</sup> | 1.00% | 0.98% | 0.93% | 0.91% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.71)%<sup>(d)</sup> | (0.69)% | (0.64)% | (0.15)% | 0.83% | 0.95% |
|  Portfolio turnover rate<sup>(e)</sup> | 3% | 3% | 12% | 14% | 56% | 253% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2031*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 94.5%** | **LONG-TERM INVESTMENT — 94.5%** | **LONG-TERM INVESTMENT — 94.5%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 6337407 | $68570748 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $63,217,573) |  |  |
|  **SHORT-TERM INVESTMENT — 4.3%** | **SHORT-TERM INVESTMENT — 4.3%** | **SHORT-TERM INVESTMENT — 4.3%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $3,126,943) | 3126943 | 3126943 |
|  **TOTAL INVESTMENTS—98.8%**<br> (cost $66,344,516)(wa) |  | 71697691 |
|  **Other assets in excess of liabilities(z) — 1.2%** | **Other assets in excess of liabilities(z) — 1.2%** | 892561 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72590252 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| 579 | 10 Year U.S. Treasury Notes | Sep. 2025 | $64920375 | $1227682 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 85 | 2 Year U.S. Treasury Notes | Sep. 2025 | 17681992 | (67721) |
| 39 | 3 Year U.S. Treasury Notes | Sep. 2025 | 8285977 | (41483) |
| 27 | 5 Year U.S. Treasury Notes | Sep. 2025 | 2943000 | (30703) |
| 69 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 7884328 | (172112) |
| 89 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 10276719 | (364238) |
| 39 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 4645875 | (200727) |
|  |  |  |  | (876984) |
|  |  |  |  | $350698 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MLC | $950000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2031** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $68570748 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 3126943 |  |  |
|  **Total** | $**71697691** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**1227682** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(876984)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 94.5% |
|  Short-Term | 4.3 |
|  | 98.8 |
|  Other assets in excess of liabilities | 1.2 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $1227682 \* | Due from/to broker-variation margin futures | $876984 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $684358 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2031** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| <br> **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | <br> **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $477288 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $76273146 |
|  Futures Contracts - Short Positions (1) | 64291052 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

<br> **AST BOND PORTFOLIO 2031** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $66,344,516) | $71697691.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 950000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 118465.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 72775343.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 115680.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 20049.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 11279.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 8420.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 7305.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2955.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 2646.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 589.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 185091.0 |
|  **NET ASSETS** | $72590252.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $72590252.0 |
|  Net asset value and redemption price per share, $72,590,252 / 7,462,366 outstanding shares of beneficial interest | $9.73 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $57986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 21586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 79572 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 169404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 90312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 23469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 335815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 328590 |
|  **NET INVESTMENT INCOME (LOSS)** | (249018) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 132060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 684358 |
|  | 816418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 2433863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 477288 |
|  | 2911151 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 3727569 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3478551 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(249018) | $(539985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 816418 | 62352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2911151 | 528319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 3478551 | 50686 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,523,999 and 1,484,919 shares, respectively] | 14584590 | 13836942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [1,911,190 and 2,610,413 shares, respectively] | (18071476) | (24099070) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (3486886) | (10262128) |
|  **TOTAL INCREASE (DECREASE)** | (8335) | (10211442) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 72598587 | 82810029 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $72590252 | $72598587 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

<br> **AST BOND PORTFOLIO 2031** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **January 02, 2020<sup>(a)</sup><br>through**<br>**December 31, 2020** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $9.25 | $9.23 | $8.76 | $10.78 | $11.32 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | (0.03) | (0.06) | (0.06) | (0.02) | 0.04 | 0.03 |
| Net realized and unrealized gain (loss) on investment transactions | 0.51 | 0.08 | 0.53 | (2.00) | (0.58) | 1.29 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.48 | 0.02 | 0.47 | (2.02) | (0.54) | 1.32 |
|  Net Asset Value, end of period | $9.73 | $9.25 | $9.23 | $8.76 | $10.78 | $11.32 |
|  **Total Return<sup>(d)</sup>** | 5.19% | 0.22% | 5.37% | (18.74)% | (4.77)% | 13.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $73 | $73 | $83 | $94 | $90 | $146 |
|  Average net assets (in millions) | $73 | $77 | $87 | $110 | $148 | $70 |
|  Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(f)</sup> | 0.90% | 0.87% | 0.84% | 0.88% | 0.92 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.93 %<sup>(f)</sup> | 0.92% | 0.89% | 0.85% | 0.88% | 0.92 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.69)%<sup>(f)</sup> | (0.70)% | (0.63)% | (0.25)% | 0.40% | 0.28 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 19% | 14% | 6% | 48% | 102% | 116% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2032*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 94.9%** | **LONG-TERM INVESTMENT — 94.9%** | **LONG-TERM INVESTMENT — 94.9%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 6111204 | $66123229 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $60,954,498) |  |  |
|  **SHORT-TERM INVESTMENT — 3.5%** | **SHORT-TERM INVESTMENT — 3.5%** |  |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,451,229) | 2451229 | 2451229 |
|  **TOTAL INVESTMENTS—98.4%**<br> (cost $63,405,727)(wa) | **TOTAL INVESTMENTS—98.4%**<br> (cost $63,405,727)(wa) | 68574458 |
|  **Other assets in excess of liabilities(z) — 1.6%** | **Other assets in excess of liabilities(z) — 1.6%** | 1083181 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69657639 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 609 | 10 Year U.S. Treasury Notes | Sep. 2025 | $68284125 | $1276758 |
| 90 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 10283907 | 228388 |
|  |  |  |  | 1505146 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 79 | 2 Year U.S. Treasury Notes | Sep. 2025 | 16433852 | (64667) |
| 324 | 5 Year U.S. Treasury Notes | Sep. 2025 | 35316000 | (384682) |
| 87 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 10045781 | (347634) |
| 37 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 4407625 | (190154) |
|  |  |  |  | (987137) |
|  |  |  |  | $518009 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MLC | $1100000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2032** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $66123229 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2451229 |  |  |
|  **Total** | $**68574458** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**1505146** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(987137)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 94.9% |
|  Short-Term | 3.5 |
|  | 98.4 |
|  Other assets in excess of liabilities | 1.6 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $1505146 \* | Due from/to broker-variation margin futures | $987137 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $316260 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2032** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $867057 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $79682823 |
|  Futures Contracts - Short Positions (1) | 67797386 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

<br> **AST BOND PORTFOLIO 2032** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $63,405,727) | $68574458.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1100000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 367422.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 49837.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 70091929.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 386760.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 17882.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 14547.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 10705.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2870.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 570.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 434290.0 |
|  **NET ASSETS** | $69657639.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $69657639.0 |
|  Net asset value and redemption price per share, $69,657,639 / 8,375,272 outstanding shares of beneficial interest | $8.32 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $43616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 23999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 67615 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 162030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 86382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 322646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (8217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 314429 |
|  **NET INVESTMENT INCOME (LOSS)** | (246814) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 147117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 316260 |
|  | 463377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 2427760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 867057 |
|  | 3294817 |
| **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 3758194 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3511380 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(246814) | $(554173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 463377 | 1095074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 3294817 | (1026744) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 3511380 | (485843) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [981,407 and 169,616 shares, respectively] | 8003322 | 1337549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [1,418,294 and 4,359,749 shares, respectively] | (11454555) | (34608654) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (3451233) | (33271105) |
|  **TOTAL INCREASE (DECREASE)** | 60147 | (33756948) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 69597492 | 103354440 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $69657639 | $69597492 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

<br> **AST BOND PORTFOLIO 2032** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | **January 04, 2021<sup>(a)</sup>**<br>**through**<br>**December 31, 2021** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **January 04, 2021<sup>(a)</sup>**<br>**through**<br>**December 31, 2021** |
|  |<br>**Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **January 04, 2021<sup>(a)</sup>**<br>**through**<br>**December 31, 2021** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $7.90 | $7.95 | $7.56 | $9.47 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.03) | (0.05) | (0.04) | (0.01) | 0.04 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.45 | — <sup>(c)</sup> | 0.43 | (1.90) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.42 | (0.05) | 0.39 | (1.91) | (0.53) |
|  Net Asset Value, end of period | $8.32 | $7.90 | $7.95 | $7.56 | $9.47 |
|  **Total Return<sup>(d)</sup>** | 5.32% | (0.63)% | 5.16% | (20.17)% | (5.30)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $70 | $70 | $103 | $125 | $103 |
|  Average net assets (in millions) | $70 | $85 | $113 | $141 | $33 |
|  Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(f)</sup> | 0.88% | 0.83% | 0.81% | 0.93 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.93 %<sup>(f)</sup> | 0.90% | 0.85% | 0.82% | 1.17 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.71)%<sup>(f)</sup> | (0.65)% | (0.55)% | (0.17)% | 0.44 %<sup>(g)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 10% | 2% | 4% | 34% | 375% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Amount rounds to zero.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Portfolio invests.

(f) Annualized.

(g) Annualized, with the exception of certain non-recurring expenses.

(h) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2033*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
|  **LONG-TERM INVESTMENT — 93.4%** | **LONG-TERM INVESTMENT — 93.4%** | **LONG-TERM INVESTMENT — 93.4%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 379116 | $4102039 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,626,110) |  |  |
|  **SHORT-TERM INVESTMENT — 2.0%** | **SHORT-TERM INVESTMENT — 2.0%** | **SHORT-TERM INVESTMENT — 2.0%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $87,596) | 87596 | 87596 |
|  **TOTAL INVESTMENTS—95.4%**<br> (cost $3,713,706)(wa) | **TOTAL INVESTMENTS—95.4%**<br> (cost $3,713,706)(wa) | 4189635 |
|  **Other assets in excess of liabilities(z) — 4.6%** | **Other assets in excess of liabilities(z) — 4.6%** | 200591 |
|  **NET ASSETS — 100.0%** |  | $4390226 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 18 | 10 Year U.S. Treasury Notes | Sep. 2025 | $2018250 | $35157 |
| 25 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 2856641 | 64193 |
|  |  |  |  | 99350 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 6 | 2 Year U.S. Treasury Notes | Sep. 2025 | 1248140 | (4718) |
| 19 | 5 Year U.S. Treasury Notes | Sep. 2025 | 2071000 | (22882) |
| 5 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 577344 | (20749) |
| 2 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 238250 | (10136) |
|  |  |  |  | (58485) |
|  |  |  |  | $40865 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MLC | $225000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2033** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $4102039 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 87596 |  |  |
|  **Total** | $**4189635** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**99350** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(58485)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 93.4% |
|  Short-Term | 2.0 |
|  | 95.4 |
|  Other assets in excess of liabilities | 4.6 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair<br>Value** | **Statement of**<br>**Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Interest rate contracts | Due from/to broker-variation<br> margin futures | $99,350\* | Due from/to broker-variation<br> margin futures | $58,485\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(3613) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2033** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $80884 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $4802235 |
|  Futures Contracts - Short Positions (1) | 4015396 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

<br> **AST BOND PORTFOLIO 2033** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,713,706) | $4189635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 225000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 7195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4432858 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 17926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 4540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports payable | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 42632 |
|  **NET ASSETS** | $4390226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $4390226 |
|  Net asset value and redemption price per share, $4,390,226 / 510,375 outstanding shares of beneficial interest | $8.60 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $&nbsp;&nbsp;&nbsp;&nbsp;3765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5129 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 9919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 5288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 88510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (69262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 19248 |
|  **NET INVESTMENT INCOME (LOSS)** | (14119) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (3613) |
|  | (1846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 156844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 80884 |
|  | 237728 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 235882 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $221763 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(14119) | $(35566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (1846) | 8960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 237728 | (60050) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 221763 | (86656) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [0 and 997 shares, respectively] |  | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [100 and 33,256 shares, respectively] | (828) | (268554) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (828) | (260304) |
|  **TOTAL INCREASE (DECREASE)** | 220935 | (346960) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4169291 | 4516251 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4390226 | $4169291 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | |
|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2033** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS (unaudited)** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **January 03, 2022<sup>(a)</sup><br>through**<br>**December 31, 2022** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
|  Net Asset Value, beginning of period | $8.17 | $8.32 | $7.95 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |
|  Net investment income (loss) | (0.03) | (0.07) | (0.06) | (0.02) |
| Net realized and unrealized gain (loss) on investment transactions | 0.46 | (0.08) | 0.43 | (2.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.43 | (0.15) | 0.37 | (2.05) |
|  Net Asset Value, end of period | $8.60 | $8.17 | $8.32 | $7.95 |
|  **Total Return<sup>(c)</sup>** | 5.26% | (1.80)% | 4.65% | (20.50)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (in millions) | $&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  Average net assets (in millions) | $&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(e)</sup> | 0.91% | 0.91% | 0.91 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.18 %<sup>(e)</sup> | 4.36% | 4.04% | 3.67 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.67)%<sup>(e)</sup> | (0.83)% | (0.74)% | (0.24)%<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 0% | 2% | 37% | 87% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2034*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 94.5%** | **LONG-TERM INVESTMENT — 94.5%** | **LONG-TERM INVESTMENT — 94.5%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $7,539,946) | 758577 | $8207808 |
|  **SHORT-TERM INVESTMENT — 2.1%** | **SHORT-TERM INVESTMENT — 2.1%** | **SHORT-TERM INVESTMENT — 2.1%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $184,167) | 184167 | 184167 |
|  **TOTAL INVESTMENTS—96.6%**<br> (cost $7,724,113)(wa) |  | 8391975 |
|  **Other assets in excess of liabilities(z) — 3.4%** | **Other assets in excess of liabilities(z) — 3.4%** | 293359 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8685334 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| 92 | &nbsp;&nbsp; 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | $10512438 | $225341 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 9 | &nbsp;&nbsp; 2 Year U.S. Treasury Notes | Sep. 2025 | 1872211 | (7118) |
| 34 | &nbsp;&nbsp; 5 Year U.S. Treasury Notes | Sep. 2025 | 3706000 | (39774) |
| 13 | &nbsp;&nbsp; 10 Year U.S. Treasury Notes | Sep. 2025 | 1457625 | (26119) |
| 10 | &nbsp;&nbsp; 20 Year U.S. Treasury Bonds | Sep. 2025 | 1154687 | (41498) |
| 4 | &nbsp;&nbsp; 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 476500 | (20271) |
|  |  |  |  | (134780) |
|  |  |  |  | $90561 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MLC | $310000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2034** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $8207808 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 184167 |  |  |
|  **Total** | $**8391975** | $**—** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**225341** | $**—** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(134780)** | $**—** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 94.5% |
|  Short-Term | 2.1 |
|  | 96.6 |
|  Other assets in excess of liabilities | 3.4 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Location**  | **Fair<br>Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $225341 \* | Due from/to broker-variation margin futures | $134,780\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(169796) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2034** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $164734 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $10867500 |
|  Futures Contracts - Short Positions (1) | &nbsp;&nbsp;&nbsp;&nbsp;9556440 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

<br> **AST BOND PORTFOLIO 2034** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $7,724,113) | $8391975.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 310000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 68928.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 19866.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 966.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9398.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8801133.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 72556.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 17963.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 4540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 3715.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 515.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 342.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 115799.0 |
|  **NET ASSETS** | $8685334.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $8685334.0 |
|  Net asset value and redemption price per share, $8,685,334 / 817,040 outstanding shares of beneficial interest | $10.63 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $4520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7500 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 18408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 9814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 101203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (65482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 35721 |
|  **NET INVESTMENT INCOME (LOSS)** | (28221) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | (140714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (169796) |
|  | (310510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 252642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 164734 |
|  | 417376 |
|  NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 106866 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $78645 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(28221) | $(50035) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (310510) | (141634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 417376 | (99582) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 78645 | (291251) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,385,651 and 753,659 shares, respectively] | 14640106 | 7944605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [1,242,958 and 598,872 shares, respectively] | (12853190) | (6219218) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 1786916 | 1725387 |
|  **TOTAL INCREASE (DECREASE)** | 1865561 | 1434136 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6819773 | 5385637 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $8685334 | $6819773 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

<br> **AST BOND PORTFOLIO 2034** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31, 2024** | **January 03, 2023<sup>(a)</sup><br>through<br>December 31, 2023** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |
|  Net Asset Value, beginning of period | $10.11 | $10.37 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |
|  Net investment income (loss) | (0.04) | (0.07) | (0.05) |
|  Net realized and unrealized gain (loss) on investment transactions | 0.56 | (0.19) | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.52 | (0.26) | 0.37 |
|  Net Asset Value, end of period | $10.63 | $10.11 | $10.37 |
|  **Total Return<sup>(c)</sup>** | 5.14% | (2.51)% | 3.70% |
|  **Ratios/Supplemental Data:** |  |  |  |
|  Net assets, end of period (in millions) | $9 | $7 | $5 |
|  Average net assets (in millions) | $8 | $7 | $5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(e)</sup> | 0.91% | 0.91 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.58 %<sup>(e)</sup> | 2.97% | 3.66 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.72)%<sup>(e)</sup> | (0.70)% | (0.48)%<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 168% | 96% | 11% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2035*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 93.4%** | **LONG-TERM INVESTMENT — 93.4%** | **LONG-TERM INVESTMENT — 93.4%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 528659 | $5720092 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $5,384,631) |  |  |
|  **SHORT-TERM INVESTMENT — 2.0%** | **SHORT-TERM INVESTMENT — 2.0%** | **SHORT-TERM INVESTMENT — 2.0%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $119,325) | 119325 | 119325 |
|  **TOTAL INVESTMENTS—95.4%** (cost $5,503,956)(wa) |  | 5839417 |
|  **Other assets in excess of liabilities(z) — 4.6%** | **Other assets in excess of liabilities(z) — 4.6%** | 283297 |
|  **NET ASSETS — 100.0%** |  | $6122714 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| 76 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | $8684188 | $188111 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 7 | 2 Year U.S. Treasury Notes | Sep. 2025 | 1456164 | (5630) |
| 24 | 5 Year U.S. Treasury Notes | Sep. 2025 | 2616000 | (27747) |
| 26 | 10 Year U.S. Treasury Notes | Sep. 2025 | 2915250 | (51034) |
| 4 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 476500 | (21529) |
|  |  |  |  | (105940) |
|  |  |  |  | $82171 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MLC | $290000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2035** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $5720092 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 119325 |  |  |
|  **Total** | $**5839417** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**188111** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(105940)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 93.4% |
|  Short-Term | 2.0 |
|  | 95.4 |
|  Other assets in excess of liabilities | 4.6 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $188111 \* | Due from/to broker-variation margin futures | $105940 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(166789) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2035** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $152062 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $8166813 |
|  Futures Contracts - Short Positions (1) | 7112586 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

<br> **AST BOND PORTFOLIO 2035** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $5,503,956) | $5839417.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 290000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 19802.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7456.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 1815.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 11047.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 6169537.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19941.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 13807.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 4942.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 2972.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2253.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 565.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 247.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 46823.0 |
|  **NET ASSETS** | $6122714.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $6122714.0 |
|  Net asset value and redemption price per share, $6,122,714 / 596,265 outstanding shares of beneficial interest | $10.27 |

---

#### STATEMENT OF OPERATIONS (unaudited)
For the Period January 02, 2024<sup>(a)</sup> through June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $5956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7900 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 13646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 7275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 22928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 94958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (68476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 26482 |
|  **NET INVESTMENT INCOME (LOSS)** | (18582) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | (103230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (166789) |
|  | (270019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 203990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 152062 |
|  | 356052 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 86033 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $67451 |

---

#### STATEMENT OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **January 02, 2024<sup>(a)</sup><br>through<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(18582) | $(32074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (270019) | (193216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 356052 | 61580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 67451 | (163710) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [729,958 and 675,030 shares, respectively] | 7495344 | 6794077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [669,218 and 139,505 shares, respectively] | (6670835) | (1399613) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 824509 | 5394464 |
|  **TOTAL INCREASE (DECREASE)** | 891960 | 5230754 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5230754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6122714 | $5230754 |

---

(a) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

<br> **AST BOND PORTFOLIO 2035** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | |
|:---|:---|:---|
|  |<br>**Six Months Ended**<br>**June 30, 2025** | **January 02, 2024<sup>(a)</sup>**<br>**through**<br>**December 31, 2024** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
|  Net Asset Value, beginning of period | $9.77 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |
|  Net investment income (loss) | (0.03) | (0.06) |
|  Net realized and unrealized gain (loss) on investment transactions | 0.53 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.50 | (0.23) |
|  Net Asset Value, end of period | $10.27 | $9.77 |
|  **Total Return<sup>(c)</sup>** | 5.12% | (2.30)% |
|  **Ratios/Supplemental Data:** |  |  |
|  Net assets, end of period (in millions) | $6 | $5 |
|  Average net assets (in millions) | $6 | $5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(e)</sup> | 0.91 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.26 %<sup>(e)</sup> | 3.85 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.64)%<sup>(e)</sup> | (0.60)%<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 122% | 33% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2036*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 92.0%** | **LONG-TERM INVESTMENT — 92.0%** | **LONG-TERM INVESTMENT — 92.0%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 441710 | $4779302 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,593,632) |  |  |
|  **SHORT-TERM INVESTMENT — 1.5%** | **SHORT-TERM INVESTMENT — 1.5%** |  |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (cost $81,322) | 81322 | 81322 |
|  **TOTAL INVESTMENTS—93.5%**<br> (cost $4,674,954)(wa) | **TOTAL INVESTMENTS—93.5%**<br> (cost $4,674,954)(wa) | 4860624 |
|  **Other assets in excess of liabilities(z) — 6.5%** | **Other assets in excess of liabilities(z) — 6.5%** | 335796 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196420 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br>**Date** | **Current**<br>**Notional**<br>**Amount** | **Value /**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 52 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | $5941813 | $130140 |
| 14 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 1616562 | 51019 |
|  |  |  |  | 181159 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 5 | 2 Year U.S. Treasury Notes | Sep. 2025 | 1040117 | (3996) |
| 20 | 5 Year U.S. Treasury Notes | Sep. 2025 | 2180000 | (22820) |
| 20 | 10 Year U.S. Treasury Notes | Sep. 2025 | 2242500 | (39026) |
| 6 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 714750 | (30653) |
|  |  |  |  | (96495) |
|  |  |  |  | $84664 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives :
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MLC | $295000 | $— |

---

#### Fair Value Measurements :
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2036** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $4779302 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 81322 |  |  |
|  **Total** | $**4860624** | **$—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**181159** | **$—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(96495)** | **$—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Investment Allocation :
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 92.0% |
|  Short-Term | 1.5 |
|  | 93.5 |
|  Other assets in excess of liabilities | 6.5 |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure :
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $181159 \* | Due from/to broker-variation margin futures | $96495 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(56229) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2036** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $84664 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $4970958 |
|  Futures Contracts - Short Positions (1) | 4174133 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

<br> **AST BOND PORTFOLIO 2036** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $4,674,954) | $4860624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 295000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 21946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 56278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5235519 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 18155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 14544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports payable | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 39099 |
|  **NET ASSETS** | $5196420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $5196420 |
|  Net asset value and redemption price per share, $5,196,420 / 500,000 outstanding shares of beneficial interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39 |

---

#### STATEMENT OF OPERATIONS (unaudited)
For the Period January 02, 2025<sup>(a)</sup> through June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $&nbsp;&nbsp;&nbsp;&nbsp;4069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6874 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 11671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 6222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 21526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 14931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 14544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 4142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 91151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (68502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 22649 |
|  **NET INVESTMENT INCOME (LOSS)** | (15775) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | (1910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (56229) |
|  | (58139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 185670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 84664 |
|  | 270334 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 212195 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $196420 |

---

#### STATEMENT OF CHANGES IN NET ASSETS (unaudited)

---

| | |
|:---|:---|
|  | **January 02, 2025<sup>(a)</sup><br>through**<br>**June 30, 2025** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(15775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | (58139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 270334 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 196420 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [500,000 shares] | 5000000 |
|  **TOTAL INCREASE (DECREASE)** | 5196420 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5196420 |

---

(a) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | |
|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2036** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS (unaudited)** |  |

---

---

| | |
|:---|:---|
|  | **January 02, 2025<sup>(a)</sup><br>through**<br>**June 30, 2025** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |
|  Net Asset Value, beginning of period | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |
|  Net investment income (loss) | (0.03) |
|  Net realized and unrealized gain (loss) on investment transactions | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.39 |
|  Net Asset Value, end of period | $10.39 |
|  **Total Return<sup>(c)</sup>** | 3.90% |
|  **Ratios/Supplemental Data:** |  |
|  Net assets, end of period (in millions) | $&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  Average net assets (in millions) | $&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.66 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.63)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 3% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST CORE FIXED INCOME PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 102.5%** | **LONG-TERM INVESTMENTS — 102.5%** | **LONG-TERM INVESTMENTS — 102.5%** | **LONG-TERM INVESTMENTS — 102.5%** |
|  **AFFILIATED MUTUAL FUND — 2.0%** | **AFFILIATED MUTUAL FUND — 2.0%** | **AFFILIATED MUTUAL FUND — 2.0%** | **AFFILIATED MUTUAL FUND — 2.0%** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\*<br>(cost $77,000,000)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\*<br>(cost $77,000,000)(wa) | 6899642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79414875 |
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** |  |
|  **ASSET-BACKED SECURITIES — 12.0%** | **ASSET-BACKED SECURITIES — 12.0%** | **ASSET-BACKED SECURITIES — 12.0%** | **ASSET-BACKED SECURITIES — 12.0%** |
|  **Automobiles — 2.4%** | **Automobiles — 2.4%** | **Automobiles — 2.4%** | **Automobiles — 2.4%** |
|  American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | 08/12/31 | 2228 | 2233209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540% | 08/12/31 | 2500 | 2517891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110% | 03/12/31 | 1900 | 1913597 |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 12/18/28 | 1800 | 1837148 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 02/17/32 | 636 | 636689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/15/32 | 662 | 664638 |
|  AutoNation Finance Trust, | AutoNation Finance Trust, | AutoNation Finance Trust, | AutoNation Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.030% | 08/12/30 | 2000 | 2024485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190% | 12/10/30 | 900 | 912819 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830% | 08/21/28 | 5300 | 5242583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 10/20/27 | 800 | 805917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 06/20/30 | 1400 | 1436456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 3140 | 3207599 |
|  BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291% | 07/26/32 | 583 | 592962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.632% | 07/26/32 | 226 | 229449 |
|  Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 08/15/30 | 2250 | 2257257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640% | 11/15/30 | 3750 | 3798807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810% | 08/15/29 | 3710 | 3723919 |
|  CarMax Select Receivables Trust, | CarMax Select Receivables Trust, | CarMax Select Receivables Trust, | CarMax Select Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.460% | 07/15/31 | 5100 | 5214822 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/15/35 | 1131 | 1137057 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520% | 05/15/36 | 660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667098 |
|  Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.030% | 10/15/30 | 1255 | 1267349 |
|  Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.120% | 07/15/31 | 2535 | 2552746 |
|  DT Auto Owner Trust, | DT Auto Owner Trust, | DT Auto Owner Trust, | DT Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 02/15/29 | 496 | 496033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.620% | 02/15/29 | 2000 | 2052640 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420% | 10/22/29 | 1650 | 1670683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 04/22/30 | 1137 | 1144127 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.110% | 09/15/27 | 95 | 94741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890% | 07/15/31 | 5100 | 5235393 |
|  Flagship Credit Auto Trust, | Flagship Credit Auto Trust, | Flagship Credit Auto Trust, | Flagship Credit Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690% | 07/17/28 | 2247 | 2245706 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910% | 10/17/33 | 398 | 388498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.110% | 05/15/34 | 1025 | 988410 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | 04/16/29 | 1045 | 1048882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 07/15/30 | 3025 | 3073805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 11/15/30 | 3400 | 3457519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% | 01/15/31 | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661223 |
|  Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 06/25/27 | 3200 | 3216319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.940% | 02/25/28 | 4470 | 4541590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130% | 09/25/31 | 935 | 937715 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/28 | 1485 | 1494724 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | 09/14/27 | 379 | 377227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.420% | 07/14/28 | 765 | 752102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.620% | 11/14/30 | 225 | 221281 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 11/14/29 | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137907 |
|  Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640% | 12/15/33 | 211 | 212936 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 07/15/27 | 486 | 484818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | 02/15/28 | 404 | 404394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 11/15/30 | 1100 | 1117438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 06/17/30 | 500 | 511224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140% | 02/17/32 | 2783 | 2807322 |
|  SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | 01/22/29 | 750 | 754541 |
|  Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.038% | 07/25/31 | 366 | 368590 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.470% | 12/20/29 | 1670 | 1699619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | 01/22/30 | 100 | 102331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | 02/20/31 | 200 | 205510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | 01/21/31 | 285 | 290611 |
|  Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.610% | 10/15/27 | 282 | 282802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220% | 06/15/28 | 409 | 409738 |
|  Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.790% | 11/15/28 | 1900 | 1941874 |
|  |  |  | 97704770 |
|  **Collateralized Debt Obligation — 0.0%** | **Collateralized Debt Obligation — 0.0%** | **Collateralized Debt Obligation — 0.0%** | **Collateralized Debt Obligation — 0.0%** |
|  MF1 Ltd., | MF1 Ltd., | MF1 Ltd., | MF1 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL06, Class A, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL06, Class A, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL06, Class A, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL06, Class A, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.529%(c) | 07/16/36 | 306 | 305352 |
|  **Collateralized Loan Obligations — 4.8%** | **Collateralized Loan Obligations — 4.8%** | **Collateralized Loan Obligations — 4.8%** | **Collateralized Loan Obligations — 4.8%** |
|  AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%(c) | 01/20/38 | 4500 | 4511250 |
|  AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629%(c) | 07/20/37 | 6000 | 6019493 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |  |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.843%(c) | 04/28/37 | 5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019237 |
|  Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.028%(c) | 04/25/34 | 1722 | 2029132 |
|  Apidos CLO (Cayman Islands), | Apidos CLO (Cayman Islands), | Apidos CLO (Cayman Islands), | Apidos CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15A, Class A1RR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15A, Class A1RR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15A, Class A1RR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15A, Class A1RR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.541%(c) | 04/20/31 | 136 | 136074 |
|  Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.769%(c) | 10/21/36 | 3375 | 3393226 |
|  Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.601%(c) | 07/18/30 | 187 | 187107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.569%(c) | 03/09/34 | 8250 | 8261575 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(c) | 04/15/31 | 2080 | 2442815 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269%(c) | 10/15/35 | 3810 | 4479080 |
|  Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%(c) | 04/17/31 | 129 | 129062 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 01/20/35 | 3040 | 3045188 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.619%(c) | 10/20/37 | 8750 | 8778438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.649%(c) | 07/18/37 | 6750 | 6770961 |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.689%(c) | 10/22/37 | 8500 | 8534000 |
|  Goldentree Loan Management US CLO Ltd. (Cayman Islands), | Goldentree Loan Management US CLO Ltd. (Cayman Islands), | Goldentree Loan Management US CLO Ltd. (Cayman Islands), | Goldentree Loan Management US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%(c) | 04/20/37 | 4500 | 4514669 |
|  Goldentree Loan Management US CLO Ltd. (United Kingdom), | Goldentree Loan Management US CLO Ltd. (United Kingdom), | Goldentree Loan Management US CLO Ltd. (United Kingdom), | Goldentree Loan Management US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-15A, Class BR, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-15A, Class BR, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-15A, Class BR, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-15A, Class BR, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.669%(c) | 10/20/36 | 4570 | 4600067 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |  |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(c) | 04/15/34 | 2083 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086689 |
|  Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.058%(c) | 04/25/34 | 1042 | 1224356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.556%(c) | 04/25/39 | 5000 | 5901296 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.684%(c) | 10/19/38 | 5000 | 5886985 |
|  Jefferson Mill CLO Ltd. (Cayman Islands), | Jefferson Mill CLO Ltd. (Cayman Islands), | Jefferson Mill CLO Ltd. (Cayman Islands), | Jefferson Mill CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(c) | 10/20/31 | 728 | 729109 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.872%(c) | 01/22/37 | 495 | 497375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.598%(c) | 10/15/32 | 4487 | 4496379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(c) | 04/15/37 | 5000 | 5017500 |
|  Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629%(c) | 10/19/38 | 4750 | 4766625 |
|  NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.869%(c) | 07/20/37 | 8250 | 8288266 |
|  OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.624%(c) | 04/26/31 | 21 | 21084 |
|  OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.319%(c) | 10/18/35 | 5000 | 5028883 |
|  OHA Credit Funding Ltd. (Cayman Islands), | OHA Credit Funding Ltd. (Cayman Islands), | OHA Credit Funding Ltd. (Cayman Islands), | OHA Credit Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589%(c) | 01/20/38 | 4500 | 4511282 |
|  OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.722%(c) | 01/18/38 | 8750 | 8778502 |
|  Polen Capital CLO Ltd. (Cayman Islands), | Polen Capital CLO Ltd. (Cayman Islands), | Polen Capital CLO Ltd. (Cayman Islands), | Polen Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(c) | 03/06/38 | 8750 | 8785000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |  |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.668%(c) | 07/15/31 | 451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451051 |
|  Rad CLO Ltd. (Cayman Islands), | Rad CLO Ltd. (Cayman Islands), | Rad CLO Ltd. (Cayman Islands), | Rad CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.657%(c) | 07/24/32 | 262 | 262871 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 10/20/31 | 1454 | 1456070 |
|  RR Ltd. (Bermuda), | RR Ltd. (Bermuda), | RR Ltd. (Bermuda), | RR Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.906%(c) | 10/15/35 | 4575 | 4583166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R2, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R2, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R2, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R2, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010%(c) | 07/15/37 | 4575 | 4575000 |
|  Silver Rock CLO Ltd. (Cayman Islands), | Silver Rock CLO Ltd. (Cayman Islands), | Silver Rock CLO Ltd. (Cayman Islands), | Silver Rock CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%(c) | 10/20/37 | 9000 | 9014963 |
|  Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-19A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-19A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-19A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-19A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.631%(c) | 07/20/34 | 7000 | 7018519 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.614%(c) | 01/26/31 | 204 | 204006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.688%(c) | 07/15/34 | 3130 | 3134884 |
|  Southwick Park CLO LLC (Cayman Islands), | Southwick Park CLO LLC (Cayman Islands), | Southwick Park CLO LLC (Cayman Islands), | Southwick Park CLO LLC (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.322%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.322%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.322%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.322%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.591%(c) | 07/20/32 | 239 | 239424 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.988%(c) | 04/25/30 | 1583 | 1860473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.811%(c) | 02/20/30 | 3985 | 4686225 |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.611%(c) | 04/20/33 | 225 | 224832 |
|  TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.723%(c) | 07/25/34 | 2083 | 2085496 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.139%(c) | 01/20/36 | 8250 | 8287476 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |  |
|  Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%(c) | 04/17/30 | 7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009 |
|  Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%(c) | 10/18/37 | 8000 | 8011706 |
|  |  |  | 194973876 |
|  **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 | 2500 | 2511371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 | 1320 | 1326004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.620% | 09/15/29 | 3595 | 3595444 |
|  Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810% | 12/19/50 | 2453 | 2480231 |
|  Aqua Finance Trust, | Aqua Finance Trust, | Aqua Finance Trust, | Aqua Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 07/17/46 | 4810 | 4380238 |
|  Cherry Securitization Trust, | Cherry Securitization Trust, | Cherry Securitization Trust, | Cherry Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.130% | 11/15/32 | 3850 | 3888998 |
|  Goldman Home Improvement Trust Issuer Trust, | Goldman Home Improvement Trust Issuer Trust, | Goldman Home Improvement Trust Issuer Trust, | Goldman Home Improvement Trust Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.970% | 06/25/51 | 141 | 138366 |
|  Island Finance Trust, | Island Finance Trust, | Island Finance Trust, | Island Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.540% | 03/19/35 | 1000 | 1019838 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 | 1816 | 1740272 |
|  Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.860% | 03/20/36 | 180 | 174314 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.140% | 10/14/36 | 2382 | 2322861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 2934 | 2860525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.064%(c) | 06/16/36 | 1756 | 1754964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | 10/14/34 | 965 | 964257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 09/15/36 | 4000 | 4090606 |
|  Oportun Funding Trust, | Oportun Funding Trust, | Oportun Funding Trust, | Oportun Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.480% | 08/15/29 | 1948 | 1950118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/29 | 1207 | 1212782 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** |  |
|  Oportun Issuance Trust, | Oportun Issuance Trust, | Oportun Issuance Trust, | Oportun Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.610% | 10/08/31 | 1151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130676 |
|  Reach ABS Trust, | Reach ABS Trust, | Reach ABS Trust, | Reach ABS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.990% | 08/16/32 | 1335 | 1347168 |
|  Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460% | 03/15/32 | 3200 | 3194601 |
|  Republic Finance Issuance Trust, | Republic Finance Issuance Trust, | Republic Finance Issuance Trust, | Republic Finance Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420% | 11/20/37 | 1850 | 1877480 |
|  Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210% | 02/15/45 | 2369 | 2395174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.340% | 02/15/45 | 2230 | 2266242 |
|  |  |  | 48622530 |
|  **Credit Cards — 0.4%** | **Credit Cards — 0.4%** | **Credit Cards — 0.4%** | **Credit Cards — 0.4%** |
|  Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960% | 10/13/30 | 737 | 733431 |
|  Continental Finance Credit Card ABS Master Trust, | Continental Finance Credit Card ABS Master Trust, | Continental Finance Credit Card ABS Master Trust, | Continental Finance Credit Card ABS Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.780% | 12/15/32 | 2450 | 2480834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.220% | 12/15/32 | 1990 | 2013629 |
|  Mercury Financial Credit Card Master Trust, | Mercury Financial Credit Card Master Trust, | Mercury Financial Credit Card Master Trust, | Mercury Financial Credit Card Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.430% | 07/20/29 | 2500 | 2514480 |
|  NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor<br>0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor<br>0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor<br>0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor<br>0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(c) | 07/15/32 | 1700 | 2339801 |
|  Perimeter Master Note Business Trust, | Perimeter Master Note Business Trust, | Perimeter Master Note Business Trust, | Perimeter Master Note Business Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 12/16/30 | 4300 | 4298195 |
|  |  |  | 14380370 |
|  **Equipment — 0.2%** | **Equipment — 0.2%** | **Equipment — 0.2%** | **Equipment — 0.2%** |
|  Auxilior Term Funding LLC, | Auxilior Term Funding LLC, | Auxilior Term Funding LLC, | Auxilior Term Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 07/15/31 | 1440 | 1470592 |
|  CNH Equipment Trust, | CNH Equipment Trust, | CNH Equipment Trust, | CNH Equipment Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770% | 10/15/30 | 715 | 720206 |
|  Commercial Equipment Finance LLC, | Commercial Equipment Finance LLC, | Commercial Equipment Finance LLC, | Commercial Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | 07/16/29 | 1062 | 1072418 |
|  DLLMT LLC, | DLLMT LLC, | DLLMT LLC, | DLLMT LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | 04/20/32 | 410 | 417540 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290% | 11/12/41 | 1440 | 1417388 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Equipment (cont'd.)** | **Equipment (cont'd.)** | **Equipment (cont'd.)** | **Equipment (cont'd.)** |
|  SCF Equipment Leasing LLC, | SCF Equipment Leasing LLC, | SCF Equipment Leasing LLC, | SCF Equipment Leasing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520% | 01/20/32 | 945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971204 |
|  SCF Equipment Trust LLC, | SCF Equipment Trust LLC, | SCF Equipment Trust LLC, | SCF Equipment Trust LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110% | 11/21/33 | 1950 | 1989151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880% | 11/20/35 | 628 | 646853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/20/35 | 1450 | 1494059 |
|  |  |  | 10199411 |
|  **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 05/25/34 | 118 | 111002 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.934%(c) | 03/25/43 | 57 | 56916 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%(cc) | 04/25/54 | 754 | 761503 |
|  EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%(c) | 01/25/34 | 279 | 272447 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A,<br>Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A,<br>Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A,<br>Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A,<br>Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.334%(c) | 04/25/34 | 144 | 141899 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 08/25/33 | 93 | 97102 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | 02/25/44 | 681 | 685329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 750 | 759594 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 208 | 209096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 68 | 68778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(cc) | 09/25/64 | 1571 | 1564139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 1679 | 1672878 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400683 |
|  **Manufactured Housing — 0.1%** | **Manufactured Housing — 0.1%** | **Manufactured Housing — 0.1%** | **Manufactured Housing — 0.1%** |
|  Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.695%(cc) | 11/25/56 | 2778 | 2838410 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Other — 2.3%** | **Other — 2.3%** | **Other — 2.3%** | **Other — 2.3%** |
|  Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/17/48 | 2270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291482 |
|  AMSR Trust, | AMSR Trust, | AMSR Trust, | AMSR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/17/41 | 1930 | 1818566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class E1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/17/41 | 3439 | 3221563 |
|  Bridge Trust, | Bridge Trust, | Bridge Trust, | Bridge Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 11/17/37 | 4500 | 4489412 |
|  CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% | 07/15/60 | 906 | 895814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530% | 03/15/61 | 391 | 376302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | 08/15/62 | 592 | 593644 |
|  Compass Datacenters Issuer II LLC, | Compass Datacenters Issuer II LLC, | Compass Datacenters Issuer II LLC, | Compass Datacenters Issuer II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.022% | 08/25/49 | 1855 | 1857037 |
|  CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.705% | 10/15/52 | 119 | 117729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.358% | 08/15/53 | 485 | 475857 |
|  DB Master Finance LLC, | DB Master Finance LLC, | DB Master Finance LLC, | DB Master Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A23, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.791% | 11/20/51 | 2017 | 1758597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.493% | 11/20/51 | 1983 | 1836194 |
|  Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A23, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.118% | 07/25/47 | 1626 | 1604109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668% | 10/25/49 | 3350 | 3191873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.151% | 04/25/51 | 2076 | 1868927 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.489% | 08/17/38 | 3600 | 3474814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.376% | 09/17/38 | 3115 | 2995896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.145% | 05/19/39 | 1137 | 1129700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/17/39 | 2500 | 2448930 |
|  FRTKL, | FRTKL, | FRTKL, | FRTKL, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522% | 09/17/38 | 3000 | 2866193 |
|  GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 10/20/46 | 547 | 552727 |
|  Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | 08/27/40 | 2185 | 2208504 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** |  |
|  Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.901% | 12/17/26 | 3746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.652% | 12/17/26 | 3456 | 3311734 |
|  KKR Asset-Based Income Fund, | KKR Asset-Based Income Fund, | KKR Asset-Based Income Fund, | KKR Asset-Based Income Fund, |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.793% | 03/20/65^ | 3400 | 3400000 |
|  MVW LLC, | MVW LLC, | MVW LLC, | MVW LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 02/20/43 | 430 | 436505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210% | 09/22/42 | 2316 | 2333700 |
|  New Economy Assets Phase Sponsor LLC, | New Economy Assets Phase Sponsor LLC, | New Economy Assets Phase Sponsor LLC, | New Economy Assets Phase Sponsor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910% | 10/20/61 | 1290 | 1214519 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.637% | 05/17/26 | 3774 | 3718599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.510% | 10/17/38 | 3646 | 3535028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393% | 12/17/40 | 590 | 554895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.378% | 01/17/39 | 2500 | 2352371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.930% | 02/17/41 | 2250 | 2116517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 04/17/39 | 1058 | 1032315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(cc) | 02/17/42 | 3450 | 3183087 |
|  Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/48 | 3400 | 3371376 |
|  Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320% | 08/20/41 | 2342 | 2338385 |
|  Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 07/25/48 | 1925 | 1940818 |
|  Taco Bell Funding LLC, | Taco Bell Funding LLC, | Taco Bell Funding LLC, | Taco Bell Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.294% | 08/25/51 | 3439 | 3126914 |
|  Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.856% | 04/17/39 | 5076 | 5004603 |
|  VB-S1 Issuer LLC, | VB-S1 Issuer LLC, | VB-S1 Issuer LLC, | VB-S1 Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% | 05/15/54 | 2165 | 2192879 |
|  Wendy's Funding LLC, | Wendy's Funding LLC, | Wendy's Funding LLC, | Wendy's Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.775% | 06/15/51 | 3072 | 2716210 |
|  Zayo Issuer LLC, | Zayo Issuer LLC, | Zayo Issuer LLC, | Zayo Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.648% | 03/20/55 | 1675 | 1709953 |
|  |  |  | 95271623 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Residential Mortgage-Backed Securities — 0.3%** | **Residential Mortgage-Backed Securities — 0.3%** | **Residential Mortgage-Backed Securities — 0.3%** |  |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor<br>0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor<br>0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor<br>0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor<br>0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034%(c) | 02/25/34 | 26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25596 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(c) | 10/25/34 | 65 | 61918 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor<br>1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor<br>1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor<br>1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor<br>1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | 11/25/34 | 2 | 1851 |
|  Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.872%(cc) | 05/25/35 | 2 | 2228 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.847%(cc) | 11/25/67 | 3714 | 3734280 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A,<br>Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A,<br>Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A,<br>Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A,<br>Floor 2.475%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.909%(c) | 06/25/34 | 40 | 39810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A,<br>Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A,<br>Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A,<br>Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A,<br>Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.279%(c) | 01/25/35 | 61 | 59536 |
|  PRET LLC, | PRET LLC, | PRET LLC, | PRET LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.996%(cc) | 07/25/54 | 1548 | 1550220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(cc) | 06/25/55 | 3335 | 3335227 |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A,<br>Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A,<br>Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A,<br>Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A,<br>Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.253%(c) | 09/25/34 | 222 | 230750 |
|  TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | 04/16/40^ | —(r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.382%(c) | 03/15/26^ | 2373 | 2082513 |
|  |  |  | 11123930 |
|  **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** |
|  College Avenue Student Loans LLC, | College Avenue Student Loans LLC, | College Avenue Student Loans LLC, | College Avenue Student Loans LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A,<br>Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A,<br>Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A,<br>Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A,<br>Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.539%(c) | 07/25/51 | 38 | 37748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720% | 07/26/55 | 90 | 82299 |
|  Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 08/25/43 | 1047 | 1009333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730% | 10/25/48 | 11 | 11221 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220% | 07/15/69 | 246 | 229417 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Student Loans (cont'd.)** | **Student Loans (cont'd.)** | **Student Loans (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.110% | 02/18/70 | 1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291559 |
|  Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.530% | 04/20/62 | 1400 | 1220547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.360% | 04/20/62 | 100 | 86305 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 280 | 268456 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 1068 | 1027224 |
|  |  |  | 5264109 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $483,575,234) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $483,575,234) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $483,575,234) | 487085064 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.1%** |
|  2023-MIC Trust (The), | 2023-MIC Trust (The), | 2023-MIC Trust (The), | 2023-MIC Trust (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MIC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MIC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MIC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MIC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.732%(cc) | 12/05/38 | 1330 | 1450281 |
|  245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class XA, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class XA, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class XA, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class XA, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.271%(cc) | 06/05/37 | 3000 | 9365 |
|  ALA Trust, | ALA Trust, | ALA Trust, | ALA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.043%(c) | 06/15/40 | 855 | 859543 |
|  BAHA Trust, | BAHA Trust, | BAHA Trust, | BAHA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.171%(cc) | 12/10/41 | 3000 | 3105711 |
|  BAMLL Re-REMIC Trust, | BAMLL Re-REMIC Trust, | BAMLL Re-REMIC Trust, | BAMLL Re-REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class A736, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class A736, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class A736, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class A736, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.163%(cc) | 09/27/52 | 4000 | 3839801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class AK86, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class AK86, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class AK86, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class AK86, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.728%(s) | 11/27/51 | 4787 | 3881133 |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.231%(cc) | 09/15/60 | 1715 | 1696258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BNK11, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BNK11, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BNK11, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BNK11, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.784% | 03/15/61 | 4162 | 4094357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005% | 02/15/52 | 1800 | 1761235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.474% | 05/15/62 | 975 | 958130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 3540 | 3309937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.011% | 09/15/62 | 2691 | 2494774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.726% | 11/15/62 | 3800 | 3536536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.846% | 12/15/52 | 1855 | 1790923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.960% | 11/15/62 | 1165 | 1088501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399% | 01/15/63 | 4800 | 4372142 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.313% | 03/15/63 | 5935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.673% | 12/15/53 | 2500 | 2331991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.525%(cc) | 02/15/55 | 20255 | 472486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.504%(cc) | 03/15/64 | 460 | 422615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.205%(cc) | 02/15/56 | 5802 | 320953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.749%(cc) | 08/15/56 | 9303 | 333426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.042%(cc) | 06/15/57 | 11257 | 649241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.352%(cc) | 10/15/57 | 8931 | 742242 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.258%(cc) | 12/15/56 | 3277 | 95991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 3300 | 3381527 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.231%(c) | 03/15/37 | 3435 | 3246620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.468%(cc) | 05/15/52 | 1479 | 58810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 2472 | 2325921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.330%(cc) | 07/15/54 | 22145 | 1176537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.864%(cc) | 02/15/57 | 8066 | 794674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.241%(cc) | 05/15/57 | 11938 | 876666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.327%(cc) | 09/15/57 | 7783 | 605745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.356%(cc) | 02/15/62 | 4782 | 408451 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.751% | 03/15/52 | 4646 | 4545081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class AAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.933% | 03/15/52 | 1513 | 1498911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455% | 03/15/62 | 691 | 665615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.672% | 07/15/53 | 3000 | 2638794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.546% | 09/15/53 | 1500 | 1327745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.685% | 01/15/54 | 1500 | 1310160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792% | 07/15/54 | 5000 | 4614106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.103% | 07/15/54 | 4000 | 3512995 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.367%(cc) | 08/15/54 | 1374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.722%(cc) | 07/15/56 | 19895 | 736020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.428%(cc) | 12/15/56 | 5437 | 317416 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%(c) | 06/15/42 | 800 | 800500 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C09, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C09, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C09, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C09, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.078%(cc) | 07/15/57 | 11066 | 718977 |
|  BOCA Commercial Mortgage Trust, | BOCA Commercial Mortgage Trust, | BOCA Commercial Mortgage Trust, | BOCA Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOCA, Class A, 144A, 1 Month SOFR + 1.921% (Cap N/A, Floor 1.921%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOCA, Class A, 144A, 1 Month SOFR + 1.921% (Cap N/A, Floor 1.921%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOCA, Class A, 144A, 1 Month SOFR + 1.921% (Cap N/A, Floor 1.921%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOCA, Class A, 144A, 1 Month SOFR + 1.921% (Cap N/A, Floor 1.921%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.232%(c) | 08/15/41 | 4665 | 4676662 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.358%(cc) | 11/05/41 | 1455 | 1477088 |
|  BWAY Trust, | BWAY Trust, | BWAY Trust, | BWAY Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.519%(cc) | 05/05/42 | 1865 | 1919354 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.970%(cc) | 08/13/41 | 470 | 466444 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CLS, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CLS, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CLS, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CLS, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 10/13/27 | 2185 | 2204571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.402%(c) | 03/15/41 | 3100 | 3100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%(c) | 06/15/40 | 1700 | 1702122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.162%(c) | 06/15/40 | 500 | 500624 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.631% | 02/10/50 | 590 | 567875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 1917 | 1866435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 4924 | 4563269 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 2517 | 2474757 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.902% | 07/10/49 | 1015 | 993470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | 10/12/50 | 2542 | 2482663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | 08/10/56 | 2063 | 1920696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.160%(cc) | 08/10/56 | 27180 | 852471 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782% | 11/10/52 | 3230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.038% | 11/10/52 | 3008 | 2779862 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.858%(cc) | 08/10/48 | 179 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521% | 10/10/48 | 1433 | 1429950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 2430 | 2388464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.698% | 08/15/57 | 11660 | 10785022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.338% | 08/10/44 | 2200 | 2318849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(cc) | 12/10/41 | 3115 | 3167870 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.646% | 11/13/39 | 160 | 150719 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.015%(cc) | 01/15/49 | 1029 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | 11/15/50 | 1566 | 1527925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 08/15/51 | 1425 | 1403324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%(cc) | 08/15/51 | 70 | 69102 |
|  DBGS Mortgage Trust, | DBGS Mortgage Trust, | DBGS Mortgage Trust, | DBGS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.466% | 10/15/51 | 2215 | 2186312 |
|  DC Trust, | DC Trust, | DC Trust, | DC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.933%(cc) | 04/13/40 | 995 | 1005660 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276% | 05/10/49 | 170 | 167536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 1684 | 1656986 |
|  DTP Commercial Mortgage Trust, | DTP Commercial Mortgage Trust, | DTP Commercial Mortgage Trust, | DTP Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STE02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.038%(cc) | 01/15/41 | 770 | 788842 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.745%(cc) | 11/25/25 | 10551 | 15216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.464%(cc) | 03/25/26 | 5035 | 35274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.214%(cc) | 07/25/29 | 10138 | 376696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.044%(cc) | 09/25/30 | 8000 | 322788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K162, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K162, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K162, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K162, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.570%(cc) | 12/25/33 | 5857 | 168941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.470%(cc) | 05/25/34 | 10048 | 247165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K170, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K170, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K170, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K170, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.399%(cc) | 02/25/35 | 4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K517, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K517, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K517, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K517, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.355%(cc) | 01/25/29 | 2246 | 2329430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K753, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K753, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K753, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K753, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%(cc) | 10/25/30 | 7361 | 98754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.082%(cc) | 02/25/32 | 4745 | 294063 |
|  FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K064, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K064, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K064, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K064, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.137%(cc) | 05/25/50 | 3500 | 3455603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K068, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K068, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K068, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K068, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.972%(cc) | 10/25/49 | 3550 | 3485795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K087, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K087, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K087, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K087, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.469%(cc) | 01/25/51 | 3550 | 3494104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K088, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K088, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K088, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K088, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%(cc) | 02/25/52 | 2000 | 1979925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K097, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K097, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K097, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K097, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.897%(cc) | 09/25/51 | 2095 | 1995763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K099, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K099, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K099, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K099, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.766%(cc) | 10/25/52 | 3300 | 3146268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(cc) | 12/25/51 | 3868 | 3604411 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/16/61 | 3610 | 1721966 |
|  GS Mortgage Securities Corp. II, | GS Mortgage Securities Corp. II, | GS Mortgage Securities Corp. II, | GS Mortgage Securities Corp. II, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70P, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.487%(cc) | 03/10/41 | 4560 | 4581922 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% | 11/10/48 | 110 | 109304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.409% | 03/10/50 | 4479 | 4407078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.835% | 02/10/52 | 2386 | 2365646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | 09/10/52 | 4520 | 4210256 |
|  HTL Commercial Mortgage Trust, | HTL Commercial Mortgage Trust, | HTL Commercial Mortgage Trust, | HTL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.071%(cc) | 05/10/39 | 1065 | 1075902 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.454% | 09/15/50 | 3000 | 2918165 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | 07/05/33 | 430 | 406888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.359%(c) | 07/15/36 | 500 | 453962 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.779%(cc) | 12/15/49 | 4260 | 29674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.536% | 11/15/52 | 4400 | 4297518 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.259% | 06/15/50 | 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XD, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XD, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XD, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XD, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.295%(cc) | 06/15/50 | 700 | 25004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | 07/15/52 | 1081 | 1018861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.071% | 03/15/52 | 252 | 245622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.595%(c) | 12/15/38 | 3660 | 3516484 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.141%(cc) | 12/15/56 | 7050 | 415930 |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.404% | 06/17/38 | 310 | 305039 |
|  NJ, | NJ, | NJ, | NJ, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-WBRK, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-WBRK, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-WBRK, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-WBRK, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(cc) | 03/05/35 | 1225 | 1265351 |
|  NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-299P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-299P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-299P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-299P, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853%(cc) | 02/10/47 | 475 | 493574 |
|  NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.525%(c) | 02/15/42 | 1435 | 1423341 |
|  One Market Plaza Trust, | One Market Plaza Trust, | One Market Plaza Trust, | One Market Plaza Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01MKT, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01MKT, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01MKT, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01MKT, Class XCP, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 02/10/32 | 10119 | 10 |
|  ONNI Commerical Mortgage Trust, | ONNI Commerical Mortgage Trust, | ONNI Commerical Mortgage Trust, | ONNI Commerical Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-APT, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-APT, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-APT, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-APT, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.753%(cc) | 07/15/39 | 1220 | 1246832 |
|  RFM Reremic Trust, | RFM Reremic Trust, | RFM Reremic Trust, | RFM Reremic Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR02, Class A123, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR02, Class A123, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR02, Class A123, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR02, Class A123, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.006%(cc) | 02/27/54 | 2000 | 1669918 |
|  RFR Trust, | RFR Trust, | RFR Trust, | RFR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.562%(cc) | 03/11/41 | 2300 | 2343613 |
|  ROCK Trust, | ROCK Trust, | ROCK Trust, | ROCK Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.388% | 11/13/41 | 1450 | 1483329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.471% | 11/13/41 | 4425 | 4583229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.109% | 11/13/41 | 1390 | 1451648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.819% | 11/13/41 | 275 | 289321 |
|  Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126% | 07/05/36 | 1078 | 1053984 |
|  SLG Office Trust, | SLG Office Trust, | SLG Office Trust, | SLG Office Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.585% | 07/15/41 | 500 | 438547 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Taurus CMBS (United Kingdom), | Taurus CMBS (United Kingdom), | Taurus CMBS (United Kingdom), | Taurus CMBS (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%(c) | 07/20/35 | 650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892222 |
|  TEXAS Commercial Mortgage Trust, | TEXAS Commercial Mortgage Trust, | TEXAS Commercial Mortgage Trust, | TEXAS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TWR, Class A, 144A, 1 Month SOFR + 1.293% (Cap N/A, Floor 1.293%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TWR, Class A, 144A, 1 Month SOFR + 1.293% (Cap N/A, Floor 1.293%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TWR, Class A, 144A, 1 Month SOFR + 1.293% (Cap N/A, Floor 1.293%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TWR, Class A, 144A, 1 Month SOFR + 1.293% (Cap N/A, Floor 1.293%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(c) | 04/15/42 | 2780 | 2774794 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.212% | 11/15/50 | 2687 | 2612836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.320% | 12/15/50 | 1882 | 1838156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 2382 | 2347937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | 04/15/52 | 2063 | 1966571 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | 10/15/49 | 2333 | 2293219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 408 | 399494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | 11/15/50 | 3196 | 3124612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.874%(cc) | 06/15/36 | 150 | 136499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 1865 | 1850336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | 08/15/52 | 1296 | 1212601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.213%(cc) | 08/15/57 | 14238 | 1046331 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $254,374,620) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $254,374,620) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $254,374,620) | 249724930 |
|  **CONVERTIBLE BONDS — 0.0%** | **CONVERTIBLE BONDS — 0.0%** | **CONVERTIBLE BONDS — 0.0%** | **CONVERTIBLE BONDS — 0.0%** |
|  **Retail** | **Retail** | **Retail** | **Retail** |
|  Liberty Interactive LLC, | Liberty Interactive LLC, | Liberty Interactive LLC, | Liberty Interactive LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/30 | 363 | 36208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/29 | 495 | 49474 |
|  **TOTAL CONVERTIBLE BONDS**<br> (cost $705,349) | **TOTAL CONVERTIBLE BONDS**<br> (cost $705,349) | **TOTAL CONVERTIBLE BONDS**<br> (cost $705,349) | 85682 |
|  **CORPORATE BONDS — 26.4%** | **CORPORATE BONDS — 26.4%** | **CORPORATE BONDS — 26.4%** | **CORPORATE BONDS — 26.4%** |
|  **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |  |
|  BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/26/29 | 1225 | 1254788 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 7900 | 7778077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 02/01/30 | 399 | 369991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 05/01/26 | 38 | 37471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/01/29 | 2432 | 2315438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/35 | 234 | 197004 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/01/38 | 151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/49 | 66 | 47395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/01/30 | 560 | 570293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705% | 05/01/40 | 2855 | 2815868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | 05/01/60 | 1444 | 1371876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388% | 05/01/31 | 310 | 333409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.528% | 05/01/34 | 345 | 375175 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 800 | 803216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/32 | 150 | 156328 |
|  L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 06/01/29 | 465 | 475715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.054% | 04/27/45 | 106 | 98916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 06/01/34 | 1000 | 1021904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/54 | 466 | 451794 |
|  Northrop Grumman Corp., | Northrop Grumman Corp., | Northrop Grumman Corp., | Northrop Grumman Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/15/30 | 445 | 449032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/01/40 | 390 | 381385 |
|  RTX Corp., | RTX Corp., | RTX Corp., | RTX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 07/01/30 | 369 | 333610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.030% | 03/15/52 | 450 | 288161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/16/28 | 1573 | 1567274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/42 | 475 | 420674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/08/26 | 600 | 611119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/31 | 340 | 365226 |
|  |  |  | 25012342 |
|  **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/33 | 940 | 1049956 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 1440 | 1281273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | 08/15/47 | 796 | 639239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 08/15/35 | 1015 | 1031693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.834% | 02/20/31 | 575 | 604484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/20/34 | 225 | 235968 |
|  Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 05/14/31 | 2000 | 1809812 |
|  Cargill, Inc., | Cargill, Inc., | Cargill, Inc., | Cargill, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 11/10/31 | 1050 | 911693 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 305 | 315968 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/01/27 | 1135 | 1140166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/42 | 117 | 103132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/01/31 | 550 | 553941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/15/28 | 526 | 534805 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Agriculture (cont'd.)** | **Agriculture (cont'd.)** | **Agriculture (cont'd.)** | **Agriculture (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/30 | 1655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/13/34 | 170 | 173335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/33 | 310 | 320172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/07/33 | 1065 | 1115902 |
|  Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 08/15/35 | 1345 | 1370027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 08/04/41 | 264 | 277463 |
|  |  |  | 15171935 |
|  **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
|  American Airlines 2015-2 Class A Pass Through Trust, | American Airlines 2015-2 Class A Pass Through Trust, | American Airlines 2015-2 Class A Pass Through Trust, | American Airlines 2015-2 Class A Pass Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/22/29(a) | 1721 | 1655851 |
|  American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/22/29 | 105 | 101568 |
|  American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.575% | 07/15/29 | 101 | 98079 |
|  American Airlines 2016-2 Class AA Pass-Through Trust, | American Airlines 2016-2 Class AA Pass-Through Trust, | American Airlines 2016-2 Class AA Pass-Through Trust, | American Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 12/15/29 | 177 | 169884 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/26 | 212 | 212000 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/20/25(a) | 212 | 212056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 3973 | 3965610 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/20/27 | 310 | 310647 |
|  United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/11/27 | 108 | 106957 |
|  United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 06/01/29 | 82 | 79425 |
|  United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/07/30 | 70 | 66976 |
|  United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 04/07/30 | 603 | 569345 |
|  United Airlines 2018-1 Class AA Pass-Through Trust, | United Airlines 2018-1 Class AA Pass-Through Trust, | United Airlines 2018-1 Class AA Pass-Through Trust, | United Airlines 2018-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/31 | 108 | 101905 |
|  United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 11/01/33 | 273 | 243989 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 495 | 491481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 109 | 105834 |
|  |  |  | 8491607 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Tapestry, Inc., | Tapestry, Inc., | Tapestry, Inc., | Tapestry, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 03/11/30 | 520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/11/35 | 920 | 923435 |
|  |  |  | 1450243 |
|  **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 08/10/26 | 565 | 550145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 | 675 | 633016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/17/27 | 2240 | 2188700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271% | 01/09/27 | 200 | 196705 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/35 | 1611 | 1519483 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/06/26 | 149 | 147945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/09/27 | 500 | 503086 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/08/27 | 2290 | 2311413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/24/29 | 2950 | 3004717 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 08/15/29 | 1460 | 1461104 |
|  |  |  | 12516314 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/13/34 | 1285 | 1238568 |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 75 | 77826 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 3150 | 3114807 |
|  |  |  | 4431201 |
|  **Banks — 8.2%** | **Banks — 8.2%** | **Banks — 8.2%** | **Banks — 8.2%** |
|  ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.515%(ff) | 12/03/35(a) | 900 | 915636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 07/28/25 | 1000 | 999526 |
|  AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.608%(ff) | 09/13/29 | 2500 | 2642247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.871%(ff) | 03/28/35 | 2500 | 2573283 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.175%(ff) | 03/24/28 | 200 | 198638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(ff) | 03/14/30(a) | 800 | 823568 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565% | 01/17/30 | 600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439% | 07/15/31 | 600 | 623149 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299%(ff) | 07/21/32 | 1837 | 1600609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 1317 | 1159273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592%(ff) | 04/29/31 | 3579 | 3272811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 | 2195 | 1970897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.571%(ff) | 04/27/33 | 1300 | 1278499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.979%(ff) | 01/24/29 | 1740 | 1765273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;01/24/31(a) | 1310 | 1342777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.933%(ff) | 09/15/27 | 850 | 864838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.593%(ff) | 07/21/28 | 282 | 277642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 11123 | 9769316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%(ff) | 10/24/31 | 430 | 374821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | 02/13/31 | 1402 | 1280803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;02/04/33(a) | 1080 | 966932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 912 | 904224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%(ff) | 03/05/29 | 1584 | 1566190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.974%(ff) | 02/07/30 | 424 | 417500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083%(ff) | 03/20/51 | 335 | 266299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%(ff) | 07/23/29 | 211 | 210416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330%(ff) | 03/15/50 | 517 | 429330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%(ff) | 04/27/28 | 470 | 469900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;01/21/44(a) | 1003 | 947700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.482%(ff) | 09/21/36 | 780 | 661136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%(ff) | 10/25/35 | 905 | 902765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/22/26 | 15 | 14974 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.601%(ff) | 03/20/30 | 2500 | 2576883 |
|  Bank of Montreal (Canada), | Bank of Montreal (Canada), | Bank of Montreal (Canada), | Bank of Montreal (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 03/08/27 | 1385 | 1352141 |
|  Bank of New York Mellon (The), | Bank of New York Mellon (The), | Bank of New York Mellon (The), | Bank of New York Mellon (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729%(ff) | 04/20/29 | 250 | 253420 |
|  Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060%(ff) | 07/22/32 | 1210 | 1236925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.188%(ff) | 03/14/35 | 575 | 582345 |
|  Bank of New Zealand (New Zealand), | Bank of New Zealand (New Zealand), | Bank of New Zealand (New Zealand), | Bank of New Zealand (New Zealand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.285% | 01/27/27 | 2085 | 2025328 |
|  Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.951% | 03/11/27 | 1355 | 1327400 |
|  Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538% | &nbsp;&nbsp;&nbsp;&nbsp;01/22/30(a) | 1215 | 1259400 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.942%(ff) | 09/10/30 | 948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.367%(ff) | 02/25/31 | 3792 | 3865133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690%(ff) | 03/12/30 | 800 | 827572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.785%(ff) | 02/25/36 | 575 | 585451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036%(ff) | 03/12/55(a) | 1500 | 1531351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.385%(ff) | 11/02/28 | 800 | 849137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.972%(ff) | 05/16/29 | 304 | 306853 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%(ff) | 04/19/32 | 965 | 863852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | 01/20/33 | 2200 | 1953642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 08/14/28 | 530 | 527581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%(ff) | 01/10/30 | 728 | 739456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 | 3335 | 3397625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 | 1005 | 1044246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%(ff) | 01/13/29 | 1490 | 1511813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.906%(ff) | 11/19/35 | 900 | 907146 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/12/28 | 495 | 495187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;05/28/31(a) | 2890 | 2942025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;01/14/31(a) | 1690 | 1748161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.027%(ff) | 05/28/36 | 1645 | 1693277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.293%(ff) | 01/14/36 | 1425 | 1496632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 | 1630 | 1723762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.003%(ff) | 10/19/34 | 585 | 642163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.508%(ff) | 01/18/35 | 1465 | 1515327 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | 07/03/36 | 940 | 947902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;06/15/35(a) | 1460 | 1524544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%(ff) | 09/13/27 | 1250 | 1279331 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 1600 | 1661791 |
|  Citibank NA, | Citibank NA, | Citibank NA, | Citibank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914% | 05/29/30 | 1265 | 1289136 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 06/03/31 | 4598 | 4169535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%(ff) | 01/29/31 | 640 | 586365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520%(ff) | 10/27/28 | 1240 | 1214290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | 07/24/28 | 948 | 933199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%(ff) | 03/17/33 | 1500 | 1399560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%(ff) | 01/10/28 | 1057 | 1047429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(ff) | 04/23/29 | 460 | 455465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/30/45 | 458 | 402337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/23/48 | 130 | 112129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%(ff) | 05/24/28 | 1965 | 1972638 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910%(ff) | 05/24/33 | 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.952%(ff) | 05/07/31 | 1245 | 1259270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 | 510 | 520177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 | 1510 | 1543449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series VAR | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series VAR | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series VAR | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series VAR |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070%(ff) | 02/24/28 | 4250 | 4157429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 964 | 964617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/09/26 | 225 | 224798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/18/46 | 22 | 18833 |
|  Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%(ff) | 03/05/31 | 1085 | 1099423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718%(ff) | 07/23/32 | 700 | 724855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.645%(ff) | 04/25/35 | 145 | 156349 |
|  Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649%(ff) | 04/06/28 | 640 | 631331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.758%(ff) | 04/06/33 | 1000 | 930602 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/09/29 | 2796 | 2842025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.631%(ff) | 09/11/28 | 2090 | 2090645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.222%(ff) | 05/27/31 | 2810 | 2855469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(ff) | 01/10/30 | 944 | 964241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862%(ff) | 01/09/36 | 1210 | 1248296 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;03/01/30(a) | 2000 | 2072419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.019%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;03/04/31(a) | 915 | 924462 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.129%(ff) | 11/24/26 | 1825 | 1806513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | 11/16/27 | 545 | 528852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297%(ff) | 05/09/31 | 4280 | 4343493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.403%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;09/11/35(a) | 1275 | 1265464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.819%(ff) | 11/20/29 | 2500 | 2663887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589%(c) | 11/16/27 | 715 | 714507 |
|  Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/26/29 | 1305 | 1338541 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%(ff) | 07/21/32 | 625 | 545841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/07/30 | 310 | 286570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | 04/22/32 | 2689 | 2391834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640%(ff) | 02/24/28 | 4335 | 4210683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.908%(ff) | 07/21/42 | 1640 | 1172291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%(ff) | 03/15/28 | 1645 | 1622907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 910 | 895073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%(ff) | 05/01/29 | 521 | 518078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%(ff) | 08/23/28 | 2077 | 2079510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 1015 | 1017975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | 10/23/35 | 555 | 548298 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 | 1525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | 01/28/31 | 2355 | 2409485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%(ff) | 04/23/31 | 1363 | 1397654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/01/41 | 629 | 672751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 10/01/37 | 335 | 367592 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.804%(ff) | 05/24/32 | 989 | 877452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.848%(ff) | 06/04/31 | 417 | 380446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 03/03/31 | 1920 | 1944227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240%(ff) | 05/13/31 | 1725 | 1751321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(ff) | 11/19/30 | 2655 | 2704938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%(ff) | 08/11/33 | 735 | 753521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.887%(ff) | 08/14/27 | 550 | 557452 |
|  Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.443%(ff) | 08/04/28 | 3360 | 3358544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.272%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;01/15/31(a) | 550 | 563345 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578%(ff) | 04/22/27 | 540 | 527526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.182%(ff) | 06/01/28 | 462 | 443789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 | 995 | 875886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | 04/22/32 | 655 | 584977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 | 508 | 473545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.947%(ff) | 02/24/28 | 2070 | 2022923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.540%(ff) | 05/01/28 | 1184 | 1166679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.702%(ff) | 05/06/30 | 62 | 60361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%(ff) | 02/01/28 | 1057 | 1047763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%(ff) | 04/23/29 | 5020 | 4974044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.505%(ff) | 10/22/28 | 865 | 867578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.915%(ff) | 01/24/29 | 1750 | 1773299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%(ff) | 10/22/35 | 315 | 311749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%(ff) | 07/22/30 | 265 | 269803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;04/22/31(a) | 1010 | 1035012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%(ff) | 01/24/31 | 1535 | 1574677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.299%(ff) | 07/24/29 | 570 | 585239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.336%(ff) | 01/23/35 | 2605 | 2664574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | 04/22/30 | 985 | 1023013 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 | 1490 | 1504668 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.121%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;04/04/31(a) | 920 | 930706 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/22/28 | 1624 | 1621693 |
|  Manufacturers & Traders Trust Co., | Manufacturers & Traders Trust Co., | Manufacturers & Traders Trust Co., | Manufacturers & Traders Trust Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/27/28 | 1000 | 1008850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 11/21/25 | 2550 | 2554409 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.159%(ff) | 04/24/31 | 200 | 204618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475%(ff) | 02/22/31 | 1500 | 1552440 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.711%(ff) | 07/08/31 | 1095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.323%(ff) | 07/08/36 | 2585 | 2589213 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210%(ff) | 04/20/28 | 1325 | 1321740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 335 | 335692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 255 | 261479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 585 | 601557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.466%(ff) | 01/18/35 | 1500 | 1534080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | 07/21/32 | 265 | 229510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 4946 | 4558534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | 01/23/30 | 4426 | 4415858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794%(ff) | 02/13/32 | 5465 | 4674340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 225 | 192386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 220 | 192744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591%(cc) | 07/22/28 | 428 | 420469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.622%(ff) | 04/01/31 | 1080 | 1035336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(ff) | 04/18/30 | 650 | 675545 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | 01/12/29 | 1740 | 1766958 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 05/18/29 | 614 | 619614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%(ff) | 05/23/31 | 1085 | 1101497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.516%(ff) | 09/30/28(a) | 3800 | 3878667 |
|  Norinchukin Bank (The) (Japan), | Norinchukin Bank (The) (Japan), | Norinchukin Bank (The) (Japan), | Norinchukin Bank (The) (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430% | 03/09/28(a) | 1830 | 1865556 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 700 | 701716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.899%(ff) | 05/13/31 | 925 | 937271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.102%(ff) | 07/23/27 | 1740 | 1753101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(ff) | 06/12/29 | 1300 | 1346557 |
|  Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%(ff) | 01/24/29 | 1750 | 1773481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 02/01/34 | 350 | 356657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.153%(ff) | 02/04/31 | 1335 | 1358821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/04/32 | 440 | 418403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 01/21/27 | 1395 | 1349689 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%(ff) | 04/15/31 | 3865 | 3985002 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.797%(ff) | 01/19/28 | 980 | 951665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.512%(ff) | 05/22/31 | 310 | 315997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.066%(ff) | 01/19/35 | 1090 | 1122758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792%(ff) | 06/09/27 | 3650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.249%(ff) | 05/22/29(a) | 1055 | 1065696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/19/27 | 3817 | 3855857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | 04/13/33 | 2820 | 2918276 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30(a) | 2865 | 2886172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.767%(ff) | 11/16/28 | 3765 | 4023128 |
|  State Street Bank & Trust Co., | State Street Bank & Trust Co., | State Street Bank & Trust Co., | State Street Bank & Trust Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.782% | 11/23/29 | 1740 | 1776229 |
|  State Street Corp., | State Street Corp., | State Street Corp., | State Street Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.203%(ff) | 02/07/28 | 2095 | 2030012 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.954%(ff) | 07/08/33 | 2645 | 2645000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(ff) | 07/08/36 | 1480 | 1480000 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.783% | 12/17/29 | 1760 | 1777200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298% | 01/30/32 | 780 | 799542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 03/10/27 | 1360 | 1327509 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(ff) | 01/26/34(a) | 3695 | 3693336 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.775%(ff) | 06/12/29 | 520 | 539693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 | 170 | 178531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.215%(ff) | 01/27/28 | 4295 | 4150626 |
|  UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/15/28 | 1090 | 1174788 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/17/26 | 350 | 350036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%(ff) | 02/11/33 | 736 | 640268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 2077 | 1884439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%(ff) | 04/01/31 | 1765 | 1723081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.253% | 03/23/28 | 607 | 603582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.301%(ff) | 09/22/34 | 438 | 469449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.442%(ff) | 08/11/28 | 700 | 726250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.537%(ff) | 08/12/33 | 1010 | 1097113 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970%(ff) | 04/23/29 | 770 | 780919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(ff) | 04/23/31 | 805 | 824559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 555 | 569336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 04/24/34 | 545 | 558069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | 01/23/35 | 1220 | 1251517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%(ff) | 10/23/34 | 695 | 759727 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393%(ff) | 06/02/28 | 8461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8153798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(ff) | 10/30/30 | 1257 | 1174435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 4120 | 3764105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808%(ff) | 07/25/28 | 1660 | 1673715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%(ff) | 07/25/33 | 335 | 334963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013%(ff) | 04/04/51 | 1553 | 1414566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%(ff) | 07/25/29 | 2155 | 2224891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%(ff) | 01/24/28 | 1750 | 1762737 |
|  Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.457% | 11/18/27 | 1895 | 1954707 |
|  |  |  | 332806813 |
|  **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Bacardi Ltd./Bacardi-Martini BV (Bermuda), | Bacardi Ltd./Bacardi-Martini BV (Bermuda), | Bacardi Ltd./Bacardi-Martini BV (Bermuda), | Bacardi Ltd./Bacardi-Martini BV (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/29 | 190 | 192569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/33 | 359 | 357660 |
|  Bacardi-Martini BV (Bermuda), | Bacardi-Martini BV (Bermuda), | Bacardi-Martini BV (Bermuda), | Bacardi-Martini BV (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/35 | 605 | 623062 |
|  Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 11/15/48 | 300 | 275266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/01/30 | 940 | 946980 |
|  Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/15/30 | 880 | 884298 |
|  |  |  | 3279835 |
|  **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% | 06/15/51 | 146 | 124985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/41 | 855 | 805663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;03/02/53(a) | 1654 | 1615516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 300 | 291660 |
|  Biogen, Inc., | Biogen, Inc., | Biogen, Inc., | Biogen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/15/35 | 1425 | 1464968 |
|  Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 10/01/40 | 1110 | 796056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/46 | 213 | 190640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 11/15/29 | 1030 | 1051547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/33(a) | 1305 | 1348770 |
|  Regeneron Pharmaceuticals, Inc., | Regeneron Pharmaceuticals, Inc., | Regeneron Pharmaceuticals, Inc., | Regeneron Pharmaceuticals, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/15/30 | 1300 | 1129225 |
|  |  |  | 8819030 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 08/01/28 | 425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391979 |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.577% | 04/05/50 | 500 | 367177 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 320 | 329257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 65 | 67049 |
|  Trane Technologies Financing Ltd., | Trane Technologies Financing Ltd., | Trane Technologies Financing Ltd., | Trane Technologies Financing Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/21/29 | 285 | 279959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/13/34 | 75 | 76011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/03/33 | 750 | 771421 |
|  |  |  | 2282853 |
|  **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 01/12/31 | 1320 | 1149720 |
|  Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.415%(cc) | 07/15/27 | 525 | 543669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%(cc) | 11/15/28 | 600 | 630373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% | 11/15/30 | 400 | 420915 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 750 | 747018 |
|  Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | 05/07/29^ | 374 | 355519 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% | 11/15/38 | 705 | 729781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 200 | 201587 |
|  EIDP, Inc., | EIDP, Inc., | EIDP, Inc., | EIDP, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/32 | 1235 | 1258345 |
|  Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 11/07/25 | 1710 | 1718391 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/02/34 | 609 | 630035 |
|  Olympus Water US Holding Corp., | Olympus Water US Holding Corp., | Olympus Water US Holding Corp., | Olympus Water US Holding Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28(a) | 825 | 868682 |
|  Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/27/28 | 950 | 901550 |
|  Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 05/15/30 | 1514 | 1370274 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |  |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.378% | &nbsp;&nbsp;&nbsp;&nbsp;11/14/32(a) | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389088 |
|  |  |  | 12914947 |
|  **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
|  Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 10/01/29 | 505 | 377487 |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 02/15/31 | 322 | 336620 |
|  AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/15/29 | 525 | 487102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/27 | 925 | 902560 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 505 | 511405 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 209 | 244807 |
|  Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.037% | 03/25/30 | 425 | 428291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.319% | 12/04/28 | 1800 | 1894832 |
|  Georgetown University (The), | Georgetown University (The), | Georgetown University (The), | Georgetown University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% | &nbsp;&nbsp;&nbsp;&nbsp;10/01/2118 | 715 | 629502 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 05/15/30 | 600 | 551997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 08/15/27 | 1630 | 1648962 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/33 | 100 | 104803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 235 | 246044 |
|  Hertz Corp. (The), | Hertz Corp. (The), | Hertz Corp. (The), | Hertz Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/28 | 379 | 85275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 08/01/26 | 255 | 57375 |
|  RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/27/30 | 930 | 941963 |
|  S&P Global, Inc., | S&P Global, Inc., | S&P Global, Inc., | S&P Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/32 | 600 | 545110 |
|  |  |  | 9616648 |
|  **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
|  Accenture Capital, Inc., | Accenture Capital, Inc., | Accenture Capital, Inc., | Accenture Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/04/31 | 2240 | 2216917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/04/34 | 460 | 447503 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Computers (cont'd.)** | **Computers (cont'd.)** | **Computers (cont'd.)** |  |
|  CGI, Inc. (Canada), | CGI, Inc. (Canada), | CGI, Inc. (Canada), | CGI, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% | 09/14/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965413 |
|  Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/32 | 3020 | 3083822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 10/01/29 | 1250 | 1286137 |
|  Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/34 | 1300 | 1261338 |
|  International Business Machines Corp., | International Business Machines Corp., | International Business Machines Corp., | International Business Machines Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 02/09/27 | 2090 | 2026902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 02/10/30 | 1365 | 1386852 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 400 | 437837 |
|  |  |  | 13112721 |
|  **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/24/27 | 370 | 364744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/24/29 | 510 | 492976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/24/32 | 400 | 374191 |
|  Kenvue, Inc., | Kenvue, Inc., | Kenvue, Inc., | Kenvue, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 05/22/32 | 665 | 672749 |
|  |  |  | 1904660 |
|  **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
|  Wesco Aircraft Holdings, Inc., | Wesco Aircraft Holdings, Inc., | Wesco Aircraft Holdings, Inc., | Wesco Aircraft Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/26(a)(d) | 390 | 168272 |
|  **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 10/29/26 | 1156 | 1125979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 01/30/32 | 4739 | 4294215 |
|  Aircastle Ltd./Aircastle Ireland DAC, | Aircastle Ltd./Aircastle Ireland DAC, | Aircastle Ltd./Aircastle Ireland DAC, | Aircastle Ltd./Aircastle Ireland DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/15/30 | 865 | 870966 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;09/15/26(oo) | 435 | 425226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | 04/25/31 | 1600 | 1634317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.043%(ff) | 07/26/28 | 1690 | 1713804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%(ff) | 01/30/31 | 1390 | 1421619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.442%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;01/30/36(a) | 775 | 790882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 11/05/27 | 1870 | 1937391 |
|  Ameriprise Financial, Inc., | Ameriprise Financial, Inc., | Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/35 | 1580 | 1590970 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  Aviation Capital Group LLC, | Aviation Capital Group LLC, | Aviation Capital Group LLC, | Aviation Capital Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/10/30 | 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701301 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.528% | 11/18/27 | 3500 | 3325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/28 | 700 | 702625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 6245 | 6282689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/29 | 3000 | 3084000 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.878%(ff) | 11/02/27 | 475 | 458913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%(ff) | 05/10/28 | 1090 | 1098375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.051%(ff) | 02/01/35 | 435 | 453876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(ff) | 10/30/31 | 1330 | 1502632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964%(ff) | 11/02/34 | 1000 | 1162319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.183%(ff) | 01/30/36 | 275 | 279507 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 08/24/26 | 880 | 894920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.136%(ff) | 08/24/34 | 180 | 194654 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;04/01/32(x) | 170 | 171558 |
|  ICITII, | ICITII, | ICITII, | ICITII, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/31/33^ | 19 | 14832 |
|  Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/17/30 | 3000 | 2998768 |
|  Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/27 | 195 | 195213 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608% | 07/14/31 | 1497 | 1316503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070% | 07/12/28 | 2000 | 2084421 |
|  Nuveen LLC, | Nuveen LLC, | Nuveen LLC, | Nuveen LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 01/15/30 | 265 | 276049 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/29 | 585 | 601602 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/29 | 923 | 885813 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/18/29 | 300 | 295899 |
|  |  |  | 44786838 |
|  **Electric — 3.5%** | **Electric — 3.5%** | **Electric — 3.5%** | **Electric — 3.5%** |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/28 | 546 | 539301 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 07/01/30 | 5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442052 |
|  AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 08/15/51 | 105 | 64043 |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/32 | 1010 | 1025471 |
|  Alabama Power Co., | Alabama Power Co., | Alabama Power Co., | Alabama Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/01/49 | 462 | 328157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/45 | 187 | 146221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 04/02/35 | 200 | 201604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11-C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/41 | 170 | 160580 |
|  American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/01/27 | 2550 | 2630676 |
|  American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/44 | 482 | 440190 |
|  Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 12/15/32 | 350 | 377521 |
|  Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/01/35 | 535 | 548261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;06/01/54(a) | 1675 | 1660009 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 39 | 38485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 60 | 59330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 478 | 477554 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 04/01/31 | 266 | 236232 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/01/48 | 366 | 285212 |
|  CenterPoint Energy, Inc., | CenterPoint Energy, Inc., | CenterPoint Energy, Inc., | CenterPoint Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/29 | 1385 | 1433044 |
|  Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/15/29 | 310 | 288127 |
|  Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/30 | 1240 | 1268978 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 12/01/51 | 1170 | 775020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/34 | 270 | 281014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/55 | 1030 | 998771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/15/54 | 540 | 538666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 04/01/30 | 194 | 186431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/01/50 | 151 | 117778 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/54 | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/01/33 | 397 | 419944 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/15/28 | 455 | 458346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/30 | 1205 | 1229698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/38 | 592 | 672197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 04/01/30 | 1300 | 1236098 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 12/01/47 | 161 | 120945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/15/48 | 142 | 110930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/15/30 | 1660 | 1697242 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/01/45 | 187 | 145388 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 06/01/30 | 520 | 471997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;06/15/31(a) | 4199 | 3742179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/15/51 | 255 | 175039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/28 | 1100 | 1102270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/32 | 280 | 274004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/15/52 | 1045 | 916315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/34 | 535 | 550029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/54 | 410 | 400974 |
|  Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/15/30 | 420 | 370820 |
|  Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/01/33 | 225 | 231397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 1115 | 1089527 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 10/15/46 | 419 | 316125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/15/35 | 670 | 673278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 | 515 | 503704 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;06/15/53(a) | 125 | 120862 |
|  Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/46 | 1380 | 1142204 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 07/12/26 | 4210 | 4092160 |
|  Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 06/15/51 | 2000 | 1172869 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/55 | 375 | 375393 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/30/49 | 2084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466174 |
|  Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 551 | 557199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | 08/10/28 | 430 | 450425 |
|  Evergy Metro, Inc., | Evergy Metro, Inc., | Evergy Metro, Inc., | Evergy Metro, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/48 | 561 | 445773 |
|  Evergy, Inc., | Evergy, Inc., | Evergy, Inc., | Evergy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 09/15/29 | 900 | 845810 |
|  Eversource Energy, | Eversource Energy, | Eversource Energy, | Eversource Energy, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/01/32 | 1430 | 1302874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 07/01/27 | 1595 | 1602632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/33 | 710 | 709978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/28 | 1795 | 1841545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/34 | 446 | 454464 |
|  FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 07/15/27 | 305 | 301609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 07/15/47 | 410 | 348710 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/28 | 450 | 459150 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 120 | 114758 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/53 | 2560 | 2449543 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/30 | 880 | 889015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/15/32 | 1040 | 1041851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/17/33 | 315 | 317681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/15/35 | 520 | 527336 |
|  Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/29/35 | 930 | 955928 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/14/28 | 498 | 483179 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 2780 | 2584477 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 01/15/35 | 525 | 524012 |
|  MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 10/15/44 | 1400 | 1201373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/43 | 1105 | 1007792 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Mid-Atlantic Interstate Transmission LLC, | Mid-Atlantic Interstate Transmission LLC, | Mid-Atlantic Interstate Transmission LLC, | Mid-Atlantic Interstate Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 05/15/28 | 121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120104 |
|  Monongahela Power Co., | Monongahela Power Co., | Monongahela Power Co., | Monongahela Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 12/15/43 | 770 | 751470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 02/15/34 | 200 | 207785 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 06/01/30 | 3115 | 2807860 |
|  Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.996% | 07/03/55 | 330 | 330000 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 | 123 | 116068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 480 | 441517 |
|  NSTAR Electric Co., | NSTAR Electric Co., | NSTAR Electric Co., | NSTAR Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 620 | 625529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/34 | 425 | 435943 |
|  Oglethorpe Power Corp., | Oglethorpe Power Corp., | Oglethorpe Power Corp., | Oglethorpe Power Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 10/01/48 | 430 | 379991 |
|  Ohio Edison Co., | Ohio Edison Co., | Ohio Edison Co., | Ohio Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 12/15/29 | 375 | 380154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/33 | 315 | 322119 |
|  Ohio Power Co., | Ohio Power Co., | Ohio Power Co., | Ohio Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/49 | 328 | 248143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/33 | 1820 | 1818406 |
|  Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/35 | 910 | 927987 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 08/01/27 | 754 | 714436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/31 | 2250 | 1953079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 1410 | 992722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/45 | 800 | 604828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 07/01/30 | 660 | 644140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 1496 | 1205500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/27 | 2100 | 2126136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 10/01/54 | 1000 | 905413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 850 | 859383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 423 | 435951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 06/15/33 | 1250 | 1305750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/34 | 517 | 555844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/01/31 | 484 | 434903 |
|  PacifiCorp, | PacifiCorp, | PacifiCorp, | PacifiCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 12/01/53 | 1295 | 1165857 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 09/15/47 | 136 | 103123 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/27 | 232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229100 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 275 | 260830 |
|  PG&E Wildfire Recovery Funding LLC, | PG&E Wildfire Recovery Funding LLC, | PG&E Wildfire Recovery Funding LLC, | PG&E Wildfire Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099% | 06/01/54 | 1800 | 1661994 |
|  Pinnacle West Capital Corp., | Pinnacle West Capital Corp., | Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/15/28 | 532 | 539199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/15/30 | 787 | 805459 |
|  Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 03/01/31 | 2302 | 2649027 |
|  Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/35 | 1125 | 1125019 |
|  Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 03/15/30 | 1095 | 1113838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 04/01/34 | 260 | 266040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27(a) | 1780 | 1842609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/15/33 | 730 | 777013 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/15/30 | 563 | 544261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224% | 03/15/32 | 300 | 282133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725% | 03/15/35 | 2020 | 2035562 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 11/15/41 | 240 | 191995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 2950 | 2751588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/15/35 | 920 | 939574 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 06/01/30 | 694 | 610077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/32 | 470 | 404357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 02/01/50 | 1245 | 829717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 | 1925 | 1868182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/35 | 545 | 535239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/15/54 | 1235 | 1105731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/01/55 | 455 | 416295 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series D | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series D | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series D | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/01/27 | 2180 | 2187535 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 734 | 527495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/01/43 | 80 | 64638 |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113% | 08/01/27 | 2150 | 2182456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/15/35 | 1625 | 1590110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/15/34 | 520 | 543581 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/15/41 | 3585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383891 |
|  Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/33 | 415 | 418175 |
|  Trans-Allegheny Interstate Line Co., | Trans-Allegheny Interstate Line Co., | Trans-Allegheny Interstate Line Co., | Trans-Allegheny Interstate Line Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/31 | 260 | 264520 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/33 | 1985 | 2005189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/34 | 1590 | 1592463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/35 | 740 | 743206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 01/15/54 | 380 | 356541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;03/15/55(a) | 2330 | 2296285 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;10/15/26(oo) | 925 | 946871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;01/15/29(oo) | 2700 | 2927873 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 845 | 843805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 270 | 274886 |
|  Wisconsin Power & Light Co., | Wisconsin Power & Light Co., | Wisconsin Power & Light Co., | Wisconsin Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/30/34 | 760 | 777099 |
|  Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/01/32 | 735 | 718973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/15/35 | 1330 | 1356948 |
|  |  |  | 140933209 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;03/01/35(a) | 640 | 643812 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 644 | 530769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 545 | 528377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 1386 | 1375605 |
|  |  |  | 2434751 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 | 500 | 477234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 500 | 518048 |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 07/01/32 | 335 | 349156 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |  |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% | &nbsp;&nbsp;&nbsp;&nbsp;03/15/32(a) | 3101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% | 03/15/32 | 54 | 45545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/15/42 | 230 | 154558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141% | 03/15/52 | 756 | 466346 |
|  |  |  | 4316861 |
|  **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
|  Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% | 02/15/31 | 525 | 447943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/01/29 | 155 | 158387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 11/15/34 | 1435 | 1468140 |
|  Veralto Corp., | Veralto Corp., | Veralto Corp., | Veralto Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/18/26 | 305 | 308656 |
|  Waste Management, Inc., | Waste Management, Inc., | Waste Management, Inc., | Waste Management, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 03/15/35 | 225 | 225958 |
|  |  |  | 2609084 |
|  **Foods — 0.6%** | **Foods — 0.6%** | **Foods — 0.6%** | **Foods — 0.6%** |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28 | 535 | 515763 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | 300 | 386573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 1075 | 1268782 |
|  Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/09/36 | 750 | 741000 |
|  Conagra Brands, Inc., | Conagra Brands, Inc., | Conagra Brands, Inc., | Conagra Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 11/01/28 | 1030 | 1039914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 10/01/26 | 1445 | 1459788 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 01/15/32 | 355 | 324555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/33 | 575 | 589824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;03/15/34(a) | 850 | 927955 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 | 2550 | 2546548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 04/15/66 | 1490 | 1498129 |
|  Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/15/32 | 825 | 839811 |
|  Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/34 | 330 | 328179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/15/54 | 900 | 853580 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/01/44 | 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/01/28 | 610 | 615061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/32 | 2405 | 2437162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 1925 | 1947661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 | 2295 | 2297056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 245 | 244385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/01/65 | 465 | 464621 |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 03/17/27 | 1370 | 1335434 |
|  Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/15/31 | 353 | 340503 |
|  Tyson Foods, Inc., | Tyson Foods, Inc., | Tyson Foods, Inc., | Tyson Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/15/34 | 150 | 155204 |
|  |  |  | 23565176 |
|  **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 11/15/33 | 800 | 858421 |
|  Boston Gas Co., | Boston Gas Co., | Boston Gas Co., | Boston Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.757% | 03/16/32 | 680 | 627060 |
|  Brooklyn Union Gas Co. (The), | Brooklyn Union Gas Co. (The), | Brooklyn Union Gas Co. (The), | Brooklyn Union Gas Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.632% | 08/05/27 | 3170 | 3179525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866% | 08/05/32 | 1820 | 1765386 |
|  CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 01/15/41 | 251 | 253391 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 02/15/31 | 460 | 393896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 05/01/30 | 790 | 758814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/34 | 250 | 254392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 07/15/35 | 630 | 635091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/30/33 | 280 | 286753 |
|  Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/54 | 300 | 292381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/01/53 | 590 | 579908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/55 | 1410 | 1437108 |
|  Southwest Gas Corp., | Southwest Gas Corp., | Southwest Gas Corp., | Southwest Gas Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 06/15/30 | 1014 | 911304 |
|  |  |  | 12233430 |
|  **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
|  Alcon Finance Corp., | Alcon Finance Corp., | Alcon Finance Corp., | Alcon Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/23/29 | 985 | 927566 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Products (cont'd.)** | **Healthcare-Products (cont'd.)** | **Healthcare-Products (cont'd.)** | **Healthcare-Products (cont'd.)** |
|  Boston Scientific Corp., | Boston Scientific Corp., | Boston Scientific Corp., | Boston Scientific Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/01/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946827 |
|  DH Europe Finance II Sarl, | DH Europe Finance II Sarl, | DH Europe Finance II Sarl, | DH Europe Finance II Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/15/39 | 1150 | 921082 |
|  GE HealthCare Technologies, Inc., | GE HealthCare Technologies, Inc., | GE HealthCare Technologies, Inc., | GE HealthCare Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27(a) | 1265 | 1303486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/35 | 620 | 634830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905% | &nbsp;&nbsp;&nbsp;&nbsp;11/22/32(a) | 620 | 659382 |
|  Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.032% | 10/14/30 | 745 | 651359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/20/34 | 80 | 80930 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/01/29 | 1510 | 1555134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/23/34 | 1601 | 1647337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | &nbsp;&nbsp;&nbsp;&nbsp;04/30/54(a) | 540 | 539879 |
|  |  |  | 9867812 |
|  **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/42 | 283 | 233186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 12/15/37 | 469 | 506871 |
|  Ascension Health, | Ascension Health, | Ascension Health, | Ascension Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% | 11/15/39 | 523 | 408654 |
|  Centene Corp., | Centene Corp., | Centene Corp., | Centene Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/31 | 1150 | 990903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 08/01/31 | 985 | 844488 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 08/15/38 | 1052 | 987639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/15/40 | 2320 | 1773001 |
|  CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/01/42 | 214 | 179610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.205% | 12/01/31 | 275 | 282169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318% | 12/01/34 | 3145 | 3160055 |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 1540 | 1475807 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 05/15/32 | 280 | 268663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 05/15/52 | 210 | 171805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/34 | 425 | 434362 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/15/32 | 336 | 309672 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A83

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/52 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/01/30 | 1050 | 1076367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/15/34 | 520 | 523956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/47 | 656 | 609940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/34 | 75 | 76814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/35 | 804 | 826619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/54 | 350 | 340149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 04/01/64 | 120 | 117058 |
|  Humana, Inc., | Humana, Inc., | Humana, Inc., | Humana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 02/03/32 | 200 | 167662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 10/01/44 | 176 | 152035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/15/31 | 95 | 97134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/01/35 | 1000 | 1005048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 | 1680 | 1732383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/01/33 | 350 | 362315 |
|  Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.809% | 05/08/27 | 200 | 203913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.849% | 05/08/29 | 200 | 207164 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/47 | 1170 | 958561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.810% | 06/01/41 | 985 | 704505 |
|  Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/01/30 | 2570 | 2552409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/01/32 | 940 | 925985 |
|  MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 12/31/30 | 378 | 311459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 12/31/30 | 197 | 195018 |
|  New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 08/01/56 | 1030 | 800381 |
|  NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.368% | 07/01/47 | 175 | 149765 |
|  PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 11/15/25 | 168 | 165585 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 11/30/33 | 500 | 548077 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 275 | 266909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/28 | 200 | 197407 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/15/30 | 310 | 277402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 05/15/31 | 200 | 176552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 05/15/40 | 1190 | 862809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/51 | 168 | 111358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/59 | 511 | 360287 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/15/32 | 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/52 | 495 | 422058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/15/62 | 585 | 502973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 04/15/53 | 800 | 713822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/15/30 | 125 | 129374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/15/35 | 740 | 754151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/15/54 | 1545 | 1443499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 10/15/40 | 246 | 251240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/15/64 | 25 | 24308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 02/15/63 | 140 | 141913 |
|  |  |  | 35534375 |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 1738 | 1842166 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 10/15/29 | 475 | 478512 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 09/15/27 | 180 | 179021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/29 | 378 | 342804 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 372 | 357585 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/15/27 | 249 | 252982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 249 | 247568 |
|  Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/01/27 | 307 | 307887 |
|  |  |  | 2166359 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/30 | 190 | 184770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 95 | 90873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 145 | 152694 |
|  |  |  | 428337 |
|  **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  Aon North America, Inc., | Aon North America, Inc., | Aon North America, Inc., | Aon North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/34 | 1710 | 1756527 |
|  Athene Global Funding, | Athene Global Funding, | Athene Global Funding, | Athene Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.721% | 10/08/29 | 1525 | 1520599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/07/27 | 1740 | 1751670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.684% | 02/23/26 | 2670 | 2688560 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A84

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646% | 10/04/31 | 2135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849453 |
|  Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/49 | 553 | 467453 |
|  CNO Global Funding, | CNO Global Funding, | CNO Global Funding, | CNO Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/10/27 | 1165 | 1175297 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/24/29 | 600 | 614514 |
|  Equitable Financial Life Global Funding, | Equitable Financial Life Global Funding, | Equitable Financial Life Global Funding, | Equitable Financial Life Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | 03/08/28 | 1115 | 1042532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/27/30 | 705 | 715552 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/03/31 | 830 | 770108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/07/33 | 2760 | 2862636 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | 02/01/29 | 2 | 2002 |
|  Lincoln Financial Global Funding, | Lincoln Financial Global Funding, | Lincoln Financial Global Funding, | Lincoln Financial Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/28/28 | 525 | 528792 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 10/09/37 | 447 | 467305 |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/30/43 | 154 | 137619 |
|  Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 11/15/30 | 296 | 265043 |
|  Met Tower Global Funding, | Met Tower Global Funding, | Met Tower Global Funding, | Met Tower Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;01/14/28(a) | 1740 | 1765822 |
|  MetLife, Inc., | MetLife, Inc., | MetLife, Inc., | MetLife, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/15/66 | 459 | 477121 |
|  Principal Life Global Funding II, | Principal Life Global Funding II, | Principal Life Global Funding II, | Principal Life Global Funding II, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 01/25/29 | 1180 | 1206674 |
|  Protective Life Global Funding, | Protective Life Global Funding, | Protective Life Global Funding, | Protective Life Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.803% | 06/05/30 | 625 | 632892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% | 06/12/29 | 300 | 308345 |
|  RGA Global Funding, | RGA Global Funding, | RGA Global Funding, | RGA Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/09/30 | 1740 | 1784224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.448% | 05/24/29 | 950 | 980838 |
|  Sammons Financial Group Global Funding, | Sammons Financial Group Global Funding, | Sammons Financial Group Global Funding, | Sammons Financial Group Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/12/30 | 870 | 879560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
|  Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/34 | 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343331 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 09/15/44 | 653 | 587657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 12/16/39 | 50 | 56380 |
|  Willis North America, Inc., | Willis North America, Inc., | Willis North America, Inc., | Willis North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 06/15/27 | 1965 | 1977174 |
|  |  |  | 29615680 |
|  **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/15/30 | 675 | 675333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/65 | 1460 | 1429782 |
|  Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/03/50 | 313 | 188088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/22/37 | 501 | 452998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/22/57 | 145 | 118793 |
|  Cablevision Lightpath LLC, | Cablevision Lightpath LLC, | Cablevision Lightpath LLC, | Cablevision Lightpath LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/15/28 | 275 | 266417 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 140 | 143921 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 1350 | 1316155 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/34 | 125 | 123060 |
|  |  |  | 4714547 |
|  **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
|  Ares Strategic Income Fund, | Ares Strategic Income Fund, | Ares Strategic Income Fund, | Ares Strategic Income Fund, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 09/09/30 | 2345 | 2352670 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 205 | 201866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 125 | 117313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 09/15/31 | 300 | 289359 |
|  Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 10/01/28 | 150 | 153375 |
|  Steel Dynamics, Inc., | Steel Dynamics, Inc., | Steel Dynamics, Inc., | Steel Dynamics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 10/15/27 | 400 | 377028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/15/50 | 800 | 526569 |
|  |  |  | 1665510 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A85

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Carnival Corp., | Carnival Corp., | Carnival Corp., | Carnival Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/28 | 300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292485 |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/15/26 | 484 | 484605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 185 | 188931 |
|  YMCA of Greater New York, | YMCA of Greater New York, | YMCA of Greater New York, | YMCA of Greater New York, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.303% | 08/01/26 | 705 | 685802 |
|  |  |  | 1651823 |
|  **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/24/27 | 208 | 204698 |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 322 | 317497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/14/30 | 270 | 278478 |
|  Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/08/28 | 396 | 397842 |
|  |  |  | 1198515 |
|  **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
|  Caterpillar Financial Services Corp., | Caterpillar Financial Services Corp., | Caterpillar Financial Services Corp., | Caterpillar Financial Services Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/15/29 | 1365 | 1390116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;01/08/30(a) | 1740 | 1781942 |
|  |  |  | 3172058 |
|  **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 441 | 461906 |
|  John Deere Capital Corp., | John Deere Capital Corp., | John Deere Capital Corp., | John Deere Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;06/05/28(a) | 2065 | 2077410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 06/11/29 | 1730 | 1772691 |
|  Otis Worldwide Corp., | Otis Worldwide Corp., | Otis Worldwide Corp., | Otis Worldwide Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.565% | 02/15/30 | 1632 | 1505246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 11/19/31 | 440 | 453115 |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/29/30 | 875 | 886719 |
|  |  |  | 7157087 |
|  **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 538 | 536162 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
|  Charter Communications Operating LLC/Charter Communications<br>Operating Capital, | Charter Communications Operating LLC/Charter Communications<br>Operating Capital, | Charter Communications Operating LLC/Charter Communications<br>Operating Capital, | Charter Communications Operating LLC/Charter Communications<br>Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 04/01/31 | 745 | 664287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 04/01/61 | 909 | 582262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 250 | 171325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 12/01/61 | 512 | 359115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/30/29 | 2446 | 2470587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/01/49 | 240 | 199338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/01/47 | 246 | 213331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/63 | 480 | 405742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 20 | 19815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 06/01/34 | 190 | 202612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834% | 10/23/55 | 151 | 154504 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 01/15/51 | 604 | 361669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% | 11/01/51 | 2325 | 1413302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/01/39 | 845 | 661048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 04/01/30 | 340 | 326270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/40 | 1551 | 1285230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969% | 11/01/47 | 1053 | 809263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% | 11/01/49 | 274 | 208458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/47 | 130 | 100432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 10/15/28 | 207 | 206631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/15/30 | 526 | 523348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/33 | 292 | 282093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/33 | 420 | 418807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;06/01/29(a) | 2785 | 2874642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 06/01/54 | 325 | 315940 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;09/01/34(a) | 3150 | 3106605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/01/54 | 335 | 310059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 06/15/31 | 138 | 120847 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/31 | 615 | 425279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/30 | 200 | 141915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/28 | 260 | 238093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 350 | 334100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/01/29 | 900 | 731392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/01/30 | 288 | 133948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/30 | 550 | 272248 |
|  Paramount Global, | Paramount Global, | Paramount Global, | Paramount Global, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/15/43 | 818 | 602369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;05/19/50(a) | 285 | 217811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 09/01/43 | 276 | 239783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;04/30/36(a) | 545 | 558170 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/42 | 1500 | 1194080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 05/01/37 | 1117 | 1153914 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A86

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/39 | 714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 07/01/38 | 1201 | 1308901 |
|  |  |  | 27946336 |
|  **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
|  Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/16/29 | 270 | 263250 |
|  Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/30/41 | 105 | 105606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/01/43 | 17 | 17123 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/28/33 | 775 | 776996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/21/32 | 1010 | 1033253 |
|  Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/31/33 | 135 | 137701 |
|  Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/30 | 36 | 35728 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 04/27/31 | 585 | 526852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 | 1930 | 1977876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 | 552 | 562472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 | 835 | 895066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/06/33 | 255 | 275833 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 | 95 | 97598 |
|  Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 03/15/34 | 1195 | 1226562 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;01/30/30(a) | 610 | 630725 |
|  Rio Tinto Alcan, Inc. (Canada), | Rio Tinto Alcan, Inc. (Canada), | Rio Tinto Alcan, Inc. (Canada), | Rio Tinto Alcan, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/33 | 670 | 725858 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/14/32 | 380 | 386194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/14/65 | 870 | 870251 |
|  Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 11/08/42 | 1587 | 1471943 |
|  Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/15/27 | 93 | 92507 |
|  |  |  | 12109394 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Eaton Corp., | Eaton Corp., | Eaton Corp., | Eaton Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/02/42 | 158 | 135882 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Miscellaneous Manufacturing (cont'd.)** | **Miscellaneous Manufacturing (cont'd.)** | **Miscellaneous Manufacturing (cont'd.)** | **Miscellaneous Manufacturing (cont'd.)** |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 11/21/44 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344308 |
|  Siemens Funding BV (Germany), | Siemens Funding BV (Germany), | Siemens Funding BV (Germany), | Siemens Funding BV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/28/30 | 900 | 908314 |
|  |  |  | 1388504 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Notes | &nbsp;&nbsp;&nbsp;&nbsp; Notes | &nbsp;&nbsp;&nbsp;&nbsp; Notes | &nbsp;&nbsp;&nbsp;&nbsp; Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 10/15/25 | 417 | 418356 |
|  **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 4301 | 3833804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/34 | 685 | 657019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 10/01/54 | 1175 | 1070822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/13/33 | 295 | 303087 |
|  Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., | Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., | Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., | Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/24^(d) | 5175 | 6469 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 | 28 | 34189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 | 900 | 915662 |
|  BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/24/50 | 882 | 566172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812% | 02/13/33 | 445 | 444356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.893% | 09/11/33 | 185 | 185292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227% | 11/17/34 | 285 | 289762 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;09/22/25(oo) | 369 | 368078 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 | 3855 | 3324057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/47 | 111 | 98312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/39 | 53 | 56957 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 1814 | 1306039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 11/15/44 | 362 | 301162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/15/30 | 2190 | 2220399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/53 | 250 | 230851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/55 | 875 | 829552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 170 | 162404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 01/15/65 | 450 | 427283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/15/63 | 865 | 828606 |
|  Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | 11/15/26 | 504 | 487396 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A87

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 02/15/35 | 1973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/34 | 202 | 203671 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 02/15/28 | 775 | 807717 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/42 | 311 | 260315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 07/15/41 | 506 | 467571 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 03/24/51 | 290 | 224048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 04/01/35 | 660 | 667127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 375 | 348142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 04/18/64 | 270 | 250451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 525 | 559161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/53 | 130 | 128504 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 02/01/32 | 350 | 343438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 1380 | 1457804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | 01/13/33 | 229 | 235870 |
|  Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/34 | 1070 | 1076788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/19/35(a) | 1120 | 1142644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/54 | 550 | 529154 |
|  EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/15/32 | 625 | 632351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 01/15/36 | 930 | 942746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 12/01/54 | 595 | 581971 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 05/15/31 | 560 | 519483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/27 | 50 | 50976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 50 | 54953 |
|  Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 04/06/40 | 505 | 418919 |
|  Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.452% | 04/15/51 | 205 | 145274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.114% | 03/01/46 | 534 | 438523 |
|  Hess Corp., | Hess Corp., | Hess Corp., | Hess Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/33 | 1188 | 1345851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 08/15/31 | 835 | 947626 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/29 | 103 | 101683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 103 | 99633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 625 | 597530 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/31 | 150 | 163913 |
|  Patterson-UTI Energy, Inc., | Patterson-UTI Energy, Inc., | Patterson-UTI Energy, Inc., | Patterson-UTI Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.150% | 10/01/33 | 805 | 824180 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 274 | 371217 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 02/12/28 | 104 | 99928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.490% | 01/23/27 | 582 | 577926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/23/29 | 1215 | 1189351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32(a) | 835 | 775214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | 01/23/30 | 523 | 504643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 10/16/25 | 251 | 250613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/21/28 | 394 | 452802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 08/04/26 | 200 | 199906 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 700 | 620637 |
|  Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/17/64 | 275 | 249906 |
|  Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/11/45 | 326 | 275923 |
|  Shell International Finance BV, | Shell International Finance BV, | Shell International Finance BV, | Shell International Finance BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/26/51 | 874 | 562237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 12/15/38 | 665 | 736660 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425% | 09/10/64 | 800 | 746253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | 04/05/64 | 1540 | 1491785 |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 05/22/30 | 646 | 660425 |
|  |  |  | 48369480 |
|  **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
|  Halliburton Co., | Halliburton Co., | Halliburton Co., | Halliburton Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.450% | 09/15/39 | 475 | 556099 |
|  **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
|  AptarGroup, Inc., | AptarGroup, Inc., | AptarGroup, Inc., | AptarGroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/32 | 3450 | 3179707 |
|  ARD Finance SA (Luxembourg), | ARD Finance SA (Luxembourg), | ARD Finance SA (Luxembourg), | ARD Finance SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/30/27 | 430 | 15570 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A88

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 08/15/26 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/26 | 200 | 187750 |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 325 | 333704 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/31 | 2390 | 2513347 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 225 | 230597 |
|  LABL, Inc., | LABL, Inc., | LABL, Inc., | LABL, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 11/01/28 | 50 | 46278 |
|  Packaging Corp. of America, | Packaging Corp. of America, | Packaging Corp. of America, | Packaging Corp. of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 12/15/49 | 1350 | 1032017 |
|  |  |  | 7762472 |
|  **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 11/21/29 | 1974 | 1887741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 3095 | 2711733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 497 | 409521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/14/35 | 155 | 149747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 03/15/31 | 590 | 605478 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 02/22/34(a) | 730 | 747428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 385 | 375061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 02/22/64 | 150 | 145561 |
|  Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/29 | 1545 | 1575172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 02/15/34 | 400 | 411321 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 12/15/29 | 1445 | 1467101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/34 | 1000 | 1008018 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 08/21/30 | 175 | 151211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/28/31 | 948 | 811875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 09/15/31 | 1340 | 1146114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/15/29 | 912 | 866584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/30 | 448 | 429710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/01/40 | 79 | 65905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/20/45 | 790 | 698720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 12/05/43 | 130 | 118185 |
|  CVS Pass-Through Trust, | CVS Pass-Through Trust, | CVS Pass-Through Trust, | CVS Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 12/10/28 | 139 | 140929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.943% | 01/10/30 | 154 | 159221 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
|  Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/12/55 | 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579555 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/30/28 | 305 | 293162 |
|  Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/19/53 | 750 | 708523 |
|  Pfizer, Inc., | Pfizer, Inc., | Pfizer, Inc., | Pfizer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 04/01/30 | 597 | 555499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/39 | 445 | 388070 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/22/40 | 2830 | 2088755 |
|  Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/15/30 | 1100 | 988220 |
|  |  |  | 21684120 |
|  **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/31/32 | 1060 | 949846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/31 | 210 | 199729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 10/30/35 | 1710 | 1723628 |
|  Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/28 | 990 | 988543 |
|  Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097% | 10/01/31 | 343 | 344573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681% | 01/15/34 | 545 | 550913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.042% | 08/15/28 | 810 | 843312 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.695% | 10/01/54 | 1550 | 1438362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 925 | 976487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 1405 | 1475043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.544% | 11/15/53 | 150 | 155015 |
|  DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 12/15/34 | 920 | 938403 |
|  Eastern Energy Gas Holdings LLC, | Eastern Energy Gas Holdings LLC, | Eastern Energy Gas Holdings LLC, | Eastern Energy Gas Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 01/15/55 | 405 | 419250 |
|  Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/15/44 | 48 | 40585 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 11/15/29 | 495 | 466775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 06/20/35 | 395 | 401239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/05/34(a) | 1850 | 1898602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/08/33 | 615 | 636894 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A89

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/15/29 | 25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/30 | 596 | 571893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/28 | 634 | 643165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/44 | 9 | 8048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/47 | 3551 | 3166107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 04/01/35 | 1150 | 1171176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/49 | 1325 | 1308493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/01/30 | 925 | 997703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 07/01/38 | 192 | 219531 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 02/15/53 | 350 | 231673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/31/51 | 207 | 149819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 01/15/31 | 735 | 740316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/15/44 | 151 | 136244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/15/35 | 250 | 249180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/36 | 285 | 287252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 02/01/41 | 335 | 347882 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.510% | 02/23/42 | 300 | 309940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 | 575 | 580031 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/01/50 | 1278 | 827323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/01/28 | 257 | 257215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 06/01/45 | 28 | 26464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 01/15/32 | 717 | 827719 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 08/15/30 | 435 | 393799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/38 | 665 | 588762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/15/48 | 177 | 143582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 09/01/32 | 750 | 742953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 1498 | 1308816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 12/01/47 | 1820 | 1586607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/35 | 135 | 133983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/49 | 163 | 147449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/01/55 | 415 | 395347 |
|  NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 07/15/31 | 850 | 756364 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 10/15/37 | 708 | 773097 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 10/15/29 | 525 | 520987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/01/49 | 812 | 624247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/15/31 | 410 | 406461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 11/01/34 | 815 | 793234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/01/26 | 160 | 162172 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 11/01/30 | 260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 11/01/64 | 365 | 338797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 900 | 945039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 09/01/53 | 990 | 1029427 |
|  Plains All American Pipeline LP, | Plains All American Pipeline LP, | Plains All American Pipeline LP, | Plains All American Pipeline LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 06/15/35 | 820 | 843188 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/33 | 180 | 187975 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/31/30 | 654 | 642169 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 09/15/30 | 410 | 413665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/01/27 | 1295 | 1312213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 | 2940 | 2954779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 02/15/36 | 145 | 146343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/30/34 | 370 | 397818 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/32 | 1230 | 1144711 |
|  Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/30 | 405 | 382144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/50 | 540 | 409485 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 65 | 61332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 40 | 37051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 925 | 953993 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29(oo) | 1850 | 1803100 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 2609 | 2510403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/28 | 20 | 19880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(cc) | 02/01/50 | 441 | 371454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 77 | 64418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/48 | 11 | 9409 |
|  Whistler Pipeline LLC, | Whistler Pipeline LLC, | Whistler Pipeline LLC, | Whistler Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/30/29 | 25 | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/30/31 | 755 | 770286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/30/34 | 170 | 172285 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/27 | 11 | 10876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 01/15/45 | 390 | 342446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 09/15/45 | 353 | 320106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 105 | 104877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/04/44 | 417 | 391794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/35 | 560 | 575804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/15/33 | 245 | 254611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/55 | 215 | 215079 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 06/15/31 | 643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733394 |
|  |  |  | 58175718 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%(cc) | 01/15/28 | 919 | 935035 |
|  **Real Estate Investment Trusts (REITs) — 0.7%** | **Real Estate Investment Trusts (REITs) — 0.7%** | **Real Estate Investment Trusts (REITs) — 0.7%** | **Real Estate Investment Trusts (REITs) — 0.7%** |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 08/15/29 | 280 | 272258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/31/30 | 850 | 866300 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30(a) | 5683 | 5516680 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 12/01/33 | 955 | 788147 |
|  Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 11/15/29 | 568 | 533971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 02/15/28 | 492 | 483110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/01/28 | 152 | 152908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/01/29 | 1200 | 1239438 |
|  Equinix, Inc., | Equinix, Inc., | Equinix, Inc., | Equinix, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 11/18/26 | 550 | 539049 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/32 | 1031 | 909439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 745 | 702659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/15/29 | 520 | 525673 |
|  Goodman US Finance Six LLC (Australia), | Goodman US Finance Six LLC (Australia), | Goodman US Finance Six LLC (Australia), | Goodman US Finance Six LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/07/34 | 385 | 383108 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 10/01/30 | 2013 | 1848128 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 25 | 26178 |
|  NNN REIT, Inc., | NNN REIT, Inc., | NNN REIT, Inc., | NNN REIT, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/34 | 1000 | 1024557 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/01/28 | 800 | 798745 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 07/15/33(a) | 1000 | 996759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/15/35 | 825 | 826098 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 07/15/31 | 2534 | 2244774 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |  |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | 02/15/28 | 1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932596 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 | 1803 | 1797794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 | 3418 | 3464912 |
|  |  |  | 27873281 |
|  **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/28 | 366 | 356400 |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 08/01/28 | 1500 | 1391339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890% | 03/15/35 | 1760 | 1784367 |
|  AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 07/15/34 | 340 | 347931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 11/01/33 | 845 | 932813 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 | 800 | 841300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 | 800 | 947273 |
|  Darden Restaurants, Inc., | Darden Restaurants, Inc., | Darden Restaurants, Inc., | Darden Restaurants, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 05/01/27(a) | 950 | 942203 |
|  Falabella SA (Chile), | Falabella SA (Chile), | Falabella SA (Chile), | Falabella SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 01/15/32 | 1075 | 939550 |
|  Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 04/15/40 | 414 | 330479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 04/15/50 | 623 | 437000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/25/54 | 75 | 71969 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 07/01/30 | 337 | 326023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/01/50 | 619 | 491933 |
|  O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/15/32 | 634 | 630061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/19/34 | 310 | 307904 |
|  Rite Aid Corp., | Rite Aid Corp., | Rite Aid Corp., | Rite Aid Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; —%(p) | 12/31/47^ | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 08/30/31^(d) | 183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B, PIK 15.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 08/30/31^(d) | 87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 12/31/30^ | 170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 11.466% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 11.466% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 11.466% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 11.466% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.317% | 08/30/31^(a)(d) | 63 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |  |
|  Starbucks Corp., | Starbucks Corp., | Starbucks Corp., | Starbucks Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/30 | 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460655 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/01/27 | 875 | 875157 |
|  |  |  | 12414357 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960%(ff) | 07/18/30 | 895 | 871537 |
|  **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
|  Analog Devices, Inc., | Analog Devices, Inc., | Analog Devices, Inc., | Analog Devices, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 10/01/41 | 750 | 545690 |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 02/15/28 | 795 | 792849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 04/15/28(a) | 1740 | 1765294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 07/12/29 | 665 | 680993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/31 | 1600 | 1645839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 1100 | 927865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | 11/15/36 | 2200 | 1823594 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/25/31 | 790 | 810086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 01/25/30 | 635 | 663721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 01/25/33 | 250 | 259225 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/12/61 | 176 | 99837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/15/49 | 321 | 203118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% | 12/08/47 | 2054 | 1446399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/25/50 | 976 | 795416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 08/05/62 | 550 | 447608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/10/30 | 300 | 306683 |
|  KLA Corp., | KLA Corp., | KLA Corp., | KLA Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/15/32 | 900 | 905213 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/15/29 | 900 | 936668 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/15/31 | 310 | 317307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 11/01/32 | 1570 | 1631670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/09/33 | 180 | 187664 |
|  NVIDIA Corp., | NVIDIA Corp., | NVIDIA Corp., | NVIDIA Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/40 | 1315 | 1107414 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/11/31 | 158 | 138635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/01/27 | 1320 | 1322152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/33 | 1100 | 1095270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** |  |
|  QUALCOMM, Inc., | QUALCOMM, Inc., | QUALCOMM, Inc., | QUALCOMM, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/20/32 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/20/45 | 340 | 309780 |
|  Texas Instruments, Inc., | Texas Instruments, Inc., | Texas Instruments, Inc., | Texas Instruments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 05/18/63 | 2350 | 2158079 |
|  |  |  | 24508608 |
|  **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
|  Adobe, Inc., | Adobe, Inc., | Adobe, Inc., | Adobe, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/17/30 | 1240 | 1280818 |
|  Cadence Design Systems, Inc., | Cadence Design Systems, Inc., | Cadence Design Systems, Inc., | Cadence Design Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/10/34 | 1300 | 1284023 |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 165 | 168692 |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 07/01/49 | 400 | 327483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 08/12/34 | 2200 | 2205162 |
|  Intuit, Inc., | Intuit, Inc., | Intuit, Inc., | Intuit, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 09/15/33 | 500 | 517487 |
|  Microsoft Corp., | Microsoft Corp., | Microsoft Corp., | Microsoft Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921% | 03/17/52 | 140 | 92879 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 03/25/31 | 365 | 332773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/01/30 | 430 | 401303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 03/25/61 | 2199 | 1586467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/08/34 | 2041 | 1936377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/06/33 | 650 | 651541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/27/64 | 475 | 432040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 11/09/29 | 245 | 261428 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/30/30 | 650 | 577733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/32 | 375 | 375738 |
|  Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 04/01/55 | 895 | 889477 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/14/32 | 1650 | 1563483 |
|  |  |  | 14884904 |
|  **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 02/01/28 | 2845 | 2669745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 06/01/27 | 766 | 738297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 12/01/33 | 251 | 210112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 4242 | 3327000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A92

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/53 | 792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/15/55 | 397 | 267791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/15/59 | 869 | 582745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/01/57 | 692 | 484159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 06/15/45 | 214 | 177272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/35 | 115 | 109571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/01/40 | 230 | 224750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/41 | 221 | 217755 |
|  Cisco Systems, Inc., | Cisco Systems, Inc., | Cisco Systems, Inc., | Cisco Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/26/31 | 515 | 529688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 02/26/64 | 245 | 236294 |
|  Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 12/31/30(x) | 15 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 12/31/30^(x) | 51 |  |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | 11/30/29(d) | 1725 | 1773453 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/28 | 950 | 949419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 175 | 175068 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 | 320 | 325584 |
|  Lumen Technologies, Inc., | Lumen Technologies, Inc., | Lumen Technologies, Inc., | Lumen Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/15/30 | 1 | 703 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/52 | 1200 | 973251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/15/34 | 420 | 419903 |
|  Sprint LLC, | Sprint LLC, | Sprint LLC, | Sprint LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 03/01/26 | 105 | 105908 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/15/31 | 532 | 476602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 695 | 674812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 10/01/29 | 1780 | 1767891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/15/35 | 740 | 717177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/32 | 375 | 382185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/34 | 195 | 204207 |
|  Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/19/49 | 800 | 684697 |
|  Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 07/15/29 | 1150 | 1225084 |
|  |  |  | 21167312 |
|  **Textiles — 0.0%** | **Textiles — 0.0%** | **Textiles — 0.0%** | **Textiles — 0.0%** |
|  Prime Bloom Holdings Ltd. (China), | Prime Bloom Holdings Ltd. (China), | Prime Bloom Holdings Ltd. (China), | Prime Bloom Holdings Ltd. (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010% | 07/05/22(d) | 200 | 1200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |  |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/55 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187556 |
|  CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 09/15/49 | 950 | 664818 |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/05/34 | 80 | 80645 |
|  Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 05/01/35 | 60 | 60286 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 | 390 | 386640 |
|  |  |  | 2379945 |
|  **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 07/01/27 | 1695 | 1694018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 03/30/29(a) | 1560 | 1600143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 08/01/28 | 550 | 573238 |
|  |  |  | 3867399 |
|  **TOTAL CORPORATE BONDS**<br> (cost $1,100,620,776) | **TOTAL CORPORATE BONDS**<br> (cost $1,100,620,776) | **TOTAL CORPORATE BONDS**<br> (cost $1,100,620,776) | 1072561065 |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Venator Finance Sarl, | Venator Finance Sarl, | Venator Finance Sarl, | Venator Finance Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial First-Out Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial First-Out Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial First-Out Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial First-Out Term Loan, 3 Month SOFR + 2.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.261%(c) | 12/31/25^ | 157 | 155595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 8.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.322%(c) | 10/12/28 | 224 | 184858 |
|  Venator Materials LLC, | Venator Materials LLC, | Venator Materials LLC, | Venator Materials LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan, 3 Month SOFR + 2.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.296%(c) | 07/16/26^ | 161 | 159612 |
|  |  |  | 500065 |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.030%(c) | 12/31/30 | 125 | 123204 |
|  **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** |
|  Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.646%(c) | 06/30/26^ | 647 | 452824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.646%(c) | 06/30/26^ | 364 | 82331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.045%(c) | 06/30/26^ | 19 | 18526 |
|  |  |  | 553681 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A93

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |  |
|  FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 05/16/23^ | 17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |  |
|  Interface Security Systems LLC, | Interface Security Systems LLC, | Interface Security Systems LLC, | Interface Security Systems LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; —%(p) | 08/07/28^ | 1277 | 958017 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $2,881,445) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $2,881,445) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $2,881,445) | 2135137 |
|  **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** |  |
|  **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** |  |
|  Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263% | 09/15/32 | 135 | 133136 |
|  **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |  |
|  Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% | 01/01/41 | 515 | 484836 |
|  **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |  |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263% | 04/01/49 | 1015 | 1067035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series S1 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series S1 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series S1 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series S1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043% | 04/01/50 | 950 | 1088066 |
|  State of California, | State of California, | State of California, | State of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 10/01/39 | 770 | 890410 |
|  University of California, | University of California, | University of California, | University of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.767% | 05/15/2115 | 119 | 97287 |
|  |  |  | 3142798 |
|  **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
|  District of Columbia, | District of Columbia, | District of Columbia, | District of Columbia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.751% | 04/01/35 | 225 | 232703 |
|  **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |  |
|  State of Illinois, | State of Illinois, | State of Illinois, | State of Illinois, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/01/33 | 1078 | 1080088 |
|  **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |  |
|  Commonwealth of Massachusetts, | Commonwealth of Massachusetts, | Commonwealth of Massachusetts, | Commonwealth of Massachusetts, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110% | 07/15/31 | 962 | 954689 |
|  **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |  |
|  Curators of the University of Missouri (The), | Curators of the University of Missouri (The), | Curators of the University of Missouri (The), | Curators of the University of Missouri (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.792% | 11/01/41 | 85 | 86142 |
|  **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |  |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102% | 01/01/41 | 366 | 418749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | 01/01/40 | 438 | 522902 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **New Jersey (cont'd.)** | **New Jersey (cont'd.)** | **New Jersey (cont'd.)** |  |
|  Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.665% | 05/01/40 | 400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403769 |
|  |  |  | 1345420 |
|  **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |  |
|  New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882% | 06/15/44 | 530 | 535598 |
|  New York State Dormitory Authority, | New York State Dormitory Authority, | New York State Dormitory Authority, | New York State Dormitory Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389% | 03/15/40 | 100 | 99077 |
|  New York Transportation Development Corp., | New York Transportation Development Corp., | New York Transportation Development Corp., | New York Transportation Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | 09/01/35 | 2325 | 2278175 |
|  Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 165 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 165 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 165 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.647% | 11/01/40 | 185 | 193382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458% | 10/01/62 | 400 | 333111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 181 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 181 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 181 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960% | 08/01/46 | 515 | 481942 |
|  |  |  | 3921285 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |  |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 06/01/2111 | 865 | 726137 |
|  **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |  |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105% | 12/01/39 | 103 | 109006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | 12/01/45 | 270 | 267345 |
|  |  |  | 376351 |
|  **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |  |
|  City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.808% | 02/01/41 | 305 | 307384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.427% | 02/01/42 | 265 | 249417 |
|  State of Texas, | State of Texas, | State of Texas, | State of Texas, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.517% | 04/01/39 | 400 | 411628 |
|  |  |  | 968429 |
|  **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |  |
|  University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.227% | 09/01/2119 | 1205 | 693521 |
|  **TOTAL MUNICIPAL BONDS**<br> (cost $16,413,167) | **TOTAL MUNICIPAL BONDS**<br> (cost $16,413,167) | **TOTAL MUNICIPAL BONDS**<br> (cost $16,413,167) | 14145535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A94

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.4%** |
|  Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940%(cc) | 12/25/60 | 146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105062 |
|  Anchor Mortgage Trust, | Anchor Mortgage Trust, | Anchor Mortgage Trust, | Anchor Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718%(cc) | 05/25/40 | 1710 | 1709966 |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.531%(cc) | 01/26/65 | 2580 | 2442615 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(cc) | 05/25/63 | 2617 | 2591104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%(cc) | 06/25/65 | 1700 | 1698668 |
|  BVRT LLC, | BVRT LLC, | BVRT LLC, | BVRT LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.302%(c) | 05/10/33^ | 3210 | 3090047 |
|  Center Street Lending Resi-Investor ABS Mortgage Trust, | Center Street Lending Resi-Investor ABS Mortgage Trust, | Center Street Lending Resi-Investor ABS Mortgage Trust, | Center Street Lending Resi-Investor ABS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.892%(cc) | 10/25/29 | 3060 | 3094715 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 06/25/62 | 1360 | 1249086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 09/25/64 | 467 | 415153 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(cc) | 03/25/62 | 3245 | 3183318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 06/25/64 | 1289 | 1278773 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%(cc) | 09/25/47 | 117 | 108492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.170%(cc) | 09/25/62 | 539 | 538619 |
|  COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.924%(cc) | 08/25/66 | 3297 | 2770242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.956%(cc) | 09/27/66 | 4488 | 3741647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.397%(cc) | 10/25/66 | 4844 | 4123415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.726%(cc) | 11/26/66 | 2924 | 2635259 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%(c) | 10/25/43 | 692 | 694095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105%(c) | 02/25/44 | 761 | 767407 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.830%(cc) | 03/25/56 | 1783 | 1463581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.809%(cc) | 05/25/65 | 1394 | 1264935 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.904%(cc) | 04/25/62 | 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789088 |
|  Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.899%(cc) | 04/25/66 | 4563 | 4030848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.194%(cc) | 08/25/66 | 4074 | 3580260 |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C3, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C3, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C3, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C3, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/25/52 | 2915 | 460339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 437, Class C8, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 437, Class C8, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 437, Class C8, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 437, Class C8, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/25/52 | 2911 | 456960 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-098, Class ZL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-098, Class ZL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-098, Class ZL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-098, Class ZL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/25/41 | 1555 | 1484391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-142, Class PE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-142, Class PE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-142, Class PE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-142, Class PE |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/25/42 | 1822 | 1714584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-009, Class CB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-009, Class CB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-009, Class CB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-009, Class CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/25/42 | 548 | 563802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-59, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-59, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-59, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-59, Class ZA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/25/44 | 1384 | 1270575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-95, Class ZC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-95, Class ZC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-95, Class ZC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-95, Class ZC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/25/45 | 1848 | 1677785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03, Class IN, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03, Class IN, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03, Class IN, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03, Class IN, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/25/46 | 1445 | 214927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/25/46 | 1751 | 1550153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-22, Class BZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-22, Class BZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-22, Class BZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-22, Class BZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/25/47 | 2424 | 2245522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.630%(c) | 04/25/50 | 461 | 58623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/25/50 | 2960 | 478813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, Class AQ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, Class AQ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, Class AQ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, Class AQ |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/25/50 | 800 | 631268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class TA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class TA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class TA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class TA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/25/50 | 747 | 648500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/25/50 | 1964 | 345932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/25/50 | 2111 | 443466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-85, Class PI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-85, Class PI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-85, Class PI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-85, Class PI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/25/50 | 3001 | 493111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-97, Class EI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-97, Class EI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-97, Class EI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-97, Class EI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/25/51 | 3245 | 406697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class NI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class NI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class NI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class NI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/25/51 | 3326 | 491464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class TI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/25/51 | 2799 | 468490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/25/51 | 14225 | 11957407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class AB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class AB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class AB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class AB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/25/50 | 930 | 774235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class GB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class GB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class GB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class GB |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/25/44 | 1286 | 1313714 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A95

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/25/51 | 1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.645%(c) | 10/25/54 | 3951 | 259811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class BA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/25/52 | 1320 | 1331363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/25/52 | 1230 | 1241635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-34, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-34, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-34, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-34, Class BA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/25/51 | 1200 | 1194634 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.055%(c) | 02/25/42 | 2825 | 2933539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.205%(c) | 04/25/42 | 725 | 746750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.655%(c) | 05/25/42 | 1775 | 1844447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.455%(c) | 09/25/42 | 670 | 675119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA07, Class M1B, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA07, Class M1B, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA07, Class M1B, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA07, Class M1B, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.305%(c) | 03/25/52 | 1855 | 2005144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + 3.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + 3.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + 3.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + 3.550% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.855%(c) | 08/25/42 | 775 | 810844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA03, Class A1, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA03, Class A1, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA03, Class A1, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA03, Class A1, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.155%(c) | 11/25/43 | 472 | 477130 |
|  FN Realty Group LLC, | FN Realty Group LLC, | FN Realty Group LLC, | FN Realty Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.840% | 06/17/33 | 3000 | 3022032 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2957, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2957, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2957, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2957, Class ZA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/15/35 | 585 | 599117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP | &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP | &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP | &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/15/41 | 1009 | 985630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4199, Class BZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4199, Class BZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4199, Class BZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4199, Class BZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/15/43 | 1320 | 1230240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4430, Class NZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4430, Class NZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4430, Class NZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4430, Class NZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/15/45 | 4085 | 3695945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4447, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 4447, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 4447, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 4447, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/45 | 2123 | 1941082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4504, Class DZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4504, Class DZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4504, Class DZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4504, Class DZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/15/45 | 2532 | 2401008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4640, Class CZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4640, Class CZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4640, Class CZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4640, Class CZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/15/46 | 1322 | 1224073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 10/25/50 | 1664 | 51901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class JI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class JI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class JI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class JI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/25/49 | 1867 | 323801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5169, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5169, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5169, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5169, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/25/51 | 2476 | 401162 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP | &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP | &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP | &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/25/50 | 2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class LA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class LA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class LA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class LA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/25/48 | 3146 | 2974790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/25/52 | 1645 | 1474177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/25/52 | 454 | 12270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/25/55 | 7581 | 6069154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.445%(c) | 05/25/55 | 3880 | 265646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | 07/25/55 | 2825 | 2828789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | 06/25/55 | 1750 | 1751542 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 07/25/56 | 4118 | 4037251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/25/59 | 8149 | 7031305 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 375, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 375, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 375, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 375, Class C1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/25/51 | 3271 | 517503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 386, Class C14, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 386, Class C14, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 386, Class C14, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 386, Class C14, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/15/52 | 2613 | 418983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/15/37 | 7358 | 399577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C35, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C35, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C35, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C35, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/15/52 | 3501 | 459237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C17, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C17, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C17, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C17, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/25/52 | 2109 | 325690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.199%(s) | 10/25/53 | 2149 | 1759062 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/16/44 | 2162 | 1985108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/16/44 | 1972 | 274603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class ID, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/45 | 2043 | 399042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146, Class IA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146, Class IA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146, Class IA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146, Class IA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/20/41 | 2151 | 350874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 01/20/50 | 267 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/20/49 | 2351 | 2094309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H03, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H03, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H03, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H03, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 04/20/70 | 2502 | 14324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-024, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-024, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-024, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-024, Class GA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/20/52 | 1332 | 1232588 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 1986 | 48651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 652 | 17375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 539 | 17508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 1748 | 46833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 2481 | 62642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-085, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-085, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-085, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-085, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 36215 | 1536501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 417 | 9767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 5099 | 565349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/52 | 2435 | 49433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/52 | 1894 | 46876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-139, Class AL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-139, Class AL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-139, Class AL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-139, Class AL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/51 | 900 | 812507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/52 | 1976 | 37237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-189, Class PT | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-189, Class PT | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-189, Class PT | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-189, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/20/51 | 665 | 552900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.198%(c) | 11/20/52 | 15205 | 1016261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-129, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-129, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-129, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-129, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/47 | 1671 | 345501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/20/51 | 9390 | 8719001 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.648%(cc) | 06/25/65 | 1300 | 1304273 |
|  Imperial Fund Mortgage Trust, | Imperial Fund Mortgage Trust, | Imperial Fund Mortgage Trust, | Imperial Fund Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.071%(cc) | 06/25/56 | 1222 | 1062687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.073%(cc) | 09/25/56 | 649 | 550147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.595%(cc) | 11/25/56 | 4474 | 3895408 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.091%(cc) | 01/25/57 | 2243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.638%(cc) | 03/25/67 | 3961 | 3787448 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%(cc) | 01/25/63 | 1400 | 1401043 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(cc) | 01/25/61 | 2484 | 2477386 |
|  LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.323%(cc) | 09/25/39 | 2700 | 2692419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%(cc) | 01/25/40 | 2100 | 2106393 |
|  Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.549%(c) | 05/26/66 | 2100 | 2457314 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.852%(cc) | 01/25/56 | 179 | 172024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.913%(cc) | 11/25/39 | 2283 | 2295243 |
|  Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS01, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 07/25/59 | 4425 | 3983316 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03A, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 09/25/56 | 103 | 97749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 02/25/57 | 2856 | 2776149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 05/25/57 | 1498 | 1438283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 12/25/57 | 2303 | 1971163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(cc) | 12/25/57 | 99 | 97443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 11/25/58 | 1419 | 1368027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(cc) | 09/25/59 | 1600 | 1547538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 10/25/59 | 479 | 449196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%(cc) | 05/24/60 | 341 | 330817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.664%(cc) | 03/25/39 | 2185 | 2201765 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.084%(c) | 06/25/57 | 69 | 68101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.072%(cc) | 02/25/66 | 4625 | 3972692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.101%(cc) | 05/25/61 | 5008 | 4132578 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.054%(cc) | 07/25/61 | 4408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.453%(cc) | 05/25/65 | 895 | 898705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%(cc) | 05/25/65 | 1600 | 1602003 |
|  PRET LLC, | PRET LLC, | PRET LLC, | PRET LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RN02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RN02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RN02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RN02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(cc) | 04/25/54 | 3664 | 3687212 |
|  PRPM, | PRPM, | PRPM, | PRPM, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.255%(cc) | 05/25/30 | 377 | 379277 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.610%(cc) | 10/25/25 | 525 | 524269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(cc) | 07/25/55 | 2400 | 2398127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 04/25/55 | 2832 | 2735334 |
|  Rain City Mortgage Trust, | Rain City Mortgage Trust, | Rain City Mortgage Trust, | Rain City Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.530%(cc) | 11/25/29 | 1197 | 1205953 |
|  RCO Mortgage LLC, | RCO Mortgage LLC, | RCO Mortgage LLC, | RCO Mortgage LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.435%(cc) | 05/25/30 | 197 | 195017 |
|  Seasoned Loans Structured Transaction Trust, | Seasoned Loans Structured Transaction Trust, | Seasoned Loans Structured Transaction Trust, | Seasoned Loans Structured Transaction Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.555%(c) | 10/25/34 | 3636 | 3647392 |
|  Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.899%(c) | 06/24/71 | 275 | 323382 |
|  Toorak Mortgage Trust, | Toorak Mortgage Trust, | Toorak Mortgage Trust, | Toorak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%(cc) | 02/25/40 | 2700 | 2700319 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-02, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | 08/25/55 | 1080 | 1034605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 05/25/58 | 575 | 563221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 03/25/58 | 3141 | 3055968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class B1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class B1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class B1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class B1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 10/25/59 | 3631 | 2806194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.434%(c) | 10/25/59 | 91 | 91710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/25/62 | 4326 | 4136669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/25/63 | 1766 | 1705898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(cc) | 02/25/55 | 1072 | 1076935 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.013%(cc) | 09/25/66 | 4869 | 4185431 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.829%(cc) | 10/25/66 | 3746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%(cc) | 02/25/67 | 605 | 578047 |
|  Villa Bella, | Villa Bella, | Villa Bella, | Villa Bella, |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 08/02/32 | 2400 | 2390719 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $262,119,652) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $262,119,652) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $262,119,652) | 260342262 |
|  **SOVEREIGN BONDS — 1.1%** | **SOVEREIGN BONDS — 1.1%** | **SOVEREIGN BONDS — 1.1%** | **SOVEREIGN BONDS — 1.1%** |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 | 3520 | 3118500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 | 200 | 177188 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | 02/15/28 | 89 | 87694 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 04/25/30 | 200 | 206900 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/22/29 | 640 | 637120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 01/25/27 | 198 | 199782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/19/28 | 396 | 402336 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/26/30 | 580 | 583915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/26/36 | 1280 | 1231066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/26/35 | 1030 | 1032771 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 1495 | 1525483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 07/03/30 | 1040 | 939900 |
|  Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/30/32 | 611 | 644833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/22/30 | 435 | 490151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/17/31 | 2019 | 2246732 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/12/34 | 340 | 286960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 02/10/48 | 1106 | 825850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 07/02/32 | 1392 | 1408008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/13/30 | 611 | 634065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/07/36 | 7190 | 7092935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.338% | 05/04/53 | 495 | 455152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 05/07/54 | 1120 | 1031520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/29/38 | 900 | 909450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 05/13/37 | 2105 | 2194462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/12/2110 | 320 | 253440 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 01/26/36 | 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.853% | 03/28/54 | 380 | 348032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252% | 09/29/32 | 255 | 194540 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/08/35 | 915 | 913444 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.140% | 02/27/26 | 330 | 335639 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/33 | 2182 | 2257105 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/27/32 | 3050 | 2614429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/14/31 | 224 | 191408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/24/35 | 444 | 410869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/10/37 | 400 | 415152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 04/19/27 | 195 | 226900 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/16/54 | 350 | 333253 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/26/29 | 2136 | 2291589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/15/27 | 1060 | 1242774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/26/28 | 800 | 826000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 03/03/33 | 630 | 608299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/15/27 | 176 | 206347 |
|  Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/23/31 | 890 | 889110 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $43,525,638) | **TOTAL SOVEREIGN BONDS**<br> (cost $43,525,638) | **TOTAL SOVEREIGN BONDS**<br> (cost $43,525,638) | 43348523 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.0%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/01/51 | 69 | 52054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/51 | 1767 | 1329330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/52 | 308 | 231861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/40 | 1811 | 1583514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/40 | 266 | 229331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/41 | 1870 | 1609773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/42 | 1844 | 1583807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/42 | 2279 | 1959633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 807 | 647310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 1673 | 1334829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 511 | 407428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 901 | 725693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 85 | 68624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 3633 | 2890606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 1239 | 985733 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 2840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 1514 | 1219033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/51 | 548 | 437502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/51 | 1792 | 1430830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/51 | 313 | 251365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/51 | 554 | 444039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/52 | 2674 | 2147712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 07/01/36 | 4211 | 3375717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/50 | 933 | 786857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 621 | 523218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 962 | 807843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 3654 | 3078384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/50 | 1526 | 1286977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/50 | 6374 | 5329602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/50 | 1740 | 1458307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/50 | 632 | 531319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/50 | 806 | 680927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/51 | 133 | 111544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 529 | 446887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 6440 | 5366946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 11908 | 9946205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 583 | 488007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 616 | 516869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 389 | 326037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 493 | 412548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 501 | 419430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 1035 | 867793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 887 | 741849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 1247 | 1053020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 552 | 463528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 1069 | 897432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 662 | 555544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 689 | 574342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 3182 | 2679794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/32 | 3 | 3316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/32 | 4 | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/32 | 3 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/37 | 30 | 28624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/38 | 485 | 455912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/46 | 2224 | 1979625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/46 | 2106 | 1873013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 18 | 16413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 58 | 51757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 87 | 77757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 170 | 151460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 647 | 577250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 1282 | 1150630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/50 | 574 | 502223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 367 | 322617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 1101 | 971657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 1457 | 1288646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 2690 | 2363249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/51 | 890 | 771526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 271 | 237270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/51 | 1620 | 1419239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/51 | 2063 | 1810747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 2379 | 2069854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 793 | 695737 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A99

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 1016 | 889290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 20759 | 17994131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/52 | 2948 | 2594889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/42 | 82 | 77307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/42 | 10 | 9019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 40 | 37554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 70 | 65621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 216 | 202844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 57 | 53232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/42 | 14 | 13507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/43 | 768 | 721319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/43 | 60 | 56414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/44 | 53 | 48773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/45 | 5495 | 5128755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/45 | 29 | 26958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/45 | 137 | 127034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/46 | 67 | 62276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/47 | 230 | 211371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/47 | 126 | 115796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/47 | 220 | 203946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/47 | 149 | 136474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/47 | 265 | 246232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 45 | 41499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 59 | 54789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 190 | 173848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/48 | 333 | 305173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/48 | 1445 | 1330854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/50 | 347 | 316180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/50 | 569 | 517461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/52 | 2118 | 1919175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 804 | 728806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/52 | 3361 | 3027228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/36 | 5 | 4703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/37 | 65 | 63908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/40 | 218 | 210784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/40 | 162 | 156400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/42 | 469 | 451170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/42 | 14 | 13796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/44 | 78 | 74845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/44 | 29 | 28245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/45 | 98 | 94859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/45 | 2266 | 2188139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/45 | 9 | 8726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/45 | 21 | 20085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/45 | 145 | 138458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/45 | 2121 | 2044817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/45 | 36 | 34563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/45 | 41 | 38773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 114 | 109504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/47 | 455 | 431666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/48 | 963 | 904951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 184 | 174705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/49 | 970 | 916209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/49 | 45 | 42866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/49 | 425 | 403599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/49 | 501 | 482356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/49 | 1235 | 1169443 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/50 | 2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/52 | 539 | 504992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 5968 | 5563692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/39 | 79 | 78099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/39 | 34 | 33729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/40 | 13 | 12517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/41 | 65 | 64237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/41 | 68 | 67994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/42 | 167 | 166050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/42 | 136 | 136038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/43 | 124 | 121121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/43 | 166 | 163833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 13 | 13207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 19 | 18950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 776 | 761725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/44 | 117 | 114822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/47 | 386 | 377252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/47 | 145 | 141804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 147 | 143332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 571 | 557103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/47 | 48 | 46776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/47 | 104 | 101748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/47 | 78 | 74970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/01/48 | 61 | 59379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/48 | 514 | 502525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/48 | 734 | 717737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/48 | 783 | 763753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 1526 | 1462705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/52 | 4544 | 4350946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/52 | 511 | 492069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/53 | 27 | 26057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/41 | 472 | 479468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/48 | 122 | 121671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/48 | 64 | 63273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/48 | 650 | 650023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/49 | 3818 | 3812642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/50 | 2321 | 2315189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/50 | 159 | 157879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/52 | 858 | 844446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 | 4897 | 4822785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/52 | 144 | 141335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/53 | 907 | 893477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 519 | 510463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 904 | 891569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 3904 | 3840212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/54 | 1397 | 1376442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/54 | 6057 | 5938262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/55 | 3888 | 3831674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/35 | 16 | 16312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/36 | 8 | 7851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/37 | 2 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/37 | 1815 | 1849607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/38 | 1 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/38 | 419 | 430427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/38 | 276 | 284454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/38 | 107 | 110451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/38 | 67 | 68887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/38 | 106 | 109023 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A100

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/39 | 126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/52 | 1684 | 1689512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/53 | 2112 | 2122075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/53 | 355 | 355318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/53 | 1495 | 1495078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/54 | 4919 | 4919573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/54 | 3176 | 3176909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/54 | 2744 | 2744752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/54 | 2142 | 2142241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/54 | 3892 | 3892891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 | 2015 | 2015312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/54 | 1316 | 1318523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/55 | 2746 | 2746290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/55 | 4001 | 4001874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/55 | 2002 | 2002200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/28 | —(r) | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/32 | —(r) | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/32 | 1 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/33 | 2 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/33 | 1 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/34 | 53 | 54635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/34 | 2 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/36 | 10 | 9992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/36 | —(r) | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/36 | 9 | 9464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/36 | 5 | 5465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | 3 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | 211 | 220575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/37 | —(r) | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 4 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/37 | 1 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/37 | 13 | 13938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/37 | 1 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/37 | 2 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | —(r) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | 2 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | 4 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | 10 | 10059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/37 | 72 | 75633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/37 | 611 | 640978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/37 | 1 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 2 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 3 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 5 | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 6 | 5839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 6 | 6541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 10 | 10872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/38 | 2 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/38 | 7 | 7062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/38 | —(r) | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/38 | 20 | 20740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/38 | 2 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/38 | 2 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/38 | 89 | 93229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/38 | —(r) | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/38 | 4 | 4402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/38 | 4 | 3804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/38 | 1 | 1449 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/39 | 208 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/39 | 6 |  | 5691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/40 | 4 |  | 4324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/40 | 1 |  | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/52 | 736 |  | 750146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 1192 |  | 1219247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/53 | 537 |  | 551358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/54 | 685 |  | 702314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/54 | 467 |  | 478124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/54 | 2916 |  | 2969396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/54 | 2554 |  | 2597193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/54 | 4052 |  | 4121679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/55 | 4393 |  | 4465960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/53 | 1667 |  | 1739220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/01/54 | 1516 |  | 1582550 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.634% (Cap 7.635%, Floor 1.634%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.634% (Cap 7.635%, Floor 1.634%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.634% (Cap 7.635%, Floor 1.634%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.634% (Cap 7.635%, Floor 1.634%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.634% (Cap 7.635%, Floor 1.634%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.834%(c) | 12/01/50 | 842 |  | 798961 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.490% | 09/01/35 | 2747 |  | 2123559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 2516 |  | 1895390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/01/51 | 3744 |  | 2818424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/51 | 2609 |  | 1964082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 03/01/51 | 624 |  | 470832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/01/51 | 29 |  | 21717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 08/01/51 | 328 |  | 246956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 10/01/51 | 219 |  | 164913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | TBA | 29161 |  | 23077654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/36 | 657 |  | 605044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/36 | 666 |  | 608527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/36 | 210 |  | 194040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/36 | 1243 |  | 1135787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/36 | 948 |  | 875459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/36 | 641 |  | 591430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/40 | 323 |  | 284327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/40 | 3954 |  | 3416747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/41 | 2629 |  | 2269542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/41 | 346 |  | 298165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/01/41 | 808 |  | 696834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/41 | 880 |  | 758560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/41 | 2069 |  | 1783637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/41 | 859 |  | 740557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/50 | 866 |  | 694270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/50 | 2182 |  | 1736279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 1246 |  | 994057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 151 |  | 120554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 8576 |  | 6845776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 860 |  | 691062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 909 |  | 731173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 2087 |  | 1664354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 56 |  | 44939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 832 |  | 669237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 2247 |  | 1791272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 50 |  | 39846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 671 |  | 539458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 681 |  | 542610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 1273 |  | 1023459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 1284 |  | 1021594 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A101

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 2426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 2800 | 2219065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 3906 | 3107969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 1637 | 1298546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/51 | 2518 | 1996041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/01/51 | 421 | 335180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/52 | 246 | 196965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/52 | 337 | 270228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/52 | 1260 | 1010516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/52 | 924 | 746714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/52 | 1588 | 1278174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/52 | 5062 | 4035077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.148%(cc) | 02/01/32 | 13342 | 11697179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 04/01/33 | 875 | 757049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.280% | 11/01/29 | 5000 | 4627052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.459%(cc) | 04/01/34 | 9950 | 8582826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | TBA | 3500 | 2901397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/38 | 108 | 100153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/40 | 2396 | 2177676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/41 | 677 | 606735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/41 | 600 | 534789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 165 | 138049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 319 | 268459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 | 120 | 100584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 | 972 | 810751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 | 2269 | 1914136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/50 | 1430 | 1193069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/51 | 451 | 379216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 97 | 81377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 9972 | 8349508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 1709 | 1425087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 16976 | 14174467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 608 | 509564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 2195 | 1844403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 3076 | 2588177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 3749 | 3160918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 4046 | 3369822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 5810 | 4894520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 570 | 480649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 1052 | 883415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 3230 | 2695430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 574 | 486962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 1292 | 1082663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 1761 | 1477775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 3011 | 2528188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 305 | 255771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 775 | 649064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 791 | 656646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 902 | 759736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 2387 | 1984237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 142 | 119449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 553 | 458920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 831 | 697198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 1908 | 1599347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/51 | 503 | 423397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 756 | 636398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 1229 | 1028582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 1380 | 1157485 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 535 | 450263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 548 | 459884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 550 | 462415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 656 | 550075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 922 | 770951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 1151 | 956211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 514 | 431577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/52 | 1319 | 1107347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/57 | 1943 | 1613024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | TBA | 450 | 429037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/32 | 29 | 27566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/33 | 32 | 30887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/33 | 201 | 195511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/36 | 61 | 57558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/36 | 117 | 109987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/36 | 184 | 173958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/42 | 805 | 729120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/43 | 2960 | 2680648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/43 | 555 | 500054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/44 | 1753 | 1584174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/44 | 2440 | 2205585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/45 | 177 | 159061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/45 | 449 | 402696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/45 | 44 | 39588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/45 | 114 | 101975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/45 | 1067 | 953110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/45 | 660 | 591185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/46 | 58 | 51914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/46 | 13 | 11412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/46 | 41 | 36711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/46 | 158 | 142266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/46 | 41 | 36655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/46 | 207 | 186400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/46 | 105 | 93063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/46 | 562 | 502338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 75 | 66628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 90 | 79190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 170 | 150526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 73 | 64023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 138 | 123388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/47 | 220 | 196235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/47 | 267 | 238879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/47 | 23 | 19978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/47 | 527 | 468705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/49 | 150 | 131382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 358 | 314804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 607 | 537911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 9635 | 8559582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/50 | 1883 | 1659777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 544 | 481662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 581 | 505514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 1300 | 1130358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/50 | 1023 | 889155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/50 | 569 | 497878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/50 | 1413 | 1228699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/51 | 502 | 437203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/51 | 1208 | 1074046 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A102

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/51 | 1907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/51 | 249 | 217469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/51 | 318 | 278464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 563 | 494474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 1358 | 1185425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 1503 | 1312731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/51 | 1953 | 1714099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/51 | 327 | 285896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/51 | 370 | 323450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/51 | 2136 | 1870433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 612 | 535177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 1905 | 1656844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 2975 | 2589493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/51 | 576 | 503252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/51 | 1207 | 1053982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 914 | 796978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 1433 | 1253200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 3158 | 2734423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 3362 | 2917498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 519 | 458511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 749 | 654438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/52 | 1018 | 890899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 1369 | 1195951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/52 | 1178 | 1028936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/61 | 3243 | 2738992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.145% | 08/01/34 | 5700 | 5098107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | TBA | 1686 | 1517746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/41 | 804 | 755998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/42 | 45 | 42174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/42 | 19 | 17816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/42 | 45 | 42559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/42 | 98 | 92351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/42 | 25 | 23564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/42 | 195 | 183053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 298 | 279505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 1536 | 1440195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/43 | 963 | 896523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/43 | 651 | 610221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/43 | 712 | 669368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/43 | 685 | 642613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/43 | 706 | 662205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/43 | 831 | 780459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/43 | 1908 | 1770496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/45 | 131 | 122584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/45 | 414 | 388630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/46 | 172 | 157097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/46 | 60 | 55040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/47 | 189 | 174181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/47 | 47 | 43327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/47 | 1019 | 939095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/47 | 231 | 213155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/47 | 28 | 25923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/47 | 314 | 288479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/47 | 315 | 288723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 191 | 175264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 385 | 356292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/48 | 143 | 131503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/48 | 2377 | 2196472 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/48 | 64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/48 | 676 | 625954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/48 | 156 | 142506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/49 | 1034 | 958088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/49 | 138 | 125676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/50 | 378 | 344661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 140 | 127653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 143 | 129816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 708 | 651184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/51 | 462 | 420380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/51 | 697 | 630972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/51 | 382 | 344205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/52 | 81 | 73123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 1163 | 1059939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/52 | 2255 | 2053292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 620 | 566696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 1899 | 1713195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 2685 | 2436040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/52 | 847 | 766809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/52 | 1710 | 1551791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/56 | 15080 | 13576829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/56 | 2946 | 2646501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/57 | 564 | 506940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 11/01/31 | 8000 | 7795916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/30 | 4 | 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/37 | 23 | 22549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/37 | 28 | 27671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/38 | 19 | 19033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/41 | 122 | 117804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/42 | 34 | 33032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/42 | 53 | 50765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/42 | 224 | 216461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/44 | 235 | 225858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/45 | 758 | 728388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/46 | 246 | 234919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 265 | 250927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/47 | 117 | 110905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/47 | 469 | 445233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/47 | 204 | 193043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/47 | 147 | 138829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/47 | 555 | 525365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/47 | 133 | 126444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/47 | 35 | 32701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 61 | 57101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 406 | 384243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 2710 | 2559451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/48 | 1861 | 1761373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/48 | 4813 | 4555242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/48 | 108 | 102644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/48 | 657 | 622128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/49 | 210 | 198590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/49 | 310 | 296977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/49 | 2995 | 2807062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/49 | 106 | 100958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/50 | 2095 | 1985039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/51 | 307 | 295275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 1368 | 1279979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 4480 | 4192802 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A103

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/54 | 9936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/56 | 1240 | 1158033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/01/31 | 10912 | 10695113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370% | 01/01/32 | 7757 | 7752291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 04/01/29 | 2574 | 2597386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460% | 11/01/34 | 4192 | 4150033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/31 | 5 | 5314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/31 | 18 | 17673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/31 | 6 | 6340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/31 | 8 | 8185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/35 | 9 | 9074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/37 | 937 | 935075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/01/41 | 20 | 19685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/41 | 7 | 6993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/41 | 1 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/41 | 2 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/41 | 2 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/41 | 22 | 21500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/41 | 5 | 4817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/41 | 47 | 46351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/42 | 5 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/42 | 11 | 10977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/42 | 144 | 143564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/43 | 216 | 212861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/43 | 536 | 523888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/44 | 54 | 53031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/44 | 336 | 328975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 15 | 15051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/44 | 73 | 70372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/45 | 223 | 218610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/45 | 209 | 204064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/45 | 234 | 228298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/45 | 61 | 59828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/45 | 8 | 8191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/45 | 62 | 60452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/45 | 340 | 333451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/45 | 109 | 107223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/46 | 715 | 702853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/46 | 161 | 157482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/47 | 29 | 28016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/47 | 145 | 141577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/47 | 418 | 407584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 56 | 54128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/47 | 14 | 13646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/47 | 17 | 16528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/47 | 60 | 58051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 11 | 10941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 30 | 28786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 201 | 195966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 258 | 251632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 465 | 452785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/47 | 19 | 18120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/47 | 58 | 56252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/48 | 442 | 429934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/01/48 | 26 | 25297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/48 | 21 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/48 | 29 | 27768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/48 | 28 | 27582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/48 | 575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/48 | 1471 | 1435105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/48 | 30 | 29325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/48 | 369 | 358815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/49 | 51 | 48941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/52 | 931 | 891984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/52 | 602 | 579319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/52 | 8250 | 7906788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/53 | 2224 | 2128716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/53 | 355 | 340067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/53 | 259 | 248241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/53 | 449 | 429637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/01/54 | 640 | 612188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/54 | 9279 | 8899016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/54 | 4725 | 4524302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/63 | 5102 | 4898870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/01/32 | 5000 | 5030502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610% | 07/01/32 | 3190 | 3216203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610% | 07/01/32 | 4000 | 4032856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/01/28 | 475 | 481911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/01/39 | 4994 | 4892775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.760% | 06/01/29 | 900 | 918868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | TBA | 10290 | 10083173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/36 | 2 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/36 | 1 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/39 | 2 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/40 | 1 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/40 | 2 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/40 | 9 | 9338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/41 | 9 | 8860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/41 | 3 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/41 | 1 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/41 | 26 | 26663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/41 | 524 | 530986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/42 | 4 | 4438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/43 | 933 | 944793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/48 | 158 | 157629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/49 | 178 | 177401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/49 | 280 | 279395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/49 | 204 | 205031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/49 | 1333 | 1328683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/52 | 461 | 459454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 | 2708 | 2661889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 | 5558 | 5474123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/52 | 4148 | 4085044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/53 | 1474 | 1459781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/53 | 571 | 566962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/54 | 2878 | 2833282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/54 | 4955 | 4899449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/55 | 24585 | 24103483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.065% | 12/01/28 | 1950 | 2002086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | TBA | 13000 | 12997026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/33 | 7 | 7641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/33 | 9 | 9544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/33 | 1 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/34 | 10 | 10068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/34 | 7 | 6796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/34 | 4 | 4053 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A104

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/35 | 9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/35 | 3 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/36 | —(r) | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/36 | 3 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/37 | 7 | 7138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/37 | 2 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/38 | 7 | 7450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/38 | 590 | 600872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/39 | 3 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/39 | 55 | 56569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/40 | 8 | 7763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/52 | 1244 | 1250907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/52 | 686 | 689401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/52 | 1096 | 1102738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/52 | 1382 | 1391181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/52 | 1581 | 1588870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 | 4178 | 4197253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/53 | 2172 | 2181688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/53 | 507 | 510109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/53 | 579 | 579559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/53 | 1136 | 1145075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/54 | 340 | 339740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/54 | 1484 | 1484472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 | 849 | 848808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/54 | 1002 | 1006907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/55 | 543 | 543478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/55 | 1331 | 1331243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/55 | 711 | 711379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/55 | 3002 | 3002421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/56 | 1139 | 1172602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | TBA | 111450 | 113246891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/28 | —(r) | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/29 | —(r) | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/32 | —(r) | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/33 | —(r) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/34 | 7 | 7319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/35 | 4 | 3782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/35 | 1 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/36 | 2 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/36 | 1 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/36 | —(r) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/36 | 1 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/36 | 7 | 7634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/36 | —(r) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/36 | —(r) | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/36 | 1 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/36 | 1 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/36 | 8 | 7695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/36 | 1 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/36 | 4 | 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/36 | 7 | 7034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | —(r) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | 1 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | 2 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | 4 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | 6 | 6146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | —(r) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | —(r) | 152 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | —(r) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | 1 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | 4 | 3895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | 8 | 8251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | —(r) | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | —(r) | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | 2 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | 5 | 5523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | 8 | 7940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | 625 | 654990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/37 | 6 | 6629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/37 | 106 | 111480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/37 | 7 | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/37 | 11 | 11233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/37 | 65 | 66848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 1 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 5 | 5609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 7 | 7592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/37 | 1 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/37 | 1 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/37 | 3 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/37 | 4 | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/37 | 13 | 13120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | —(r) | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 601 | 612084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 2354 | 2399233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/53 | 1256 | 1292040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/53 | 496 | 507899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/53 | 656 | 672377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/54 | 821 | 836135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/54 | 954 | 972505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/54 | 2873 | 2925769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | TBA | 2245 | 2317910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/36 | 268 | 282753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 1950 | 2203689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | TBA | 2795 | 2942302 |
|  Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.220%(s) | 07/15/32 | 180 | 131192 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | TBA | 5645 | 4596160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/50 | 9647 | 7857931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/20/50 | 5073 | 4132581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/20/51 | 1665 | 1356337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/20/51 | 972 | 773889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/20/51 | 3048 | 2484212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/20/51 | 1012 | 811163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/20/51 | 922 | 731198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/20/52 | 3608 | 2938441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | TBA | 9005 | 7649202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/20/49 | 1778 | 1519634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/20/50 | 234 | 199006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/20/50 | 2467 | 2099626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/20/50 | 812 | 690966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/20/50 | 5072 | 4314914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/20/51 | 1403 | 1193216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/20/51 | 4257 | 3619621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/20/51 | 2132 | 1812130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/20/51 | 952 | 803961 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A105

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | TBA | 7416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/20/42 | 16 | 14613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/15/42 | 1076 | 975266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/50 | 1090 | 969344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/20/51 | 6695 | 5935892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 9371 | 8299122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/20/51 | 2627 | 2326357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/52 | 679 | 595868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/52 | 20115 | 17805337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/20/52 | 706 | 619395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/20/52 | 3164 | 2800082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/20/52 | 165 | 145891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/41 | 18 | 16490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/15/41 | 2 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/15/41 | 12 | 11604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/15/42 | 4 | 3962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/15/42 | 70 | 65372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/42 | 12 | 11475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/42 | 5 | 4494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/42 | 44 | 41131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/15/42 | 13 | 12207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/15/42 | 9 | 8391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/42 | 8 | 7251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/42 | 8 | 7563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/42 | 16 | 15259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/42 | 20 | 18295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/15/42 | 10 | 9547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/15/43 | 9 | 7969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/43 | 13 | 11713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/15/43 | 19 | 17504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/15/43 | 97 | 90191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/43 | 192 | 179961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/15/43 | 5 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/15/43 | 5 | 5120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/15/43 | 7 | 6480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/15/43 | 28 | 26417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/43 | 507 | 473954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/43 | 51 | 47705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/43 | 27 | 24929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/15/43 | 6 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/15/43 | 71 | 66364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/15/44 | 22 | 20344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/20/44 | 676 | 631365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/45 | 23 | 21553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/45 | 35 | 32291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/45 | 65 | 60783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/20/45 | 26 | 23790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/20/45 | 35 | 32156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/20/45 | 55 | 51411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/20/45 | 24 | 22408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/45 | 286 | 265665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/46 | 117 | 108909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/20/46 | 244 | 226937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/20/46 | 52 | 48589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/20/46 | 114 | 104807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/47 | 115 | 106155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/20/47 | 1229 | 1135587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/48 | 28 | 25931 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/48 | 11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/20/49 | 1042 | 961916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/49 | 548 | 500432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/20/49 | 1337 | 1217966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/50 | 819 | 750830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/50 | 1345 | 1229488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/20/50 | 915 | 839072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/20/51 | 1260 | 1148936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/51 | 841 | 770380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/20/51 | 553 | 505629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/20/52 | 177 | 161988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/20/52 | 3502 | 3198355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/52 | 1172 | 1069337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/20/52 | 577 | 526267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/52 | 1690 | 1542528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | TBA | 755 | 701863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/39 | 95 | 90548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/20/40 | 148 | 141305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/20/40 | 600 | 573486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/20/41 | 22 | 20936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/41 | 65 | 62120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/41 | 86 | 81891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/20/46 | 237 | 223788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/20/47 | 91 | 85631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/20/47 | 228 | 214514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/47 | 21 | 19448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/20/47 | 1007 | 949374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/47 | 260 | 244835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/20/47 | 238 | 223724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/20/48 | 717 | 674284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/49 | 704 | 661178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/15/52 | 3512 | 3286094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/20/52 | 3256 | 3042105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/20/65 | 4750 | 4356507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | TBA | 6970 | 6670694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/20/39 | 10 | 9708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/20/40 | 12 | 11720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/20/40 | 10 | 9686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/40 | 220 | 217861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/20/40 | 4 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/20/40 | 7 | 7251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/20/40 | 166 | 164424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/20/42 | 193 | 191712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/20/46 | 41 | 40552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/15/47 | 62 | 60499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/47 | 76 | 73599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/47 | 58 | 57066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/52 | 295 | 284588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/52 | 2758 | 2662591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/20/52 | 546 | 525287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/20/52 | 902 | 870703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/20/52 | 3442 | 3323400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | TBA | 4080 | 4007161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/15/38 | 47 | 47587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/38 | 4 | 3934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/38 | 157 | 159241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/38 | 63 | 63625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/15/39 | 198 | 200909 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A106

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/39 | 57 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/39 | 189 |  | 191164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/39 | 85 |  | 85778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/40 | 825 |  | 834447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/20/40 | 756 |  | 765292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/20/40 | 603 |  | 611409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/20/40 | 13 |  | 12966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/20/40 | 236 |  | 239032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/40 | 213 |  | 216140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/47 | 16 |  | 16261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/20/53 | 919 |  | 908173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/54 | 2280 |  | 2245763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | TBA | 10820 |  | 10834199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/20/53 | 603 |  | 609114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | TBA | 10875 |  | 11033854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/20/53 | 1178 |  | 1211311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/20/54 | 490 |  | 505689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/20/55 | 500 |  | 507523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/20/54 | 409 |  | 424952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/20/54 | 1490 |  | 1563344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/20/55 | 1904 |  | 1974248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/20/54 | 1988 |  | 2104950 |
|  Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.645%, Floor 2.400%) | Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.645%, Floor 2.400%) | Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.645%, Floor 2.400%) | Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.645%, Floor 2.400%) | Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.645%, Floor 2.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.838%(c) | 04/20/60 | 291 |  | 299257 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 | 900 |  | 875565 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.705%(s) | 09/15/30 | 147 |  | 115487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.897%(s) | 03/15/33 | 123 |  | 86179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(s) | 07/15/34 | 75 |  | 48619 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,136,643,215) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,136,643,215) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,136,643,215) |  | 1098940851 |
|  **U.S. TREASURY OBLIGATIONS — 16.9%** | **U.S. TREASURY OBLIGATIONS — 16.9%** | **U.S. TREASURY OBLIGATIONS — 16.9%** |  |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 05/15/50 | 12610 |  | 6058711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 11/15/50 | 15650 |  | 8248039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/15/51 | 34685 |  | 19304370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/15/41 | 18200 |  | 12512500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/15/51 | 10020 |  | 5777156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 11/15/49 | 10790 |  | 6941005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/15/51 | 18375 |  | 11653770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/15/45(k) | 12370 |  | 8709253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 11/15/47 | 11102 |  | 7894278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/15/47 | 12437 |  | 9312204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/15/48 | 25707 |  | 19103514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/15/49 | 430 |  | 316923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/44 | 8190 |  | 7008848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/54 | 11339 |  | 10346838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/15/54 | 11615 |  | 10609577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/15/39 | 7000 |  | 6858906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 08/15/43 | 28875 |  | 27530508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/15/44 | 22630 |  | 21869774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/55 | 3445 |  | 3354569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 | 3790 |  | 3770458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/53 | 7380 |  | 7315425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/55 | 220 |  | 218797 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 |  | 1490 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530742 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 02/15/50 |  | 4929 |  | 2606400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 02/15/43 |  | 3286 |  | 2440446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 02/15/42 |  | 12188 |  | 9461917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 02/15/45 |  | 1934 |  | 1412150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 02/15/46 |  | 1855 |  | 1405820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 02/15/44 |  | 5568 |  | 4674944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/15/34 |  | 7811 |  | 7707656 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 05/15/30 |  | 5511 |  | 4742043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 08/15/31 |  | 745 |  | 637324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/15/32 |  | 31995 |  | 28110607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 08/31/29 |  | 21146 |  | 20638826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/30/27 |  | 880 |  | 879931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/28 |  | 2110 |  | 2113462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/30/30(k) |  | 49320 |  | 49200553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/31/31 |  | 5062 |  | 5014939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 09/30/29 |  | 11455 |  | 11508695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/30/30 |  | 3795 |  | 3809824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/34 |  | 53324 |  | 52082551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/31/29 |  | 121806 |  | 122957447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/15/34 |  | 7915 |  | 7834613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/30/29 |  | 14470 |  | 14683659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/28 |  | 4625 |  | 4685342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/15/34 |  | 13425 |  | 13471148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35(h) |  | 1570 |  | 1572698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 12/31/29 |  | 15000 |  | 15375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/31/26 |  | 1320 |  | 1323558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/33 |  | 38765 |  | 39824981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 10/31/30 |  | 16730 |  | 17563886 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.497%(s) | 08/15/41 |  | 4494 |  | 2039022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.380%(s) | 02/15/42(h)(k) |  | 40000 |  | 17574942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.384%(s) | 02/15/43 |  | 3505 |  | 1456087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.929%(s) | 02/15/41 |  | 1150 |  | 536833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.862%(s) | 11/15/41 |  | 2420 |  | 1079845 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $736,928,574) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $736,928,574) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $736,928,574) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $736,928,574) |  | 686673314 |
|  |  |  | **Shares** |  |  |
|  **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Incora Intermediate LLC^\* | &nbsp;&nbsp;&nbsp;&nbsp; Incora Intermediate LLC^\* |  | 869 |  | 17371 |
|  **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SAL TopCo LLC^\* | &nbsp;&nbsp;&nbsp;&nbsp; SAL TopCo LLC^\* |  | 2403091 |  | 240 |
|  **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Chemical Co.^\* | &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Chemical Co.^\* | &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Chemical Co.^\* | 16552 |  | 127450 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | 52737 |  | 1255800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials PLC^\*(x) | &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials PLC^\*(x) | &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials PLC^\*(x) | 688 |  | 137600 |
|  |  |  |  |  | 1520850 |
|  **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ESC NMG Parent LLC^\* | &nbsp;&nbsp;&nbsp;&nbsp; ESC NMG Parent LLC^\* |  | 956 |  | 9560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp.^\* | &nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp.^\* |  | 597 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A107

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp., 144A^\* | 606000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  |  |  | 9561 |
|  **Electric Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GenOn Energy Holdings, Inc. (Class A Stock)^\*(x) | 14898 |  | 446940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keycon Power Holdings LLC^\* | 26575 |  | 618666 |
|  |  |  | 1065606 |
|  **Gas Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\*(x) | 3871 |  | 504453 |
|  **Metals & Mining — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MNK Common Stock\* | 145 |  | 12325 |
|  **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC\*(x) | 22672 |  | 1286636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC\*(x) | 997 |  | 56580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC^\*(x) | 26092 |  | 13046 |
|  |  |  | 1356262 |
|  **Specialty Retail — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Claire's Private Placement^\* | 795 |  |  |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd.<br>(Jamaica)\*(x) | 184508 |  | 1291556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* . | 19688 |  | 854459 |
|  |  |  | 2146015 |
|  **TOTAL COMMON STOCKS**<br> (cost $6,035,499) | **TOTAL COMMON STOCKS**<br> (cost $6,035,499) |  | 6632683 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^(x) | 75 |  | 75000 |
|  **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Claire's Stores, Inc., CVT^\* | 864 |  |  |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)^\*(x) | 12039 |  | 141620 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $292,226) | **TOTAL PREFERRED STOCKS**<br> (cost $292,226) |  | 216620 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF | 833615 |  | 82694608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | 1124045 |  | 82763433 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $171,008,514) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $171,008,514) |  | 165458041 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** | **Interactive Media & Services** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 58081 | $12894 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $4,292,123,909) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $4,292,123,909) | 4166777476 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS — 4.1%** | **SHORT-TERM INVESTMENTS — 4.1%** | **SHORT-TERM INVESTMENTS — 4.1%** |
|  **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wa) | 73626980 | 73626980 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $61,190,053; includes $61,037,291 of cash collateral for securities on<br>loan)(b)(wa) | 61234469 | 61191604 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $134,817,033) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $134,817,033) | 134818584 |
|  **UNAFFILIATED FUND — 0.8%** | **UNAFFILIATED FUND — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management (7-day effective yield 4.209%) (Institutional Shares) | 34037041 | 34037041 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $34,037,041) |  |  |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $90,505) |  | 79533 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $168,944,579) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $168,944,579) | 168935158 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—106.6%** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—106.6%** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—106.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,461,068,488) |  | 4335712634 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $292,203) |  | (353278) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—106.6%**<br> (cost $4,460,776,285) | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—106.6%**<br> (cost $4,460,776,285) | 4335359356 |
|  **Liabilities in excess of other assets(z) — (6.6)%** | **Liabilities in excess of other assets(z) — (6.6)%** | (269855377) |
|  **NET ASSETS — 100.0%** |  | $**4065503979** |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $12,395,297 and 0.3% of net assets.  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A108

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $59,942,854; cash collateral of $61,037,291 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23-07/25/24 | $2 | $2 | 0.0% |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 5 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 42600 | 141620 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-01/30/24 | 224263 | 1291556 | 0.1 |
|  Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 03/29/21 | 72750 | 75000 | 0.0 |
|  Ferrellgas Partners LP (Class B Stock)\* | 04/02/19-07/26/24 | 645743 | 504453 | 0.0 |
|  Freedom Mortgage Holdings LLC, Sr. Unsec'd. Notes, 144A, 8.375%, 04/01/32 | 02/04/25 | 170000 | 171558 | 0.0 |
|  GenOn Energy Holdings, Inc. (Class A Stock)\*^ | 02/28/19 |  | 446940 | 0.0 |
|  Heritage Power LLC\* | 11/21/23 | 234788 | 1286636 | 0.0 |
|  Heritage Power LLC\* | 11/21/23 |  | 56580 | 0.0 |
|  Heritage Power LLC\*^ | 11/21/23 | 13046 | 13046 | 0.0 |
|  Venator Materials PLC\*^ | 07/18/18-10/19/23 | 1251924 | 137600 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $2655121 | $4124991 | 0.1% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity**<br> **Date**  | **Settlement**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 2.500% | TBA | 07/14/25 | $(1938) | $(1606545) |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 07/14/25 | (14979) | (12958940) |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 07/14/25 | (22439) | (20862140) |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 07/14/25 | (9711) | (9287809) |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 07/17/25 | (2405) | (2389478) |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 08/13/25 | (1000) | (956109) |
|  Federal National Mortgage Assoc. | 5.500% | TBA | 07/14/25 | (17710) | (17705948) |
|  Government National Mortgage Assoc. | 3.500% | TBA | 07/21/25 | (1900) | (1727164) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $66,453,984) |  |  |  |  | $(67494133) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A109

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 17 | 43 | $106 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $238) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 26.00 |  | EUR | 482 | $49 |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 5.00 |  | EUR | 484 | 2 |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 80.00 |  | EUR | 478 | 109 |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 90.00 |  | EUR | 486 | 323 |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 6.70 |  |  | 551 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 6.50 |  |  | 337 | 22 |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 1100.00 |  |  | 555 |  |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.95 |  |  | 6703 | 358 |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 5000.00 |  |  | 551 |  |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 155.00 |  |  | 555 | 2 |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1550.00 |  |  | 553 |  |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1750.00 |  |  | 1571 | 21 |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 22.00 |  |  | 555 | 2 |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 70.00 |  |  | 276 |  |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 99.00 |  |  | 278 | 164 |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 32.00 |  |  | 1123 | 24 |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 21.00 |  |  | 276 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.00 |  | EUR | 485 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.05 |  | EUR | 241 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.05 |  | EUR | 648 | 1 |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 4.90 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 |  |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.00 |  |  | 276 |  |
|  Currency Option USD vs CNH | Put | DB | 09/24/25 | 7.00 |  |  | 6703 | 21669 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 3177 | 420 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 874 | 115 |
|  Currency Option USD vs KRW | Put | JPM | 09/25/25 | 1331.00 |  |  | 1571 | 23549 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 562 | 47 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 562 | 47 |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 16.00 |  |  | 337 | 7 |
|  **Total OTC Traded** (cost $47,969) |  |  |  |  |  |  |  | $46931 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike**  | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% | 1005 | $1 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% | 1005 | 9507 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.60% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 12740 | 13991 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.63% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 9700 | 8997 |
|  **Total OTC Swaptions** (cost $42,298) |  |  |  |  |  |  |  | $32496 |
|  **Total Options Purchased**<br> (cost $90,505) | **Total Options Purchased**<br> (cost $90,505) | **Total Options Purchased**<br> (cost $90,505) | **Total Options Purchased**<br> (cost $90,505) | **Total Options Purchased**<br> (cost $90,505) |  |  |  | $79533 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A110

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 9 | 23 | $(5625) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 9 | 23 | (3825) |
|  **Total Exchange Traded** (premiums received $17,088) |  |  |  |  |  | $(9450) |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 22.35 |  | EUR | 482 | $(4770) |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 4.28 |  | EUR | 484 | (1584) |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 48.00 |  | EUR | 478 | (4711) |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 49.50 |  | EUR | 486 | (5614) |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 5.70 |  |  | 551 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 5.65 |  |  | 337 | (1094) |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 940.00 |  |  | 555 | (1811) |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.25 |  |  | 6703 | (15433) |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 4300.00 |  |  | 551 | (274) |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 145.00 |  |  | 555 | (2475) |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1390.00 |  |  | 553 | (336) |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1385.00 |  |  | 1571 | (15106) |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 19.40 |  |  | 555 | (299) |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 41.00 |  |  | 276 | (93) |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 42.00 |  |  | 278 | (1419) |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 29.15 |  |  | 1123 | (9114) |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 18.20 |  |  | 276 | (19) |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.14 |  | EUR | 485 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.14 |  | EUR | 241 | (10) |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.14 |  | EUR | 648 | (273) |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 6.00 |  |  | 1665 | (173033) |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.50 |  |  | 276 | (3958) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 2021 | (35091) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 281 | (850) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 281 | (850) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 281 | (2018) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 281 | (2018) |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 17.70 |  |  | 337 | (3939) |
|  **Total OTC Traded** (premiums received $215,473) |  |  |  |  |  |  |  | $(286192) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/4.450% | 3.21%(A) | 2010 | $(6321) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.53% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 12740 | (19931) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.55% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 9700 | (21893) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.44.V1(Q) | 1590 | (580) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 07/16/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 8000 | (615) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 12740 | (5176) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A111

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.88% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 9700 | $(3120) |
|  **Total OTC Swaptions** (premiums received $59,642) | **Total OTC Swaptions** (premiums received $59,642) | **Total OTC Swaptions** (premiums received $59,642) |  |  |  |  |  | $(57636) |
|  **Total Options Written** (premiums received $292,203) | **Total Options Written** (premiums received $292,203) | **Total Options Written** (premiums received $292,203) | **Total Options Written** (premiums received $292,203) | **Total Options Written** (premiums received $292,203) | **Total Options Written** (premiums received $292,203) | **Total Options Written** (premiums received $292,203) |  | $(353278) |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 482 | 2 Year U.S. Treasury Notes | Sep. 2025 | $100267297 | $360190 |
| 460 | 5 Year U.S. Treasury Notes | Sep. 2025 | 50140000 | 545817 |
| 1108 | 10 Year U.S. Treasury Notes | Sep. 2025 | 124234500 | 2641177 |
| 495 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 56561487 | 967082 |
| 716 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 82675625 | 2580514 |
| 75 | 30 Year UMBS TBA – 5.5% Coupon | Aug. 2025 | 7491797 | 41225 |
| 260 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 30972500 | 1011618 |
|  |  |  |  | 8147623 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 45 | 5 Year Euro-Bobl | Sep. 2025 | 6237952 | 17394 |
| 108 | 5 Year U.S. Treasury Notes | Sep. 2025 | 11772000 | (146127) |
| 13 | 10 Year Euro-Bund | Sep. 2025 | 1993033 | 10306 |
| 107 | 10 Year U.S. Treasury Notes | Sep. 2025 | 11997375 | (126573) |
| 4 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 457063 | (7256) |
| 151 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 17987875 | (828322) |
| 6 | Euro Schatz Index | Sep. 2025 | 758011 | 1090 |
|  |  |  |  | (1079488) |
|  |  |  |  | $7068135 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 20676 | $3629196 | $3803652 | $174456 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | BRL | 17614 | 3177280 | 3213900 | 36620 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CLP | 313073 | 337000 | 335994 |  | (1006) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 243 | 278000 | 287011 | 9011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 497 | 562168 | 586340 | 24172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 478 | 551000 | 564157 | 13157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 254 | 290000 | 299746 | 9746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 243 | 277639 | 286682 | 9043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 245 | 280000 | 289555 | 9555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 240 | 276000 | 282780 | 6780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 2789 | 3168205 | 3290056 | 121851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 497 | 563828 | 586340 | 22512 |  |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | HUF | 111467 | 309034 | 328166 | 19132 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A112

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/29/25 | HSBC | INR | 86994 | $1010500 | $1012146 | $1646 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | INR | 230306 | 2672503 | 2677324 | 4821 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | 1803896 | 109000 | 111385 | 2385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 63293724 | 3875798 | 3908210 | 32412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 17126025 | 1050000 | 1057484 | 7484 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 117587 | 832673 | 818671 |  | (14002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | JPY | 27330 | 189000 | 190276 | 1276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 29900 | 204000 | 208169 | 4169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 50771 | 356000 | 353479 |  | (2521) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | 22847 | 1175816 | 1207463 | 31647 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 19553 | 677000 | 684465 | 7465 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1683 | 466800 | 474060 | 7260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1224 | 341874 | 344794 | 2920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 648 | 179718 | 182579 | 2861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 610 | 170282 | 171707 | 1425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 555 | 155400 | 156307 | 907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | PEN | 2867 | 786075 | 807622 | 21547 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 33513 | 584955 | 594072 | 9117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 26693 | 464250 | 473189 | 8939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 94334 | 1685735 | 1672235 |  | (13500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 46604 | 807795 | 826132 | 18337 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | ZAR | 22652 | 1270551 | 1272175 | 1624 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | KRW | 2511497 | 1849000 | 1865227 | 16227 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | THB | 10213 | 313000 | 316039 | 3039 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 77931 | 1912528 | 1942387 | 29859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | HSBC | TRY | 20393 | 498000 | 502175 | 4175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | HSBC | TRY | 18848 | 460000 | 464128 | 4128 |  |
|  |  |  |  | $37797603 | $38448279 | 681705 | (31029) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional** <br>**Amount**<br>**(000)** | **Notional** <br>**Amount**<br>**(000)** | **Value at**<br> **Settlement** <br>**Date** | **Current** <br>**Value** | **Unrealized**<br>**Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | &nbsp;&nbsp;&nbsp;&nbsp;17614 | $3201418 | $3240407 | $— | $(38989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | HSBC | BRL | 3062 | 551000 | 563245 |  | (12245) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 2506 | 3315618 | 3440224 |  | (124606) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 49696 | 6970219 | 6986368 |  | (16149) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 14196 | 646320 | 676799 |  | (30479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 12990 | 579000 | 619299 |  | (40299) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A113

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional** <br>**Amount**<br>**(000)** | **Notional** <br>**Amount**<br>**(000)** | **Value at**<br> **Settlement** <br>**Date** | **Current** <br>**Value** | **Unrealized**<br>**Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 218 | $244000 | $257136 | $— | $(13136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 201 | 226000 | 237364 |  | (11364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 11754 | 12933298 | 13866904 |  | (933606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 380 | 434000 | 448323 |  | (14323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 1078 | 1215000 | 1271300 |  | (56300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 718 | 843311 | 847007 |  | (3696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 2626 | 2948499 | 3098046 |  | (149547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 12390 | 14187830 | 14617023 |  | (429193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 12086 | 13812178 | 14258278 |  | (446100) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | INR | 125947 | 1446000 | 1464149 |  | (18149) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 35045 | 246000 | 243996 | 2004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | JPY | 34247 | 242000 | 238435 | 3565 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | MXN | 8276 | 425950 | 437377 |  | (11427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 8267 | 425950 | 436895 |  | (10945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 7015 | 365100 | 370741 |  | (5641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | MXN | 5329 | 278000 | 281624 |  | (3624) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | TWD | 97092 | 3305798 | 3398760 |  | (92962) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 2478 | 1941596 | 1960008 |  | (18412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SGD | 2544 | 1991240 | 2012234 |  | (20994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SGD | 1262 | 980760 | 997896 |  | (17136) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ZAR | 6954 | 384000 | 390567 |  | (6567) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 4899246 | 3643132 | 3638549 | 4583 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 110504 | 3419483 | 3419457 | 26 |  |
|  |  |  |  | $81202700 | $83718411 | 10178 | (2525889) |
|  |  |  |  |  |  | $691883 | $(2556918) |

---

#### Cross currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Type**  | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |
|  07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buy | EUR | 183 | JPY | 29354 | $11552 | $— | MSI |
|  07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buy | EUR | 486 | PLN | 2078 |  | (2825) | CITI |
|  07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buy | JPY | 29504 | EUR | 183 |  | (10505) | CITI |
|  07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buy | JPY | 59065 | EUR | 366 |  | (20617) | MSI |
|  07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buy | PLN | 2499 | EUR | 578 | 11005 |  | BNP |
|  |  |  |  |  |  | $22557 | $(33947) |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A114

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |  |
|  Republic of Italy | 12/20/27 | 1.000%(Q) | EUR | 1235 | $(34010) | $(22664) | $(11346) | BARC |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(Q) | 1030 | \* | $7045 | $— | $7045 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) | 1603 | \* | 24302 |  | 24302 | GSI |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) | 855 | 1.490% | (3734) | (4089) | 355 | GSI |
|  |  |  |  |  | $27613 | $(4089) | $31702 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |  |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 82779 | $(1282618) | $(1858649) | $(576031) |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A115

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>June 30,**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025**  | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
|  GBP | 825 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | $36002 | $182547 | $146545 |
|  | 31020 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (69367) | (69367) |
|  | 24725 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (163120) | (163120) |
|  | 1645 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% | 304 | (20778) | (21082) |
|  | 8385 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.450% | 1947 | 148192 | 146245 |
|  | 5215 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.450% | (5545) | (160471) | (154926) |
|  | 12700 | 05/31/29 | 3.704%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (134985) | (134985) |
|  | 7695 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 15712 | 15712 |
|  | 18090 | 03/19/45 | 4.160%(A) | 1 Day SOFR(1)(A)/ 4.450% | (35258) | (474640) | (439382) |
|  | 2105 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.450% | (14897) | (58428) | (43531) |
|  | 7469 | 03/15/53 | 2.970%(A) | 1 Day SOFR(1)(A)/ 4.450% | 4179 | 1249852 | 1245673 |
|  | 6785 | 09/20/53 | 3.590%(A) | 1 Day SOFR(1)(A)/ 4.450% | 27427 | 444831 | 417404 |
|  | 1920 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | 876417 | 862014 | (14403) |
|  | 8815 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 128917 | 203687 | 74770 |
|  | 1865 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.450% | 14471 | 71514 | 57043 |
|  | 5865 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 112216 | 112216 |
|  |  |  |  |  | $1033964 | $2208776 | $1174812 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing<br>Rate** | **Counterparty** | **Termination**<br> **Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br> (Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR<br>-54bps(T)/<br>3.910% | JPM | 09/19/25 | (6396) | $(26270) | $— | $(26270) |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+18bps(T)/<br>4.510% | JPM | 08/13/25 | 27880 | (164950) |  | (164950) |
|  |  |  |  |  | $(191220) | $— | $(191220) |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $— | $(26753) | $31702 | $(202566) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  BOS | $— | $2016725 |
|  GS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2330447 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A116

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  JPS | $— | $3405472 |
|  MLC | 1836000 | &nbsp;&nbsp;&nbsp;&nbsp;5531274 |
|  **Total** | $1836000 | $13283918 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $79414875 | $— | $— |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 97704770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Debt Obligation. |  | 305352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 194973876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans. |  | 48622530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards. |  | 14380370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 10199411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 6400683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manufactured Housing |  | 2838410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 91871623 | 3400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 9041416 | 2082514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 5264109 |  |
|  Commercial Mortgage-Backed Securities |  | 249724930 |  |
|  Convertible Bonds. |  | 85682 |  |
|  Corporate Bonds |  | 1072184245 | 376820 |
|  Floating Rate and Other Loans. |  | 308062 | 1827075 |
|  Municipal Bonds |  | 14145535 |  |
|  Residential Mortgage-Backed Securities |  | 257252215 | 3090047 |
|  Sovereign Bonds. |  | 43348523 |  |
|  U.S. Government Agency Obligations |  | 1098940851 |  |
|  U.S. Treasury Obligations |  | 686673314 |  |
|  Common Stocks |  | 5261809 | 1370874 |
|  Preferred Stocks |  |  | 216620 |
|  Unaffiliated Exchange-Traded Funds | 165458041 |  |  |
|  Warrants |  | 12894 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds. | 134818584 |  |  |
|  Unaffiliated Fund | 34037041 |  |  |
|  Options Purchased | 106 | 79427 |  |
|  **Total** | $**413728647** | $**3909620037** | $**12363950** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(9450)** | $**(343828)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $8176413 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts. |  | 691883 |  |
|  OTC Cross Currency Exchange Contracts |  | 22557 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A117

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  OTC Credit Default Swap Agreements | $— | $— | $31347 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 2215608 |  |
|  **Total** | $**8176413** | $**2930048** | $**31347** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(67494133) | $— |
|  Futures Contracts | (1108278) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (2556918) |  |
|  OTC Cross Currency Exchange Contracts |  | (33947) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (576031) |  |
|  OTC Credit Default Swap Agreements |  | (37744) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (1040796) |  |
|  OTC Total Return Swap Agreements |  | (191220) |  |
|  **Total** | $**(1108278)** | $**(71930789)** | $**—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 27.0 |
|  U.S. Treasury Obligations | 16.9 |
|  Banks | 8.2 |
|  Residential Mortgage-Backed Securities | 6.7 |
|  Commercial Mortgage-Backed Securities | 6.1 |
|  Affiliated Mutual Funds (1.5% represents investments purchased with collateral from securities on loan) | 5.3 |
|  Collateralized Loan Obligations | 4.8 |
|  Unaffiliated Exchange-Traded Funds | 4.1 |
|  Electric | 3.5 |
|  Automobiles | 2.4 |
|  Other | 2.3 |
|  Pipelines | 1.4 |
|  Consumer Loans | 1.2 |
|  Oil & Gas | 1.2 |
|  Diversified Financial Services | 1.1 |
|  Sovereign Bonds | 1.1 |
|  Healthcare-Services | 0.9 |
|  Unaffiliated Fund | 0.8 |
|  Insurance | 0.7 |
|  Media | 0.7 |
|  Real Estate Investment Trusts (REITs) | 0.7 |
|  Aerospace & Defense | 0.6 |
|  Semiconductors | 0.6 |
|  Foods | 0.6 |
|  Pharmaceuticals | 0.5 |
|  Telecommunications | 0.5 |
|  Software | 0.4 |
|  Agriculture | 0.4 |
|  Chemicals | 0.4 |
|  Credit Cards | 0.4 |
|  Municipal Bonds | 0.3 |
|  Computers | 0.3 |
|  Auto Manufacturers | 0.3 |

---

---

| | |
|:---|:---|
|  Retail | 0.3% |
|  Gas | 0.3 |
|  Mining | 0.3 |
|  Equipment | 0.2 |
|  Healthcare-Products | 0.2 |
|  Commercial Services | 0.2 |
|  Biotechnology | 0.2 |
|  Airlines | 0.2 |
|  Packaging & Containers | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Home Equity Loans | 0.2 |
|  Student Loans | 0.1 |
|  Internet | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Entertainment | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Beverages | 0.1 |
|  Machinery-Construction & Mining | 0.1 |
|  Manufactured Housing | 0.1 |
|  Environmental Control | 0.1 |
|  Engineering & Construction | 0.1 |
|  Transportation | 0.1 |
|  Investment Companies | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Building Materials | 0.1 |
|  Home Builders | 0.1 |
|  Cosmetics/Personal Care | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Iron/Steel | 0.0 \* |
|  Leisure Time | 0.0 \* |
|  Apparel | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Oil, Gas & Consumable Fuels | 0.0 \* |
|  Lodging | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A118

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Electric Utilities | 0.0 |
|  Real Estate | 0.0 \* |
|  Savings & Loans | 0.0 \* |
|  Electronics | 0.0 \* |
|  Oil & Gas Services | 0.0 \* |
|  Gas Utilities | 0.0 \* |
|  Housewares | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Coal | 0.0 \* |
|  Collateralized Debt Obligation | 0.0 \* |
|  Distribution/Wholesale | 0.0 \* |
|  Options Purchased | 0.0 \* |
|  Electronic Equipment, Instruments & Components | 0.0 \* |

---

---

| | |
|:---|:---|
|  Interactive Media & Services | 0.0 |
|  Metals & Mining | 0.0 |
|  Consumer Staples Distribution & Retail | 0.0 |
|  Textiles | 0.0 |
|  Building Products | 0.0 |
|  Specialty Retail | 0.0 |
|  | 106.6 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (6.6) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br>**Assets and<br> Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and<br> Liabilities Location**  | **Fair**<br>**Value** |
|  Credit contracts |  | $— | Due from/to broker-variation margin swaps | $576031 \* |
|  Credit contracts |  |  | Premiums received for OTC swap agreements | 26753 |
|  Credit contracts | Unaffiliated investments | 22988 | Options written outstanding, at value | 51315 |
|  Credit contracts | Unrealized appreciation on OTC<br>swap agreements | 31702 | Unrealized depreciation on OTC swap agreements | 11346 |
|  Foreign exchange contracts | Unaffiliated investments | 46931 | Options written outstanding, at value | 286192 |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>cross currency exchange<br>contracts | 22557 | Unrealized depreciation on OTC cross currency exchange contracts | 33947 |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>forward foreign currency<br>exchange contracts | 691883 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 2556918 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 8176413 \* | Due from/to broker-variation margin futures | 1108278 \* |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps and swaptions | 2215608 \* | Due from/to broker-variation margin swaps and swaptions | 1040796 \* |
|  Interest rate contracts | Unaffiliated investments | 9614 | Options written outstanding, at value | 15771 |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC swap agreements | 191220 |
|  |  | $11217696 |  | $5898567 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A119

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(55857) | $140225 | $— | $— | $595886 |
|  Foreign exchange contracts | (61668) | 442655 |  | (1992030) |  |
|  Interest rate contracts | (2465) | 20131 | (9307739) |  | (6270856) |
|  **Total** | $(119990) | $603011 | $(9307739) | $(1992030) | $(5674970) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $9628 | $(16461) | $— | $— | $(888327) |
|  Foreign exchange contracts | (12456) | (87247) |  | (3580282) |  |
|  Interest rate contracts | (15580) | 37624 | 10068227 |  | 5809005 |
|  **Total** | $(18408) | $(66084) | $10068227 | $(3580282) | $4920678 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $87211 |
|  Options Written (2) | 103700623 |
|  Futures Contracts - Long Positions (2) | 419834239 |
|  Futures Contracts - Short Positions (2) | 116306301 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 37434752 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 79465493 |
|  Cross Currency Exchange Contracts (4) | 681075 |
|  Interest Rate Swap Agreements (2) | 178154982 |
|  Credit Default Swap Agreements - Buy Protection (2) | 54503103 |
|  Credit Default Swap Agreements - Sell Protection (2) | 12560360 |
|  Total Return Swap Agreements (2) | 53063562 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A120

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $59942854 | $(59942854) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $20756 | $(48012) | $(27256) | $22408 | $(4848) |
|  BNP | 11005 |  | 11005 |  | 11005 |
|  BOA | 28343 | (29839) | (1496) |  | (1496) |
|  CITI | 100168 | (155630) | (55462) |  | (55462) |
|  DB | 51434 | (163952) | (112518) |  | (112518) |
|  GSI | 246947 | (96334) | 150613 |  | 150613 |
|  HSBC | 129714 | (992344) | (862630) | 688059 | (174571) |
|  JPM | 47526 | (380100) | (332574) | 332574 |  |
|  MSI | 189676 | (422508) | (232832) | 210000 | (22832) |
|  SSB |  | (429193) | (429193) | 352605 | (76588) |
|  TD |  | (446100) | (446100) | 304925 | (141175) |
|  | $825569 | $(3164012) | $(2338443) | $1910571 | $(427872) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A121

------

<br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $59,942,854: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,249,251,455) | $4121479175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $211,817,033) | 214233459.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash segregated for counterparty — OTC | 210000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1769181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $654,015) | 664935.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 85389697.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 29175238.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 20224860.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1836000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 1517468.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 691883.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 82762.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 31702.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 22557.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4477328917.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 278281596.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value<br>(proceeds receivable $66,453,984) | 67494133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 61037291.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 2556918.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 799892.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable. | 557620.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $292,203) | 353278.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 303217.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 202566.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 165678.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 33947.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 26753.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 8899.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2194.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 411824938.0 |
|  **NET ASSETS** | $4065503979.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $4065503979.0 |
|  Net asset value and redemption price per share, $4,065,503,979 / 291,478,858 outstanding shares of beneficial interest | $13.95 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $88249986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $22 foreign withholding tax) | 2658331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1287071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $50,596) | 51256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 92246644 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 8241977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 4995137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 200220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 55192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 35991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 24956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $3,550) | 4549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 81188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13647916 |
|  **NET INVESTMENT INCOME (LOSS)** | 78598728 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON**<br> **INVESTMENT AND FOREIGN CURRENCY**<br> **TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(8148)) | (16962359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (9307739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (1992030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 603011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (5674970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (364458) |
|  | (33698545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $2,416,426) | 99420802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 10068227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (3580282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (66084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 4920678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 279001 |
|  | 111042342 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN**<br> **CURRENCY TRANSACTIONS** | 77343797 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**<br> **RESULTING FROM OPERATIONS** | $155942525 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $78598728 | $152863518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (33698545) | (52930361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 111042342 | (42337943) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 155942525 | 57595214 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [9,128,879 and 22,889,158 shares, respectively] | 125227542 | 304066765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in merger [37,993,531 and 0 shares, respectively] | 514812343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [38,629,848 and 40,855,617 shares, respectively] | (528755831) | (543694992) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 111284054 | (239628227) |
|  **TOTAL INCREASE (DECREASE)** | 267226579 | (182033013) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3798277400 | 3980310413 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4065503979 | $3798277400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A122

------

<br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $13.42 | $13.23 | $12.44 | $14.86 | $15.20 | $14.06 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.27 | 0.52 | 0.47 | 0.34 | 0.25 | 0.35 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.26 | (0.33) | 0.32 | (2.76) | (0.59) | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.53 | 0.19 | 0.79 | (2.42) | (0.34) | 1.14 |
|  Net Asset Value, end of period | $13.95 | $13.42 | $13.23 | $12.44 | $14.86 | $15.20 |
|  **Total Return<sup>(b)</sup>** | 3.87% | 1.44% | 6.35% | (16.29)% | (2.24)% | 8.11% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $4066 | $3798 | $3980 | $3882 | $2303 | $4312 |
|  Average net assets (in millions) | $4029 | $3916 | $3860 | $4299 | $3366 | $3729 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.68 %<sup>(d)</sup> | 0.68% | 0.68% | 0.69% | 0.77% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.68 %<sup>(d)</sup> | 0.71% | 0.72% | 0.73% | 0.77% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.93 %<sup>(d)</sup> | 3.90% | 3.73% | 2.57% | 1.68% | 2.40% |
|  Portfolio turnover rate<sup>(e)(f)</sup> | 93% | 266% | 315% | 408% | 106% | 234% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A123

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST GOVERNMENT MONEY MARKET PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  **REPURCHASE AGREEMENTS — 59.9%** | **REPURCHASE AGREEMENTS — 59.9%** | **REPURCHASE AGREEMENTS — 59.9%** | **REPURCHASE AGREEMENTS — 59.9%** |
|  Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, dated 06/30/25, due 07/01/25 in the amount of $35,004,268 collateralized by U.S. Treasury Securities (coupon rates 3.375%-4.625%, maturity dates 12/31/26-09/30/28) with the aggregate value, including accrued interest, of $35,704,410 | &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, dated 06/30/25, due 07/01/25 in the amount of $35,004,268 collateralized by U.S. Treasury Securities (coupon rates 3.375%-4.625%, maturity dates 12/31/26-09/30/28) with the aggregate value, including accrued interest, of $35,704,410 | 35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $40,004,889 collateralized by FHLMC (coupon rate 6.500%, maturity date 12/01/54) and U.S. Treasury Securities (coupon rate 0.000%, maturity dates 08/07/25-11/13/25) with the aggregate value, including accrued interest, of $40,805,048 | &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $40,004,889 collateralized by FHLMC (coupon rate 6.500%, maturity date 12/01/54) and U.S. Treasury Securities (coupon rate 0.000%, maturity dates 08/07/25-11/13/25) with the aggregate value, including accrued interest, of $40,805,048 | 40000 | 40000000 |
|  Clear Street LLC | Clear Street LLC | Clear Street LLC | Clear Street LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, dated 06/30/25, due 07/01/25 in the amount of $43,005,303 collateralized by FHLMC (coupon rates 3.000%-6.500%, maturity dates 08/01/51-07/01/55) and FNMA (coupon rates 4.500%-6.000%, maturity dates 09/01/52-06/01/55) with the aggregate value, including accrued interest, of $43,865,410 | &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, dated 06/30/25, due 07/01/25 in the amount of $43,005,303 collateralized by FHLMC (coupon rates 3.000%-6.500%, maturity dates 08/01/51-07/01/55) and FNMA (coupon rates 4.500%-6.000%, maturity dates 09/01/52-06/01/55) with the aggregate value, including accrued interest, of $43,865,410 | 43000 | 43000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 06/20/25, due 08/01/25 in the amount of $7,035,362 collateralized by U.S. Treasury Securities (coupon rate 3.500%, maturity date 01/31/28) with the aggregate value, including accrued interest, of $7,140,032 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 06/20/25, due 08/01/25 in the amount of $7,035,362 collateralized by U.S. Treasury Securities (coupon rate 3.500%, maturity date 01/31/28) with the aggregate value, including accrued interest, of $7,140,032 | 7000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 06/23/25, due 07/23/25 in the amount of $30,108,250 collateralized by U.S. Treasury Securities (coupon rate 4.125%, maturity date 10/31/29) with the aggregate value, including accrued interest, of $30,600,018 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 06/23/25, due 07/23/25 in the amount of $30,108,250 collateralized by U.S. Treasury Securities (coupon rate 4.125%, maturity date 10/31/29) with the aggregate value, including accrued interest, of $30,600,018 | 30000 | 30000000 |
|  ING Financial Markets LLC | ING Financial Markets LLC | ING Financial Markets LLC | ING Financial Markets LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $50,006,111 collateralized by FHLMC (coupon rate 4.500%, maturity date 08/01/52) with the aggregate value, including accrued interest, of $51,000,001 | &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $50,006,111 collateralized by FHLMC (coupon rate 4.500%, maturity date 08/01/52) with the aggregate value, including accrued interest, of $51,000,001 | 50000 | 50000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
|  Natixis | Natixis | Natixis | Natixis |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 06/20/25, due 07/31/25 in the amount of $55,271,226 collateralized by FHLMC (coupon rates 3.500%-6.500%, maturity dates 10/01/47-05/01/55), FNMA (coupon rates 2.000%-6.000%, maturity dates 11/01/36-06/01/55) and U.S. Treasury Securities (coupon rate 3.000%, maturity date 08/15/52) with the aggregate value, including accrued interest, of $56,100,048 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 06/20/25, due 07/31/25 in the amount of $55,271,226 collateralized by FHLMC (coupon rates 3.500%-6.500%, maturity dates 10/01/47-05/01/55), FNMA (coupon rates 2.000%-6.000%, maturity dates 11/01/36-06/01/55) and U.S. Treasury Securities (coupon rate 3.000%, maturity date 08/15/52) with the aggregate value, including accrued interest, of $56,100,048 | 55000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 |
|  NatWest Markets Securities, Inc. | NatWest Markets Securities, Inc. | NatWest Markets Securities, Inc. | NatWest Markets Securities, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 06/24/25, due 07/01/25 in the amount of $40,033,678 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 08/15/34) with the aggregate value, including accrued interest, of $40,834,361 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 06/24/25, due 07/01/25 in the amount of $40,033,678 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 08/15/34) with the aggregate value, including accrued interest, of $40,834,361 | 40000 | 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, dated 06/30/25, due 07/01/25 in the amount of $25,003,049 collateralized by U.S. Treasury Securities (coupon rate 4.125%, maturity date 02/29/32) with the aggregate value, including accrued interest, of $25,503,172 | &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, dated 06/30/25, due 07/01/25 in the amount of $25,003,049 collateralized by U.S. Treasury Securities (coupon rate 4.125%, maturity date 02/29/32) with the aggregate value, including accrued interest, of $25,503,172 | 25000 | 25000000 |
|  RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $44,811,476 collateralized by FHLMC (coupon rates 2.000%-7.500%, maturity dates 12/01/31-01/01/55), FNMA (coupon rates 3.000%-7.000%, maturity dates 11/01/29-04/01/55), GNMA (coupon rates 3.500%-6.500%, maturity dates 01/20/41-05/20/55) and U.S. Treasury Securities (coupon rates 0.000%-4.500%, maturity dates 07/01/25-11/15/54) with the aggregate value, including accrued interest, of $45,702,120 | &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $44,811,476 collateralized by FHLMC (coupon rates 2.000%-7.500%, maturity dates 12/01/31-01/01/55), FNMA (coupon rates 3.000%-7.000%, maturity dates 11/01/29-04/01/55), GNMA (coupon rates 3.500%-6.500%, maturity dates 01/20/41-05/20/55) and U.S. Treasury Securities (coupon rates 0.000%-4.500%, maturity dates 07/01/25-11/15/54) with the aggregate value, including accrued interest, of $45,702,120 | 44806 | 44806000 |
|  SMBC Nikko Securities America, Inc. | SMBC Nikko Securities America, Inc. | SMBC Nikko Securities America, Inc. | SMBC Nikko Securities America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $10,001,222 collateralized by FHLMC (coupon rates 2.500%-5.500%, maturity dates 03/01/52-05/01/55), FNMA (coupon rates 3.500%-5.500%, maturity dates 06/01/33-05/01/48) and U.S. Treasury Securities (coupon rates 0.625%-4.625%, maturity dates 01/15/26-05/15/43) with the aggregate value, including accrued interest, of $10,201,286 | &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $10,001,222 collateralized by FHLMC (coupon rates 2.500%-5.500%, maturity dates 03/01/52-05/01/55), FNMA (coupon rates 3.500%-5.500%, maturity dates 06/01/33-05/01/48) and U.S. Treasury Securities (coupon rates 0.625%-4.625%, maturity dates 01/15/26-05/15/43) with the aggregate value, including accrued interest, of $10,201,286 | 10000 | 10000000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A124

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
|  TD Securities (USA) LLC | TD Securities (USA) LLC | TD Securities (USA) LLC | TD Securities (USA) LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, dated 06/30/25, due 07/01/25 in the amount of $30,003,675 collateralized by U.S. Treasury Securities (coupon rates 2.625%-4.125%, maturity dates 01/31/26-01/31/27) with the aggregate value, including accrued interest, of $30,600,065 | &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, dated 06/30/25, due 07/01/25 in the amount of $30,003,675 collateralized by U.S. Treasury Securities (coupon rates 2.625%-4.125%, maturity dates 01/31/26-01/31/27) with the aggregate value, including accrued interest, of $30,600,065 | 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 |
|  Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, dated 06/24/25, due 07/01/25 in the amount of $40,033,522 collateralized by FNMA (coupon rates 2.000%-6.000%, maturity dates 03/01/49-06/01/55) with the aggregate value, including accrued interest, of $40,834,193 | &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, dated 06/24/25, due 07/01/25 in the amount of $40,033,522 collateralized by FNMA (coupon rates 2.000%-6.000%, maturity dates 03/01/49-06/01/55) with the aggregate value, including accrued interest, of $40,834,193 | 40000 | 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $30,003,667 collateralized by GNMA (coupon rates 2.000%-7.000%, maturity dates 04/20/29-06/20/55) with the aggregate value, including accrued interest, of $30,603,740 | &nbsp;&nbsp;&nbsp;&nbsp; 4.4%, dated 06/30/25, due 07/01/25 in the amount of $30,003,667 collateralized by GNMA (coupon rates 2.000%-7.000%, maturity dates 04/20/29-06/20/55) with the aggregate value, including accrued interest, of $30,603,740 | 30000 | 30000000 |
|  **TOTAL REPURCHASE AGREEMENTS**<br>(cost $479,806,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(cost $479,806,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(cost $479,806,000) | 479806000 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.5%** |
|  Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%(c) | 07/02/25 | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%(c) | 07/29/25 | 5000 | 5000000 |
|  Federal Farm Credit Bank, SOFR + 0.045% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.045% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.045% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.045% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.435%(c) | 07/23/25 | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.435%(c) | 06/18/26 | 5000 | 5000000 |
|  Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%(c) | 07/02/26 | 4000 | 4000000 |
|  Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%(c) | 08/26/25 | 5800 | 5800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%(c) | 10/05/26 | 3000 | 3000000 |
|  Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.455%(c) | 08/28/25 | 5000 | 5000000 |
|  Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460%(c) | 08/12/26 | 2000 | 2000000 |
|  Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%(c) | 11/21/25 | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%(c) | 01/08/26 | 5000 | 5000000 |
|  Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%(c) | 12/29/25 | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%(c) | 03/20/26 | 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%(c) | 05/15/26 | 4000 | 4000000 |
|  Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%(c) | 08/26/25 | 5000 | 5000305 |
|  Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490%(c) | 02/25/26 | 6000 | 5999982 |
|  Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.495%(c) | 01/08/26 | 5000 | 5000600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.495%(c) | 02/23/26 | 2000 | 2000000 |
|  Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%(c) | 05/08/26 | 3000 | 3000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Farm Credit Bank, SOFR + 0.155% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.155% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.155% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.155% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.545%(c) | 09/05/25 | 5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000741 |
|  Federal Farm Credit Bank, US Federal Funds Effective Rate + 0.115% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, US Federal Funds Effective Rate + 0.115% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, US Federal Funds Effective Rate + 0.115% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, US Federal Funds Effective Rate + 0.115% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.445%(c) | 12/26/25 | 8000 | 8000439 |
|  Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(c) | 09/10/25 | 4000 | 4000000 |
|  Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440%(c) | 08/08/25 | 5000 | 5000000 |
|  Federal Home Loan Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%(c) | 08/19/25 | 3000 | 3000000 |
|  Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%(c) | 07/24/26 | 2000 | 2000000 |
|  Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490%(c) | 02/13/26 | 5000 | 5000000 |
|  Federal Home Loan Bank, SOFR + 0.115% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.115% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.115% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.115% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.505%(c) | 07/10/25 | 8000 | 8000000 |
|  Federal Home Loan Bank, SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.140% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%(c) | 07/16/26 | 3500 | 3500094 |
|  Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%(c) | 01/26/26 | 9250 | 9250636 |
|  Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490%(c) | 02/09/26 | 5000 | 5000000 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $139,552,797) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $139,552,797) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $139,552,797) | 139552797 |
|  **U.S. TREASURY OBLIGATIONS — 23.9%** | **U.S. TREASURY OBLIGATIONS — 23.9%** | **U.S. TREASURY OBLIGATIONS — 23.9%** |  |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.181%(n) | 09/18/25 | 14000 | 13874217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.186%(n) | 11/06/25 | 4000 | 3941703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.187%(n) | 09/04/25 | 7000 | 6948174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.187%(n) | 09/11/25 | 6750 | 6694643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227%(n) | 08/28/25 | 4000 | 3973317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.233%(n) | 07/10/25 | 9000 | 8990599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%(n) | 07/15/25 | 8000 | 7986992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%(n) | 07/22/25 | 16000 | 15960974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.244%(n) | 10/30/25 | 9500 | 9368857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.253%(n) | 08/05/25 | 7000 | 6971451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.254%(n) | 10/28/25 | 13000 | 12819836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.257%(n) | 07/17/25 | 7000 | 6987025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269%(n) | 08/26/25 | 8000 | 7947609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.290%(n) | 10/14/25 | 7000 | 6913607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.295%(n) | 10/21/25 | 9000 | 8881420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.313%(n) | 08/21/25 | 4200 | 4174888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.344%(n) | 08/12/25 | 11250 | 11193630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.418%(n) | 08/07/25 | 12000 | 11945796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.468%(n) | 08/19/25 | 13500 | 13418460 |
|  U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(c) | 04/30/26 | 6000 | 6002704 |
|  U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.170% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.170% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.170% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.170% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.451%(c) | 10/31/25 | 4000 | 4000783 |
|  U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.463%(c) | 07/31/26 | 6000 | 6005652 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A125

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
|  U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Note, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.526%(c) | 01/31/26 | 6500 | $6506822 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $191,509,159) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $191,509,159) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $191,509,159) | 191509159 |
|  **TOTAL INVESTMENTS—101.3%**<br>(cost $810,867,956) | **TOTAL INVESTMENTS—101.3%**<br>(cost $810,867,956) | **TOTAL INVESTMENTS—101.3%**<br>(cost $810,867,956) | 810867956 |
|  **Liabilities in excess of other assets — (1.3)%** | **Liabilities in excess of other assets — (1.3)%** | **Liabilities in excess of other assets — (1.3)%** | (10207902) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800660054 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Repurchase Agreements | $— | $479806000 | $— |
|  U.S. Government Agency Obligations |  | 139552797 |  |
|  U.S. Treasury Obligations |  | 191509159 |  |
|  **Total** | $**—** | $**810867956** | $**—** |

---

#### Sector Classification:
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Repurchase Agreements | 59.9% |
|  U.S. Treasury Obligations | 23.9 |
|  U.S. Government Agency Obligations | 17.5 |
|  | 101.3 |
|  Liabilities in excess of other assets | (1.3) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Gross Market Value of<br>Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Repurchase Agreement | Banco Bilbao Vizcaya Argentaria | $35000000 | $(35000000) | $— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A126

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Gross Market Value of<br>Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Repurchase Agreement | Bank of Nova Scotia | $40000000 | $(40000000) | $— |
|  Repurchase Agreement | Clear Street LLC | 43000000 | (43000000) |  |
|  Repurchase Agreements | Credit Agricole Corporate & Investment Bank | 37000000 | (37000000) |  |
|  Repurchase Agreement | ING Financial Markets LLC | 50000000 | (50000000) |  |
|  Repurchase Agreement | Natixis | 55000000 | (55000000) |  |
|  Repurchase Agreements | NatWest Markets Securities, Inc. | 65000000 | (65000000) |  |
|  Repurchase Agreement | RBC Dominion Securities, Inc. | 44806000 | (44806000) |  |
|  Repurchase Agreement | SMBC Nikko Securities America, Inc. | 10000000 | (10000000) |  |
|  Repurchase Agreement | TD Securities (USA) LLC | 30000000 | (30000000) |  |
|  Repurchase Agreements | Wells Fargo Securities LLC | 70000000 | (70000000) |  |
|  |  | $479806000 |  |  |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A127

------

<br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (cost $479,806,000) | $479806000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $331,061,956) | 331061956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 525.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 13956336.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1179358.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 88053.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 826093428.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 16819836.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 8462361.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 61589.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 55361.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 33238.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 25433374.0 |
|  **NET ASSETS** | $800660054.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $800660054.0 |
|  Net asset value and redemption price per share, $800,660,054 / 799,983,906 outstanding shares of beneficial interest | $1.0 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $17893610.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 1222994.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 1019161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 51876.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 16558.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 14686.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10242.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14763.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2357966.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 15535644.0 |
| **REALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 9665.0 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $15545309.0 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15535644 | $39302495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 9665 | 29160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 15545309 | 39331655 |
|  **DISTRIBUTIONS** | (15545308) | (39331617) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [194,764,364 and 378,669,307 shares, respectively] | 194764364 | 378669307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in reinvestment of distributions [15,545,524 and 39,331,617 shares, respectively] | 15545308 | 39331617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [234,648,001 and 465,287,308 shares, respectively] | (234648001) | (465287308) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (24338329) | (47286384) |
|  **TOTAL INCREASE (DECREASE)** | (24338328) | (47286346) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 824998382 | 872284728 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $800660054 | $824998382 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A128

------

<br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) and realized gains (losses) | 0.02 | 0.05 | 0.05 | 0.01 | — <sup>(b)</sup> | — <sup>(b)</sup> |
|  **Less Dividends and Distributions** | (0.02) | (0.05) | (0.05) | (0.01) | — <sup>(b)</sup> | — <sup>(b)</sup> |
|  Net Asset Value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 1.91% | 4.76% | 4.62% | 1.22% | — %<sup>(b)</sup> | 0.22% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $801 | $825 | $872 | $969 | $844 | $946 |
|  Average net assets (in millions) | $822 | $844 | $914 | $941 | $893 | $903 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.58 %<sup>(d)</sup> | 0.58% | 0.57% | 0.44% | 0.06% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.58 %<sup>(d)</sup> | 0.58% | 0.57% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.81 %<sup>(d)</sup> | 4.66% | 4.51% | 1.26% | — %<sup>(b)</sup> | 0.18% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Amount rounds to zero.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Annualized.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A129

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | <br> **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.0%** | **LONG-TERM INVESTMENTS — 98.0%** | **LONG-TERM INVESTMENTS — 98.0%** | **LONG-TERM INVESTMENTS — 98.0%** |
|  **AFFILIATED MUTUAL FUNDS — 29.7%** | **AFFILIATED MUTUAL FUNDS — 29.7%** | **AFFILIATED MUTUAL FUNDS — 29.7%** | **AFFILIATED MUTUAL FUNDS — 29.7%** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | 41115567 | $462138969 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 176308035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029305480 |
|  **TOTAL FIXED INCOME**<br> (cost $2,153,799,368)(wa) | **TOTAL FIXED INCOME**<br> (cost $2,153,799,368)(wa) | **TOTAL FIXED INCOME**<br> (cost $2,153,799,368)(wa) | 2491444449 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** |  |
|  **ASSET-BACKED SECURITIES — 16.0%** | **ASSET-BACKED SECURITIES — 16.0%** | **ASSET-BACKED SECURITIES — 16.0%** | **ASSET-BACKED SECURITIES — 16.0%** |
|  **Automobiles — 5.3%** | **Automobiles — 5.3%** | **Automobiles — 5.3%** | **Automobiles — 5.3%** |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/18/29 | 16500 | 16952870 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/15/32 | 5724 | 5749121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.590% | 03/15/34 | 700 | 702624 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.620% | 02/20/27 | 2500 | 2498797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440% | 02/22/28 | 21545 | 21813328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810% | 12/20/29 | 5000 | 5193167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020% | 02/20/30 | 10100 | 10556748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 06/20/30 | 5600 | 5745824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 10500 | 10726046 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 08/15/28 | 4500 | 4525023 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520% | 05/15/36 | 2114 | 2134714 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/20/30 | 9399 | 9539756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 03/20/30 | 12469 | 12558093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/20/27 | 6000 | 6017215 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%(cc) | 08/15/36 | 9000 | 9172203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%(cc) | 08/15/37 | 40300 | 41102760 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630% | 04/15/30 | 22600 | 22849407 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 08/11/36 | 20000 | 20925796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | 12/11/36 | 13600 | 13900676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640% | 12/11/37 | 35000 | 35364959 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 04/16/35 | 18900 | 19485082 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 12/15/31 | 9300 | 9538202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.430% | 02/18/31 | 20100 | 20847246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 11100 | 11289924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/17/31 | 2900 | 3001683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/15/30 | 3500 | 3540163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 06/17/30 | 5700 | 5827950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640% | 08/15/30 | 25700 | 26227048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | 03/17/31 | 21100 | 21337751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060% | 05/15/31 | 27400 | 27736971 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | 01/21/31 | 2700 | 2753159 |
|  Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 05/25/38 | 21400 | 21685594 |
|  Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 02/15/28 | 4250 | 4258129 |
|  Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 02/18/39 | 8733 | 8818266 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444376295 |
|  **Collateralized Loan Obligations — 9.4%** | **Collateralized Loan Obligations — 9.4%** | **Collateralized Loan Obligations — 9.4%** | **Collateralized Loan Obligations — 9.4%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.620%(c) | 07/21/38 | 35000 | 35000000 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.843%(c) | 04/28/37 | 56680 | 56898065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659%(c) | 04/20/35 | 3000 | 3009240 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A130

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.806%(c) | 07/15/37 | 47750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47939267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 | 3500 | 3503477 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.142%(c) | 10/20/36 | 50000 | 50298530 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.619%(c) | 10/20/37 | 18500 | 18560125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%(c) | 04/17/37 | 15250 | 15304903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.789%(c) | 04/20/37 | 45000 | 45159066 |
|  Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | 10/15/30 | 4655 | 4655256 |
|  KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.697%(c) | 01/15/38 | 31000 | 31097101 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.598%(c) | 10/15/32 | 4904 | 4914075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.495%(c) | 03/25/38 | 6640 | 6633360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(c) | 10/15/32 | 4995 | 5000471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%(c) | 04/18/37 | 57000 | 57229260 |
|  Madison Park Funding Ltd., | Madison Park Funding Ltd., | Madison Park Funding Ltd., | Madison Park Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.809%(c) | 04/19/37 | 29000 | 29107622 |
|  Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.621%(c) | 01/25/38 | 45000 | 45125730 |
|  Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR2, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR2, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR2, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR2, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.481%(c) | 04/16/39 | 50000 | 50025000 |
|  Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.636%(c) | 10/15/37 | 27000 | 27103199 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.319%(c) | 10/18/35 | 14750 | $14835205 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410%(c) | 04/17/31 | 5840 | 5841715 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class AR2, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class AR2, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class AR2, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class AR2, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 04/20/34 | 11455 | 11485990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.830%(c) | 04/17/37 | 46680 | 46856040 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.169%(c) | 01/20/36 | 43250 | 43395207 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%(c) | 10/20/35 | 31750 | 31847390 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.611%(c) | 10/23/31 | 3484 | 3486083 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.206%(c) | 01/15/36 | 27250 | 27397610 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882%(c) | 04/25/37 | 17500 | 17564759 |
|  Warwick Capital CLO Ltd. (United Kingdom), | Warwick Capital CLO Ltd. (United Kingdom), | Warwick Capital CLO Ltd. (United Kingdom), | Warwick Capital CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.206%(c) | 01/15/37 | 48000 | 48265080 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787538826 |
|  **Consumer Loans — 1.1%** | **Consumer Loans — 1.1%** | **Consumer Loans — 1.1%** | **Consumer Loans — 1.1%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 | 31200 | 31341907 |
|  Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990% | 02/15/33 | 17800 | 17936704 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.120% | 03/25/60 | 28021 | 28071561 |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880% | 06/25/59 | 1535 | 1543040 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A131

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 09/15/36 | 15300 | 15646570 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94539782 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960% | 10/13/30 | 2700 | 2686926 |
|  **Equipment — 0.1%** | **Equipment — 0.1%** | **Equipment — 0.1%** | **Equipment — 0.1%** |
|  CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480% | 10/14/32 | 8000 | 8015820 |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 05/25/34 | 741 | 697608 |
|  Morgan Stanley ABS Capital I, Inc., | Morgan Stanley ABS Capital I, Inc., | Morgan Stanley ABS Capital I, Inc., | Morgan Stanley ABS Capital I, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.514%(c) | 03/25/33 | 46 | 45957 |
|  |  |  | 743565 |
|  **Residential Mortgage-Backed Securities — 0.1%** | **Residential Mortgage-Backed Securities — 0.1%** | **Residential Mortgage-Backed Securities — 0.1%** | **Residential Mortgage-Backed Securities — 0.1%** |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.214%(c) | 11/25/34 | 449 | 431945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.334%(c) | 12/25/34 | 1345 | 1342411 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.756%(cc) | 07/25/50 | 2020 | 1829906 |
|  |  |  | 3604262 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $1,329,226,738) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $1,329,226,738) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $1,329,226,738) | 1341505476 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.0%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 08/15/61 | 15490 | 15217460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 6476 | 6055224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.726% | 11/15/62 | 3500 | 3257336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.985% | 04/15/54 | 10000 | 9719968 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.903% | 07/15/49 | 2620 | 2595312 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 7535 | 7721153 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 17000 | $17694676 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 9585 | 9017126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.692% | 02/15/55 | 10800 | 9550999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.174% | 09/15/55 | 9358 | 8945248 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858% | 07/15/51 | 17350 | 17023298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.944% | 07/15/51 | 8248 | 8127587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% | 09/15/43 | 10120 | 8671371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.977% | 04/15/54 | 7000 | 6734860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.793% | 04/15/56 | 10000 | 10470557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.738% | 12/15/57 | 14140 | 14727330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660% | 04/15/57 | 27180 | 28321622 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.770% | 12/15/56 | 29991 | 31687159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.779%(cc) | 04/15/58 | 31910 | 33311599 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% | 11/15/52 | 13450 | 12588027 |
|  CCUBS Commercial Mortgage Trust, | CCUBS Commercial Mortgage Trust, | CCUBS Commercial Mortgage Trust, | CCUBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.283%(cc) | 11/15/50 | 2184 | 2131123 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526%(cc) | 11/10/49 | 10170 | 9818635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248% | 05/10/50 | 8290 | 8119487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 11/13/50 | 15000 | 14631849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 18133 | 16805991 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 14516 | 14272453 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.575% | 08/10/49 | 2695 | 2647055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.896% | 11/15/49 | 989 | 967306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.616% | 02/10/49 | 10075 | 9946072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646% | 07/10/49 | 2536 | 2492759 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A132

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | 10/10/49 | 1654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442% | 04/14/50 | 8932 | 8793894 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.853% | 10/15/45 | 710 | 678110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS04, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS04, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS04, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS04, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.694% | 08/10/47 | 246 | 242918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 6114 | 6008527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961% | 05/10/51 | 4105 | 4029989 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.304% | 09/15/37 | 7917 | 7303909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.501% | 12/15/49 | 3743 | 3716185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(cc) | 12/15/49 | 7000 | 6899920 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.718% | 08/15/48 | 5542 | 5519713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.458%(cc) | 11/15/50 | 10080 | 9758839 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269% | 06/10/50 | 1232 | 1208806 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.299%(cc) | 05/25/26 | 38290 | 370854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.334%(cc) | 05/25/29 | 51135 | 2083403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.706%(cc) | 02/25/30 | 54548 | 3446746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.788%(cc) | 02/25/26 | 99158 | 195173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.813%(cc) | 07/25/26 | 63677 | 979231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.145%(cc) | 10/25/26 | 46658 | 600008 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.244% | 10/10/48 | 2437 | 2431331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.178% | 11/10/49 | 3988 | 3925751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.727% | 03/10/51 | 7043 | 6893122 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.801% | 08/15/48 | 1696 | 1692547 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.723% | 03/15/50 | 6750 | 6643775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490% | 07/15/50 | 5010 | 4853010 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.414% | 03/15/50 | 8137 | 7958977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.694% | 03/15/50 | 7669 | 7466526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.180% | 05/13/53 | 12000 | 9991661 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559% | 08/15/49 | 4096 | 4040729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.822% | 08/15/49 | 11300 | 11085993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.627% | 08/15/49 | 3785 | 3708008 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 09/15/49 | 5609 | 5504340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840% | 11/15/49 | 13432 | 13200373 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.451% | 05/15/56 | 10000 | 10426774 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.563% | 10/15/50 | 8100 | 7882892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.720% | 02/15/51 | 5281 | 5209057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.048% | 05/15/51 | 1858 | 1834431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.313% | 05/15/51 | 8000 | 7853730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.152% | 08/15/51 | 247 | 245312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180% | 12/15/51 | 11074 | 10925392 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399% | 08/15/49 | 15704 | 15355403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | 11/15/50 | 15610 | 15261326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.178% | 05/15/51 | 8529 | 8476704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.096% | 01/15/58 | 11250 | 11879030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $582,573,050) | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $582,573,050) | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $582,573,050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591473498 |
|  **CORPORATE BONDS — 30.0%** | **CORPORATE BONDS — 30.0%** | **CORPORATE BONDS — 30.0%** | **CORPORATE BONDS — 30.0%** |
|  **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
|  BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/26/29 | 2330 | 2386659 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 02/01/30 | 2650 | 2457336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/35 | 7840 | 6600469 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A133

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/01/31 | 2610 | 2458980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/01/30 | 9805 | 9985219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.528% | 05/01/34(a) | 17421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18944696 |
|  |  |  | 42833359 |
|  **Agriculture — 1.3%** | **Agriculture — 1.3%** | **Agriculture — 1.3%** | **Agriculture — 1.3%** |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | 03/25/28 | 6500 | 6143456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | 08/15/27 | 1509 | 1483349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 08/15/35 | 39260 | 39905670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | 08/02/30 | 19089 | 20514929 |
|  BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% | 03/16/28 | 1628 | 1630271 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 4760 | 4931175 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/30/30 | 20335 | 20282031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/01/31 | 5470 | 5509192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/07/30 | 9005 | 9414600 |
|  |  |  | 109814673 |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 3000 | 2994420 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/15/27 | 2815 | 2840363 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 1215 | 1206363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 240 | 233029 |
|  |  |  | 7274175 |
|  **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 18920 | 17264113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.134% | 08/04/25 | 9025 | 9007193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/28/27 | 8875 | 8818228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 4000 | 4031498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/06/26 | 15825 | 15952263 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 04/01/36 | 3385 | 3578915 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/12/32 | 8810 | 7731621 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/08/30 | 18220 | 18601037 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/25/32 | 11575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753292 |
|  |  |  | 96738160 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 650 | 674492 |
|  **Banks — 10.5%** | **Banks — 10.5%** | **Banks — 10.5%** | **Banks — 10.5%** |
|  Banco de Credito del Peru S.A. (Peru), | Banco de Credito del Peru S.A. (Peru), | Banco de Credito del Peru S.A. (Peru), | Banco de Credito del Peru S.A. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(ff) | 09/30/31 | 300 | 290276 |
|  Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/11/29(a) | 1005 | 991809 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(ff) | 05/01/30(oo) | 14690 | 15171086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 19755 | 17389092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 | 13055 | 11722123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | 04/25/34 | 3345 | 3413138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%(ff) | 01/24/36 | 15000 | 15427177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.872%(ff) | 09/15/34(a) | 17425 | 18390270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 13140 | 11540844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | 06/14/29 | 8760 | 8211281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%(ff) | 02/04/33 | 13337 | 11940714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 5000 | 4957369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%(ff) | 04/23/40 | 2365 | 2053933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(ff) | 02/12/36 | 12265 | 12459275 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.437%(ff) | 11/02/33 | 2715 | 3071027 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.323%(ff) | 01/13/27 | 320 | 314472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 | 2350 | 2394129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%(ff) | 01/13/31 | 4585 | 4249865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 | 11265 | 11704908 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 | 8870 | 9175258 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 14890 | 15465038 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%(ff) | 01/25/33 | 14510 | 12972987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%(ff) | 03/17/33 | 13099 | 12221889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 7330 | 7334692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%(ff) | 01/24/36 | 35390 | 36336366 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A134

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | 01/30/30 | 4025 | 4122075 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862%(ff) | 01/09/36 | 14160 | 14608154 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | 11/16/27 | 425 | 412407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 1250 | 1213005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 01/10/29 | 11290 | 11474870 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | 01/27/32 | 4085 | 3536357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | 04/22/32 | 11000 | 9784370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%(ff) | 10/21/32 | 1975 | 1742168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 16650 | 16376882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 01/26/27 | 240 | 238432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%(ff) | 01/28/36 (a) | 15000 | 15383928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727%(ff) | 04/25/30 | 6812 | 7090636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%(ff) | 10/24/29 | 37670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39969474 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240%(ff) | 05/13/31 | 15000 | 15228878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%(ff) | 03/03/36 | 10000 | 10021410 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.036%(c) | 10/01/25 (oo) | 6000 | 6033550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%(ff) | 02/04/27 | 760 | 744343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 | 1339 | 1161619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 | 32795 | 30570709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.565%(ff) | 06/14/30 | 11100 | 11145024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%(ff) | 07/22/30 | 5000 | 5090631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%(ff) | 01/24/31 | 7930 | 8134979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%(ff) | 07/22/35 | 10470 | 10659083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%(ff) | 06/01/34 | 12085 | 12446122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(ff) | 01/24/36 | 20100 | 20711322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.572%(ff) | 04/22/36 (a) | 20840 | 21618368 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.341%(ff) | 01/19/28 | 14500 | 14041580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.615%(ff) | 04/24/36 | 30000 | 30802356 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210%(ff) | 04/20/28 (a) | 31450 | 31372626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587%(ff) | 01/18/36 | 18045 | 18554178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%(ff) | 04/17/36 | 28520 | 29564401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%(ff) | 01/24/29 | 5000 | 4923353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 10710 | 9383141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 35212 | 31424720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/23/27 | 655 | 650833 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%(ff) | 01/21/33 | 17500 | 15477873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/19/27 | 13000 | 13132340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | 04/13/33 | 12500 | 12935621 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.161%(ff) | 10/30/29 | 6110 | 6610324 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 8900 | 9242818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 (a) | 9300 | 9766698 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%(ff) | 02/11/33 | 11165 | 9712764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 785 | 712222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.095%(ff) | 02/11/32 | 565 | 488165 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(ff) | 04/23/36 | 40720 | 42031873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 5000 | 4578089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(ff) | 10/30/30 | 12770 | 11931208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526%(ff) | 03/24/28 | 16995 | 16770207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 26880 | 27758549 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880583753 |
|  **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/09/30 | 9350 | 9568621 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 4790 | 4928566 |
|  |  |  | 14497187 |
|  **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 8000 | 7968196 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725% | 11/15/28 | 8900 | 9040019 |
|  MEGlobal Canada ULC (Kuwait), | MEGlobal Canada ULC (Kuwait), | MEGlobal Canada ULC (Kuwait), | MEGlobal Canada ULC (Kuwait), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 05/18/30 | 350 | 362023 |
|  Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/15/26 | 5000 | 4969021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/12/32 | 14635 | 14907603 |
|  |  |  | 37246862 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A135

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/15/31 | 1550 | $1646260 |
|  Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% | 07/01/2116 | 8500 | 5872925 |
|  RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/27/30 | 6505 | 6588678 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/30 (a) | 630 | 631783 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14739646 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/24/32 | 1200 | 1122572 |
|  **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.442%(ff) | 01/30/36 (a) | 21630 | 22073250 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.273%(ff) | 03/01/30 | 7980 | 7633980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(ff) | 10/30/31 | 15005 | 16952631 |
|  |  |  | 46659861 |
|  **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/28 | 7510 | 7417855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/15/32 (a) | 11035 | 10871411 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 09/01/32 | 11000 | 10409274 |
|  Aydem Yenilenebilir Enerji A/S (Turkey), | Aydem Yenilenebilir Enerji A/S (Turkey), | Aydem Yenilenebilir Enerji A/S (Turkey), | Aydem Yenilenebilir Enerji A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 02/02/27 | 180 | 178200 |
|  Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/37 (h) | 1405 | 1496614 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 (a) | 3200 | 3035535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 500 | 493392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 725 | 716904 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series ai. | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series ai. | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series ai. | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series ai. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 10/01/32 | 9050 | 8861427 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/27 | 9910 | 9803469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 08/15/26 | 2500 | 2456398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 10/01/26 | 450 | 441972 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 03/15/32 | 17760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15950569 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 08/15/27 | 435 | 426181 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/30/29 | 10900 | 10761335 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 01/15/29 | 12210 | 12096901 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 05/30/27 | 795 | 782797 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/15/32 | 4580 | 4588153 |
|  Light S/A (Brazil), | Light S/A (Brazil), | Light S/A (Brazil), | Light S/A (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 23.382%(s) | 08/31/27 | 65 | 9772 |
|  Light Servicos de Eletricidade SA (Brazil), | Light Servicos de Eletricidade SA (Brazil), | Light Servicos de Eletricidade SA (Brazil), | Light Servicos de Eletricidade SA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, PIK 2.260% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, PIK 2.260% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, PIK 2.260% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, PIK 2.260% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.260% | 12/19/37 | 63 | 14269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210% | 12/19/32 | 152 | 78247 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 06/15/33 | 30880 | 32257248 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725% | 03/15/35 | 17290 | 17423202 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 11/01/32 | 31960 | 32823041 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 2245 | 2241824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/15/27 | 2800 | 2798996 |
|  |  |  | 188434986 |
|  **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 2513 | 2436354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 7622 | 7564835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 4220 | 3478018 |
|  |  |  | 13479207 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% | 03/15/32 | 12745 | 10749388 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A136

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods — 0.6%** | **Foods — 0.6%** | **Foods — 0.6%** | **Foods — 0.6%** |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/01/28 | 21645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21981878 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/32 (a) | 3910 | 3962288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 4620 | 4674388 |
|  Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/15/30 | 23570 | 21453301 |
|  |  |  | 52071855 |
|  **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
|  Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.556% | 11/01/52 | 3360 | 2871941 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 06/30/30 | 270 | 251210 |
|  Stanford Health Care, | Stanford Health Care, | Stanford Health Care, | Stanford Health Care, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.310% | 08/15/30 | 8980 | 8568063 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 2600 | 2519317 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/32 (a) | 32077 | 32477587 |
|  |  |  | 46688118 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 3775 | 4001253 |
|  **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
|  Arch Capital Finance LLC, | Arch Capital Finance LLC, | Arch Capital Finance LLC, | Arch Capital Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.011% | 12/15/26 | 3045 | 3031505 |
|  Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 02/15/35 (a) | 5840 | 5843289 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | 02/01/29 | 2 | 2002 |
|  Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/15/35 | 25000 | 24982397 |
|  |  |  | 33859193 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Prosus NV (China), | Prosus NV (China), | Prosus NV (China), | Prosus NV (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193% | 01/19/32 | 450 | 420188 |
|  **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 425 | 427125 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 4075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131153 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/28 (a) | 2809 | 2735629 |
|  |  |  | 7293907 |
|  **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 24440 | 24443417 |
|  **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
|  Ingersoll Rand, Inc., | Ingersoll Rand, Inc., | Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.314% | 06/15/31 | 16125 | 16700625 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 2600 | 2590092 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% | 10/23/35 | 5822 | 6115501 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/40 (a) | 1510 | 1251255 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 09/15/26 | 7500 | 7382807 |
|  |  |  | 17339655 |
|  **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
|  Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/15/39 | 4267 | 4417232 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/21/32 | 25603 | 26192460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/21/35 (a) | 2410 | 2453057 |
|  Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/13/30 | 2456 | 2343017 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 (a) | 1600 | 1654361 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/14/35 | 3235 | 3283554 |
|  Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% | 08/15/31 | 2970 | 2612963 |
|  |  |  | 42956644 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A137

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 8945 | $9153061 |
|  **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 6600 | 6435881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 03/01/30 | 2000 | 2017644 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8453525 |
|  **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 18000 | 16044752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 5490 | 5207257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/13/33 | 13966 | 14348878 |
|  BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.796% | 09/21/25 | 2 | 1996 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/29 | 10160 | 10238106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 12/15/34 (a) | 26100 | 25834080 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 (a) | 56942 | 49099470 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 1575 | 1598591 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/35 | 26400 | 26383027 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 26670 | 28405378 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/27 | 225 | 229391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 225 | 247290 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 11/01/33 | 11334 | 11768006 |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 7981 | 8237833 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/13/27 | 4400 | 4369200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 08/04/26 | 7000 | 6996710 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 2090 | 1853044 |
|  Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 12/01/31 | 1750 | 1559272 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/18/27 | 15970 | 16058790 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228481071 |
|  **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
|  Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/17/35 (a) | 25000 | 25371680 |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 4225 | 4338150 |
|  Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/28 | 1150 | 1165923 |
|  |  |  | 30875753 |
|  **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 03/25/38 | 22945 | 21050955 |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/46 | 4773 | 3862798 |
|  |  |  | 24913753 |
|  **Pipelines — 3.5%** | **Pipelines — 3.5%** | **Pipelines — 3.5%** | **Pipelines — 3.5%** |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 31821 | 33407359 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/30 (a) | 21711 | 20832820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/15/27 | 1510 | 1504739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/27 | 5000 | 5090443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 5000 | 5075855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 04/01/35 | 10000 | 10184140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/01/30 | 3395 | 3661839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 12/01/33 | 1875 | 2034278 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/28 | 8455 | 8369493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 09/01/32 | 14226 | 14092340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/35 | 37655 | 37371339 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/15/50 | 900 | 693643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 11/01/30 | 13020 | 13632443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 4181 | 4390231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 11/15/32 | 9788 | 10349070 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 12/15/29 | 4340 | 4147260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/15/25 | 2185 | 2183404 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/01/33 | 18585 | 17414603 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A138

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/01/27 | 2721 | 2757167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 | 32000 | 32160864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 03/01/29 | 7049 | 7415663 |
|  Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/28 | 3610 | 3576185 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 03/15/31 | 16997 | 15231718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 08/15/32 | 2170 | 2128894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 11/15/29 | 15720 | 15917766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/35 | 21825 | 22440937 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296064493 |
|  **Real Estate Investment Trusts (REITs) — 0.8%** | **Real Estate Investment Trusts (REITs) — 0.8%** | **Real Estate Investment Trusts (REITs) — 0.8%** | **Real Estate Investment Trusts (REITs) — 0.8%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/35(a) | 18955 | 19153394 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/27 | 3499 | 3467866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/32(a) | 7876 | 7954368 |
|  Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 07/01/34 | 5540 | 5570071 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/01/34 | 7200 | 7833463 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/15/32 | 24093 | 22875494 |
|  Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/15/30 | 1500 | 1420379 |
|  |  |  | 68275035 |
|  **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 03/01/32 | 6700 | 6169294 |
|  Genuine Parts Co., | Genuine Parts Co., | Genuine Parts Co., | Genuine Parts Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/01/28 | 9015 | 9572348 |
|  |  |  | 15741642 |
|  **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/15/31 | 5390 | 4819615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 1153 | 972572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | 11/15/36 | 4513 | 3740854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 | 47900 | 43386061 |
|  |  |  | 52919102 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |  |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 07/15/36 | 3300 | 2901132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/03/35 | 14270 | 14586893 |
|  |  |  | 17488025 |
|  **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
|  CT Trust (Guatemala), | CT Trust (Guatemala), | CT Trust (Guatemala), | CT Trust (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/03/32 | 200 | 186464 |
|  Telefonica Moviles Chile SA (Chile), | Telefonica Moviles Chile SA (Chile), | Telefonica Moviles Chile SA (Chile), | Telefonica Moviles Chile SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.537% | 11/18/31 | 430 | 267374 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/15/31 | 24650 | 22083140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/15/41 | 525 | 383835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 25000 | 24273814 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | 03/15/32 | 13585 | 11706651 |
|  |  |  | 58901278 |
|  **TOTAL CORPORATE BONDS**<br> (cost $2,474,519,399) | **TOTAL CORPORATE BONDS**<br> (cost $2,474,519,399) | **TOTAL CORPORATE BONDS**<br> (cost $2,474,519,399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521889914 |
|  **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** |
|  **Arizona — 0.2%** | **Arizona — 0.2%** | **Arizona — 0.2%** | **Arizona — 0.2%** |
|  Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% | 01/01/41 | 20800 | 19581732 |
|  **California — 0.0%** | **California — 0.0%** | **California — 0.0%** | **California — 0.0%** |
|  Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.132% | 05/15/32 | 2305 | 2226621 |
|  **Colorado — 0.1%** | **Colorado — 0.1%** | **Colorado — 0.1%** | **Colorado — 0.1%** |
|  Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.844% | 11/01/50 | 2895 | 2946066 |
|  **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |
|  Massachusetts Clean Water Trust (The), | Massachusetts Clean Water Trust (The), | Massachusetts Clean Water Trust (The), | Massachusetts Clean Water Trust (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192% | 08/01/40 | 1015 | 1026585 |
|  **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
|  New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440% | 06/15/43 | 7000 | 6861283 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | 06/01/40 | 1300 | 1267494 |
|  **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | 12/01/45 | 4000 | 3960663 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A139

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
|  City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.427% | 02/01/42 | 1750 | $1647095 |
|  **Washington — 0.0%** | **Washington — 0.0%** | **Washington — 0.0%** | **Washington — 0.0%** |
|  Central Puget Sound Regional Transit Authority, | Central Puget Sound Regional Transit Authority, | Central Puget Sound Regional Transit Authority, | Central Puget Sound Regional Transit Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.491% | 11/01/39 | 2330 | 2372941 |
|  **TOTAL MUNICIPAL BONDS**<br> (cost $49,611,521) | **TOTAL MUNICIPAL BONDS**<br> (cost $49,611,521) | **TOTAL MUNICIPAL BONDS**<br> (cost $49,611,521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41890480 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.4%** |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.134%(c) | 09/25/35 | 1105 | 1007088 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(cc) | 05/25/63 | 29819 | 29522209 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.855%(c) | 10/25/41 | 899 | 901563 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | 09/25/57 | 984 | 953570 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/25/57 | 2285 | 2230920 |
|  Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 05/25/62 | 338 | 334348 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.184%(c) | 01/25/48 | 119 | 116492 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.084%(c) | 06/25/57 | 378 | 370675 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%(cc) | 10/25/59 | 968 | 928749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.434%(c) | 10/25/59 | 320 | 322088 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.823%(cc) | 09/25/36 | 659 | 575715 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $36,654,348) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $36,654,348) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $36,654,348) | 37263417 |
|  **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 | 490 | 434109 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/22/29 | 600 | 597300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 01/25/27 | 700 | 706300 |
|  Japan Finance Organization for Municipalities (Japan), | Japan Finance Organization for Municipalities (Japan), | Japan Finance Organization for Municipalities (Japan), | Japan Finance Organization for Municipalities (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 09/02/25 | 10000 | 9934970 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/23/34 | 2000 | 2205000 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 10/17/29 | 15600 | 14655503 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 12/01/30 | 900 | 758728 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $30,423,214) | **TOTAL SOVEREIGN BONDS**<br> (cost $30,423,214) | **TOTAL SOVEREIGN BONDS**<br> (cost $30,423,214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29291910 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.4%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/10/32 | 595 | 594124 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/35 | 521 | 491384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/26 | 1 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/34 | 17 | 16600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/37 | 166 | 162068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/53 | 5419 | 5430249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/32 | 8600 | 9750674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 11042 | 12615707 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/48 | 464 | 424321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/25 | 2 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/29 | 2 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/33 | 5207 | 5178625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/33 | 15 | 14817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/33 | 13 | 13421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/52 | 1522 | 1499317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 28570 | 32286874 |
|  Freddie Mac Strips | Freddie Mac Strips | Freddie Mac Strips | Freddie Mac Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(s) | 07/15/32 | 3000 | 2223704 |
|  Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.445%(s) | 01/15/30 | 12075 | 10072716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.232%(s) | 04/15/30 | 2000 | 1649053 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/15/31 | 220 | 188856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 | 33563 | 32651757 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(s) | 07/15/34 | 610 | 395433 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $117,857,802) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $117,857,802) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $117,857,802) | 115665068 |
|  **U.S. TREASURY OBLIGATIONS — 12.6%** | **U.S. TREASURY OBLIGATIONS — 12.6%** | **U.S. TREASURY OBLIGATIONS — 12.6%** | **U.S. TREASURY OBLIGATIONS — 12.6%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 11/15/49 | 5000 | 3216406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/15/48 | 1000 | 791094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/55 | 1800 | 1752750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A140

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/30 | 50000 | $| 50207031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/30/30 | 63815 |  | 64064277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/34 | 77455 |  | 75651751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/31/30 | 63000 |  | 63595547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/30/32 | 29170 |  | 29192789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/31/31(k) | 32500 |  | 32842773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/29/32 | 64800 |  | 65407500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/31/32(k) | 117000 |  | 118060313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/15/34 | 51475 |  | 51651945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35 | 84068 |  | 84212492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/31/31 | 48845 |  | 50371200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/35(k) | 100025 |  | 103228926 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.544%(s) | 11/15/45 | 4405 |  | 1583304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.502%(s) | 05/15/41(k) | 71300 |  | 32817489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.559%(s) | 08/15/41 | 67600 |  | 30671536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.609%(s) | 11/15/41 | 52865 |  | 23589266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%(s) | 02/15/39(k) | 58000 |  | 30479451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.791%(s) | 08/15/46 | 7800 |  | 2700058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.868%(s) | 02/15/41(h) | 111750 |  | 52166126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.045%(s) | 02/15/40 | 10000 |  | 4943141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.070%(s) | 02/15/38 | 14230 |  | 7909665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.185%(s) | 11/15/43(k) | 100000 |  | 39800406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%(s) | 08/15/40(k) | 75595 |  | 36232731 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,051,790,192) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,051,790,192) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,051,790,192) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057139967 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $7,826,455,632) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $7,826,455,632) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $7,826,455,632) |  | 8227564179 |
|  |  | **Shares** |  |  |
|  **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** |
|  **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wa) | 135192161 |  | 135192161 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $137,004,088; includes $136,330,220 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $137,004,088; includes $136,330,220 of cash collateral for securities on loan)(b)(wa) | 137120985 |  | 137025000 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $272,196,249) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $272,196,249) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $272,196,249) |  | 272217161 |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br>(cost $560) | **OPTIONS PURCHASED\*~ — 0.0%**<br>(cost $560) | **OPTIONS PURCHASED\*~ — 0.0%**<br>(cost $560) |  | 13798 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $272,196,809) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $272,196,809) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $272,196,809) |  | 272230959 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.3%**<br> (cost $8,098,652,441) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.3%**<br> (cost $8,098,652,441) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.3%**<br> (cost $8,098,652,441) |  | 8499795138 |

---

---

| | |
|:---|:---|
|  | <br>**Value** |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $318,328) | $(51492) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.3%**<br> (cost $8,098,334,113) | 8499743646 |
|  **Liabilities in excess of other assets(z) — (1.3)%** | (105450490) |
|  **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8394293156 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $133,490,676; cash collateral of $136,330,220 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A141

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 28 | 70 | $175 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $392) |  |  |  |  |  |  |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year Interest Rate Swap, 09/29/35<br> Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% | 1440 | $13622 |
|  10-Year Interest Rate Swap, 09/29/35<br> Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% | 1440 | 1 |
|  **Total OTC Swaptions** (cost $168) | **Total OTC Swaptions** (cost $168) | **Total OTC Swaptions** (cost $168) |  |  |  |  | $13623 |
|  **Total Options Purchased** (cost $560) | **Total Options Purchased** (cost $560) | **Total Options Purchased** (cost $560) |  |  |  |  | $13798 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 15 | 38 | $(9375) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 15 | 38 | (6375) |
|  **Total Exchange Traded** (premiums received $28,328) |  |  |  |  |  | $(15750) |

---

#### OTC Swaption

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.450% | 3.21%(A) | 2880 | $(9056) |
|  CDX.NA.IG.43.V1, 12/20/29 | Put | BOA | 09/17/25 | 1.10% | 1.00%(Q) | CDX.NA.IG.43.V1(Q) | 200000 | (26686) |
|  **Total OTC Swaptions** (premiums received $290,000) | **Total OTC Swaptions** (premiums received $290,000) | **Total OTC Swaptions** (premiums received $290,000) | **Total OTC Swaptions** (premiums received $290,000) | **Total OTC Swaptions** (premiums received $290,000) |  |  |  | $(35742) |
|  **Total Options Written** (premiums received $318,328) | **Total Options Written** (premiums received $318,328) | **Total Options Written** (premiums received $318,328) | **Total Options Written** (premiums received $318,328) | **Total Options Written** (premiums received $318,328) |  |  |  | $(51492) |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current**<br>**Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 2465 | 5 Year U.S. Treasury Notes | Sep. 2025 | $268685000 | $2901905 |
| 25079 | 10 Year U.S. Treasury Notes | Sep. 2025 | 2811982875 | 52923874 |
| 7906 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 903384071 | 18937307 |
|  |  |  |  | 74763086 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 5202 | 2 Year U.S. Treasury Notes | Sep. 2025 | 1082137924 | (4257352) |
| 228 | 3 Year U.S. Treasury Notes | Sep. 2025 | 48441094 | (334769) |
| 6951 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 802623281 | (28845190) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A142

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---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current**<br>**Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **Short Positions (cont'd):** | **Short Positions (cont'd):** |  |  |  |
| 1675 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;199534375 | $(8630423) |
|  |  |  |  | (42067734) |
|  |  |  |  | $32695352 |

---

#### Credit default swap agreement outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 805810 | $(14178820) | $(18092974) | $(3914154) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |  |
|  CMBX.NA.15.AAA | 11/18/64 | 0.500%(M) | 50000 | \* | $(174562) | $(658943) | $484381 | CITI |
|  CMBX.NA.16.AAA | 04/17/65 | 0.500%(M) | 50000 | \* | (441231) | (902456) | 461225 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500%(M) | 100000 | \* | (1457634) | (2598151) | 1140517 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500%(M) | 50000 | \* | (728817) | (1252662) | 523845 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500%(M) | 25000 | \* | 20374 | (174676) | 195050 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500%(M) | 25000 | \* | 20374 | (193144) | 213518 | CITI |
|  |  |  |  |  | $(2761496) | $(5780032) | $3018536 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed

**SEE NOTES TO FINANCIAL STATEMENTS.**

A143

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. <br>

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at**<br> **Trade Date** | **Value at**<br> **June 30,**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025**  | **Unrealized<br>Appreciation**<br> (Depreciation) |
| **Centrally Cleared Interest Rate Swap Agreements:**  | **Centrally Cleared Interest Rate Swap Agreements:**  | **Centrally Cleared Interest Rate Swap Agreements:**  | **Centrally Cleared Interest Rate Swap Agreements:**  |  |  |  |
| 34710 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.450% | $(245437) | $(963441) | $(718004) |
| 12915 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 188878 | 298425 | 109547 |
| 30735 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.450% | 238256 | 1178538 | 940282 |
|  |  |  |  | $181697 | $513522 | $331825 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $— | $(5780032) | $3018536 | $— |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $– | $9591591 |
|  MLC | – | 52533958 |
|  **Total** | $– | $62125549 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $2491444449 | $— | $— |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 444376295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 787538826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 94539782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 2686926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 8015820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 743565 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A144

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Asset-Backed Securities (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities | $— | $3604262 | $— |
|  Commercial Mortgage-Backed Securities |  | 591473498 |  |
|  Corporate Bonds |  | 2521889914 |  |
|  Municipal Bonds |  | 41890480 |  |
|  Residential Mortgage-Backed Securities |  | 37263417 |  |
|  Sovereign Bonds |  | 29291910 |  |
|  U.S. Government Agency Obligations |  | 115665068 |  |
|  U.S. Treasury Obligations |  | 1057139967 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 272217161 |  |  |
|  Options Purchased | 175 | 13623 |  |
|  **Total** | $**2763661785** | $**5736133353** | $**—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(15750)** | $**(35742)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $74763086 | $— | $— |
|  OTC Credit Default Swap Agreements |  | 40748 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 1049829 |  |
|  **Total** | $**74763086** | $**1090577** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(42067734) | $— | $— |
|  Centrally Cleared Credit Default Swap Agreement |  | (3914154) |  |
|  OTC Credit Default Swap Agreements |  | (2802244) |  |
|  Centrally Cleared Interest Rate Swap Agreement |  | (718004) |  |
|  **Total** | $**(42067734)** | $**(7434402)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan) | 32.9 |
|  U.S. Treasury Obligations | 12.6 |
|  Banks | 10.5 |
|  Collateralized Loan Obligations | 9.4 |
|  Commercial Mortgage-Backed Securities | 7.1 |
|  Automobiles | 5.3 |
|  Pipelines | 3.5 |
|  Oil & Gas | 2.7 |
|  Electric | 2.2 |
|  U.S. Government Agency Obligations | 1.4 |
|  Agriculture | 1.3 |
|  Auto Manufacturers | 1.2 |
|  Consumer Loans | 1.1 |
|  Real Estate Investment Trusts (REITs) | 0.8 |
|  Telecommunications | 0.7 |
|  Semiconductors | 0.6 |
|  Foods | 0.6 |

---

---

| | |
|:---|:---|
|  Healthcare-Services | 0.6 |
|  Diversified Financial Services | 0.6 |
|  Mining | 0.5 |
|  Aerospace & Defense | 0.5 |
|  Municipal Bonds | 0.5 |
|  Residential Mortgage-Backed Securities | 0.5 |
|  Chemicals | 0.4 |
|  Insurance | 0.4 |
|  Packaging & Containers | 0.4 |
|  Sovereign Bonds | 0.4 |
|  Pharmaceuticals | 0.3 |
|  Lodging | 0.3 |
|  Software | 0.2 |
|  Media | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Retail | 0.2 |
|  Commercial Services | 0.2 |
|  Building Materials | 0.2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A145

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Industry Classification (continued):** |  |
|  Engineering & Construction | 0.2% |
|  Entertainment | 0.1 |
|  Multi-National | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Equipment | 0.1 |
|  Leisure Time | 0.1 |
|  Airlines | 0.1 |
|  Holding Companies-Diversified | 0.0 \* |
|  Credit Cards | 0.0 \* |
|  Cosmetics/Personal Care | 0.0 \* |
|  Home Equity Loans | 0.0 \* |

---

---

| | |
|:---|:---|
| Auto Parts & Equipment | 0.0 |
| Internet | 0.0 |
| Options Purchased | 0.0 |
|  | 101.3 |
| Options Written | (0.0) |
| Liabilities in excess of other assets | (1.3) |
|  | 100.0 |
| \* Less than 0.05% |  |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value** | **Statement of<br>Assets and<br> Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | Due from/to broker-variation margin swaps | $3914154 \* |
|  Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | Premiums received for OTC swap agreements | 5780032 |
|  Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | Options written outstanding, at value | 26686 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 3018536 |  |  |
|  Interest rate contracts | Due from/to broker-variation margin futures | 74763086 \* | Due from/to broker-variation margin futures | 42067734 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 1049829 \* | Due from/to broker-variation margin swaps | 718004 \* |
|  Interest rate contracts | Unaffiliated investments | 13798 | Options written outstanding, at value | 24806 |
|  |  | $78845249 |  | $52531416 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(1)** | **Options**<br> **Written** | **Futures** | **Swaps** |
|  Credit contracts | $— | $2135825 | $— | $1866410 |
|  Interest rate contracts | (86976) | 56353 | 9708604 | 158963 |
|  **Total** | $(86976) | $2192178 | $9708604 | $2025373 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A146

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options**<br>**Purchased(2)** | **Options**<br> **Written** | **Futures** | **Swaps** |
|  Credit contracts | $— | $84281 | $— | $(863554) |
|  Interest rate contracts | 57333 | 54355 | 45140575 | 376340 |
|  **Total** | $57333 | $138636 | $45140575 | $(487214) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $47977 |
|  Options Written (2) | 395045000 |
|  Futures Contracts - Long Positions (2) | 3942334607 |
|  Futures Contracts - Short Positions (2) | 2153785478 |
|  Interest Rate Swap Agreements (2) | 268788333 |
|  Credit Default Swap Agreements - Buy Protection (2) | 406701000 |
|  Credit Default Swap Agreements - Sell Protection (2) | 170920000 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $133490676 | $(133490676) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BOA | $— | $(26686) | $(26686) | $26686 | $— |
|  CITI | 3018536 | (5780032) | (2761496) | 2761496 |  |
|  DB | 13622 | (9056) | 4566 |  | 4566 |
|  JPM | 1 |  | 1 |  | 1 |
|  | $3032159 | $(5815774) | $(2783615) | $2788182 | $4567 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A147

------

<br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $133,490,676: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $5,672,656,824) | $5736133528.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,425,995,617) | 2763661610.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 173085251.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 58295508.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 3018536.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 2448659.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 2112578.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 96766.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8738852436.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 160637271.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 136330220.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 36170266.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 5780032.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 3926491.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 1362482.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 300070.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $318,328) | 51492.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 344559280.0 |
|  **NET ASSETS** | $8394293156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $8394293156.0 |
|  Net asset value and redemption price per share, $8,394,293,156 / 900,406,501 outstanding shares of beneficial interest | $9.32 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $144153497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 7530395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 2278920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $413,828) | 416942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 154379754 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 20760924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 11068088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 225729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 64350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 83546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 32281184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Distribution fee waiver | (1679154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 30602030 |
|  **NET INVESTMENT INCOME (LOSS)** | 123777724 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON**<br> **INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(97923)) | 2343056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 9708604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 2192178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 2025373 |
|  | 16269211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $99,125,448) | 203496358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 45140575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 138636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (487214) |
|  | 248288355 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 264557566 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**<br> **RESULTING FROM OPERATIONS** | $388335290 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $123777724 | $234287603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 16269211 | 176560156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 248288355 | (185536791) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 388335290 | 225310968 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [622,166,515 and 702,696,836 shares, respectively] | 5671063926 | 6142576425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [617,252,736 and 1,007,762,359 shares, respectively] | (5611684191) | (8870563668) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 59379735 | (2727987243) |
|  **TOTAL INCREASE (DECREASE)** | 447715025 | (2502676275) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 7946578131 | 10449254406 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $8394293156 | $7946578131 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A148

------

<br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $8.87 | $8.70 | $8.17 | $9.48 | $9.69 | $8.32 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.13 | 0.24 | 0.26 | 0.23 | 0.27 | 0.20 |
|  Net realized and unrealized gain (loss) on<br> investment transactions | 0.32 | (0.07) | 0.27 | (1.54) | (0.48) | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.45 | 0.17 | 0.53 | (1.31) | (0.21) | 1.37 |
|  Net Asset Value, end of period | $9.32 | $8.87 | $8.70 | $8.17 | $9.48 | $9.69 |
|  **Total Return<sup>(b)</sup>** | 5.07% | 1.95% | 6.49% | (13.82)% | (2.17)% | 16.47% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $8394 | $7947 | $10449 | $15380 | $1715 | $2107 |
|  Average net assets (in millions) | $8928 | $8561 | $13314 | $8953 | $1755 | $7096 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69 %<sup>(d)</sup> | 0.69% | 0.69% | 0.69% | 0.72% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.73 %<sup>(d)</sup> | 0.73% | 0.73% | 0.73% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.80 %<sup>(d)</sup> | 2.74% | 3.11% | 2.76% | 2.83% | 2.20% |
|  Portfolio turnover rate<sup>(e)(f)</sup> | 76% | 99% | 195% | 299% | 75% | 778% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A149

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST MULTI-SECTOR FIXED INCOME PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.2%** | **LONG-TERM INVESTMENTS — 98.2%** | **LONG-TERM INVESTMENTS — 98.2%** | **LONG-TERM INVESTMENTS — 98.2%** |
|  **ASSET-BACKED SECURITY — 0.4%** | **ASSET-BACKED SECURITY — 0.4%** | **ASSET-BACKED SECURITY — 0.4%** | **ASSET-BACKED SECURITY — 0.4%** |
|  **Collateralized Loan Obligation** | **Collateralized Loan Obligation** | **Collateralized Loan Obligation** | **Collateralized Loan Obligation** |
|  Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.688%(c) | 10/15/34 | 42500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42580703 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $42,500,000) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $42,500,000) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $42,500,000) |  |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.6%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.138% | 11/15/61 | 12415 | 12299465 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.241% | 05/15/53 | 13000 | 12826847 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.013% | 08/15/51 | 24180 | 23764951 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.944% | 05/10/49 | 18933 | 18727674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.575% | 08/10/49 | 16907 | 16605796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646% | 07/10/49 | 35000 | 34407499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.458% | 12/10/49 | 4877 | 4808585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442% | 04/14/50 | 17704 | 17430911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.145% | 11/10/51 | 16375 | 16107722 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 24738 | 24312545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.239% | 09/10/50 | 38294 | 37337301 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.766% | 04/15/51 | 10778 | 10578376 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.015% | 05/10/49 | 8811 | 8732227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 10641 | 10469586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269% | 06/10/50 | 3525 | 3460206 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.791% | 05/10/49 | 19484 | 19262920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% | 10/10/49 | 22900 | 22469484 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.758% | 03/10/52 | 50750 | 48186998 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559% | 08/15/49 | 10730 | 10585741 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.473% | 12/15/47 | 8041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022400 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.531% | 08/15/49 | 9765 | 9556156 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.212% | 11/15/50 | 10000 | 9723989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 25000 | 24642500 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.674% | 07/15/48 | 19665 | 19355638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | 10/15/49 | 29805 | 29292949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642% | 11/15/49 | 19905 | 19652822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330% | 12/15/50 | 12698 | 12387577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760% | 03/15/52 | 28500 | 27844187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055% | 06/15/52 | 33002 | 31312113 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $560,295,725) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $560,295,725) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $560,295,725) | 544165165 |
|  **CORPORATE BONDS — 87.5%** | **CORPORATE BONDS — 87.5%** | **CORPORATE BONDS — 87.5%** | **CORPORATE BONDS — 87.5%** |
|  **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 6000 | 5907400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/01/48 | 10905 | 7517848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 03/01/47 | 8861 | 6191834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 11/01/48 | 6466 | 4638133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/49 | 21715 | 15593564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/01/59 | 8125 | 5547837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705% | 05/01/40 | 4630 | 4566539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805% | 05/01/50 | 1840 | 1765231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | 05/01/60 | 64854 | 61614707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 04/15/43 | 13929 | 16565469 |
|  Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/01/45 | 3218 | 2533912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 11/15/63 | 7625 | 7852786 |
|  Northrop Grumman Corp., | Northrop Grumman Corp., | Northrop Grumman Corp., | Northrop Grumman Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/43 | 500 | 451787 |
|  Northrop Grumman Systems Corp., | Northrop Grumman Systems Corp., | Northrop Grumman Systems Corp., | Northrop Grumman Systems Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 03/01/26 | 2000 | 2036056 |
|  RTX Corp., | RTX Corp., | RTX Corp., | RTX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 07/01/50 | 5635 | 3729590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 11/01/46 | 3050 | 2326557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/15/45 | 1150 | 943120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/15/47 | 5851 | 4886934 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A150

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 12/15/43 | 2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 10/15/40 | 1320 | 1239411 |
|  |  |  | 157792092 |
|  **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/04/41 | 2220 | 1645869 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | 08/15/27 | 3987 | 3919227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 41810 | 37201392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | 08/15/47 | 7057 | 5667219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/02/27 | 5130 | 5153042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/55(a) | 13440 | 13486067 |
|  Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 08/04/41 | 3275 | 3442011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/01/40 | 650 | 768180 |
|  |  |  | 71283007 |
|  **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
|  American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 | 6077 | 5921668 |
|  American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/22/29 | 2426 | 2360619 |
|  American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.575% | 07/15/29 | 3211 | 3109681 |
|  Delta Air Lines, Inc., | Delta Air Lines, Inc., | Delta Air Lines, Inc., | Delta Air Lines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/28/29(a) | 14229 | 13603386 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/25(a) | 345 | 344677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 2645 | 2640080 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/15/27 | 7520 | 7587756 |
|  United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/11/27(a) | 783 | 775774 |
|  United Airlines 2014-2 Class A Pass-Through Trust, | United Airlines 2014-2 Class A Pass-Through Trust, | United Airlines 2014-2 Class A Pass-Through Trust, | United Airlines 2014-2 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/03/28(a) | 2597 | 2553174 |
|  United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/07/30(a) | 14343 | 13541807 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 4175 | 4053731 |
|  |  |  | 56492353 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
|  Ford Holdings LLC, | Ford Holdings LLC, | Ford Holdings LLC, | Ford Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.300% | 03/01/30 | 968 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100419 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 5650 | 4764102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 6670 | 5130813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 06/15/43 | 1510 | 1589829 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271% | 01/09/27 | 1775 | 1745758 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/35 | 3785 | 3569983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 04/01/38 | 3890 | 3610055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/45(a) | 9520 | 8161201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/02/43 | 21446 | 21026570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 04/01/36 | 13335 | 14098917 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/06/26 | 6525 | 6478824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/13/25 | 440 | 439630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 01/17/27 | 3320 | 3300739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/01/26 | 3868 | 3873965 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/30/27 | 15000 | 17451035 |
|  |  |  | 96341840 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 12/01/51 | 15000 | 8921666 |
|  **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 02/23/28 | 4400 | 4319528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/18/27(a) | 8200 | 8331574 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%(ff) | 12/20/28 | 22418 | 21908945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%(ff) | 06/19/41 | 99540 | 70937879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.884%(ff) | 10/22/30 | 11865 | 11102632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.194%(ff) | 07/23/30 | 2560 | 2437079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 67232 | 66658765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/51(a) | 38060 | 30254695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%(ff) | 07/23/29 | 3600 | 3590028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.443%(ff) | 01/20/48 | 10675 | 9120458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.110% | 01/29/37 | 1000 | 1056565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 03/03/26 | 18340 | 18315062 |
|  Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/20/26(oo) | 2386 | 2372250 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A151

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/12/26 | 10555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10528621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.942%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/10/30(a) | 2105 | 2119648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.785%(ff) | 02/25/36 | 4210 | 4286522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/30(a) | 5685 | 5697047 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%(ff) | 04/19/32 | 10000 | 8951833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | 01/20/33 | 20330 | 18053426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(ff) | 06/12/29 | 6770 | 6922347 |
|  Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 07/27/26 | 2205 | 2180246 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/26(oo) | 3750 | 3701147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 24735 | 21912430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.904%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/03/42(a) | 5420 | 3843289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | 07/24/28 | 34800 | 34256666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/12/26 | 1800 | 1791563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%(ff) | 01/10/28 | 385 | 381514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.612%(ff) | 03/04/56 | 20195 | 19809050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 01/30/42 | 4115 | 4256731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 02/15/98 | 2825 | 3198265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 07/15/39 | 2000 | 2517540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/27(a) | 3905 | 3907499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/09/26 | 425 | 424619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/18/46 | 1045 | 894586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 2175 | 2217173 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | 11/16/27 | 4260 | 4133776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 1022 | 991753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%(ff) | 01/14/32 | 11800 | 10781784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%(ff) | 01/07/33 | 8930 | 8024021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(ff) | 02/10/34 | 3155 | 3351906 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.908%(ff) | 07/21/42 | 4500 | 3216651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210%(ff) | 04/22/42 | 7183 | 5368996 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%(ff) | 03/19/35 | 4485 | 4585235 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.778%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/54(a) | 2045 | 2289828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/28/53(a) | 555 | 646790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/23/29 | 15500 | 15088601 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.118%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/25(a)(oo) | 4400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4416224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.036%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/25(a)(oo) | 26715 | 26864382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 | 2035 | 1909835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525%(ff) | 11/19/41 | 34035 | 23865677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.157%(ff) | 04/22/42 | 15586 | 11763191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.328%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/22/52(a) | 11404 | 7988095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%(ff) | 02/01/28 | 5000 | 4956306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882%(ff) | 07/24/38 | 42267 | 37286417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.897%(ff) | 01/23/49 | 3000 | 2367984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.964%(ff) | 11/15/48 | 51882 | 41498819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.032%(ff) | 07/24/48 | 3525 | 2855754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.260%(ff) | 02/22/48 | 31042 | 26137328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.452%(ff) | 12/05/29 | 1500 | 1502980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/15/26 | 9450 | 9440607 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/11/27 | 10000 | 9910994 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.217%(ff) | 04/22/42 | 4550 | 3457866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 01/20/27 | 2600 | 2578362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.457%(ff) | 04/22/39 | 8035 | 7436182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.516%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/19/55(a) | 15560 | 15211331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/27/26 | 589 | 586613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | 01/23/30 | 27100 | 27037901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/24/51(a) | 13358 | 13247184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 12595 | 10769345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.802%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/52(a) | 27278 | 16865043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.971%(cc) | 07/22/38 | 17130 | 14916256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/22/47 | 3800 | 3241407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 07/24/42 | 20875 | 22819625 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.445%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/08/30(a) | 2090 | 2072303 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/41(a) | 16230 | 11502878 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.669%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/25(a)(oo) | 18520 | 18593005 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.305%(ff) | 02/02/27 | 500 | 490702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%(ff) | 02/11/33 | 6200 | 5393563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126%(ff) | 08/13/30 | 15000 | 14126497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 09/24/25 | 3499 | 3490212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282% | 01/09/28 | 7135 | 7093200 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/53(a) | 12450 | 10604874 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A152

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013%(ff) | 04/04/51 | 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 11/17/45 | 8905 | 7826826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 11/04/44 | 3135 | 2679713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 12/07/46 | 13680 | 11713044 |
|  |  |  | 921991560 |
|  **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (Belgium), | &nbsp;&nbsp;&nbsp;&nbsp; (Belgium), | &nbsp;&nbsp;&nbsp;&nbsp; (Belgium), | &nbsp;&nbsp;&nbsp;&nbsp; (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 | 60595 | 59108180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/46(a) | 92788 | 84442026 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.439% | 10/06/48 | 3005 | 2545922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/42 | 1540 | 1444062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 01/23/49 | 31744 | 31214885 |
|  |  |  | 178755075 |
|  **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 08/19/26 | 800 | 785600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770% | 09/01/53 | 7393 | 4383532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/45(a) | 18243 | 15505374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% | 06/15/51 | 17165 | 14694298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/41 | 6183 | 5826217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/02/43 | 13165 | 13057277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/02/53(a) | 11405 | 11139635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 12400 | 12055296 |
|  |  |  | 77447229 |
|  **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
|  CRH America Finance, Inc., | CRH America Finance, Inc., | CRH America Finance, Inc., | CRH America Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/09/55(a) | 2760 | 2813761 |
|  Johnson Controls International PLC, | Johnson Controls International PLC, | Johnson Controls International PLC, | Johnson Controls International PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 07/02/44 | 5204 | 4481776 |
|  Macmillan Bloedel Pembroke LP (Canada), | Macmillan Bloedel Pembroke LP (Canada), | Macmillan Bloedel Pembroke LP (Canada), | Macmillan Bloedel Pembroke LP (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700% | 02/15/26 | 1500 | 1527777 |
|  Owens Corning, | Owens Corning, | Owens Corning, | Owens Corning, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/15/29 | 2700 | 2644974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/15/47 | 1734 | 1397798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 01/30/48 | 6247 | 5099609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 12/01/36 | 22334 | 25077543 |
|  Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/15/47 | 8489 | 7156886 |
|  |  |  | 50200124 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 21248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18897862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 14881 | 14821841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/44 | 4726 | 4389993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/26 | 20768 | 20784673 |
|  Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/44 | 3944 | 3246348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/49 | 3720 | 3039789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/48(a) | 1152 | 1057096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/53(a) | 8030 | 8643035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.400% | 05/15/39 | 351 | 459859 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% | 11/15/38 | 17688 | 18309738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 34577 | 34851381 |
|  FMC Corp., | FMC Corp., | FMC Corp., | FMC Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/01/29 | 1627 | 1515608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/49 | 7799 | 5763661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/18/53(a) | 28554 | 27409933 |
|  Huntsman International LLC, | Huntsman International LLC, | Huntsman International LLC, | Huntsman International LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/31(a) | 15709 | 13204783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/29 | 10092 | 9568926 |
|  LYB International Finance BV, | LYB International Finance BV, | LYB International Finance BV, | LYB International Finance BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/15/43 | 6 | 5366 |
|  LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 10/01/40 | 2633 | 1946304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/01/50 | 4285 | 3168536 |
|  Mosaic Co. (The), | Mosaic Co. (The), | Mosaic Co. (The), | Mosaic Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/43(a) | 3506 | 3361439 |
|  Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/13/30 | 615 | 570710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/15/35 | 7241 | 6566524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 06/01/43 | 1200 | 1070263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/49 | 6652 | 5896359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/45 | 4832 | 4452566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 12/01/40 | 1985 | 1968148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/27/53(a) | 39720 | 39208827 |
|  Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/48 | 2445 | 1920865 |
|  Union Carbide Corp., | Union Carbide Corp., | Union Carbide Corp., | Union Carbide Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 10/01/96 | 500 | 585878 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/28 | 19450 | 19461475 |
|  |  |  | 276147786 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A153

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
|  California Institute of Technology, | California Institute of Technology, | California Institute of Technology, | California Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/2119 | 3235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049387 |
|  ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 12/01/26 | 4800 | 4732168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 11/01/46 | 32800 | 26818049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 03/15/42 | 1000 | 996431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/37 | 3623 | 4155750 |
|  Georgetown University (The), | Georgetown University (The), | Georgetown University (The), | Georgetown University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/2118 | 2980 | 2623659 |
|  Leland Stanford Junior University (The), | Leland Stanford Junior University (The), | Leland Stanford Junior University (The), | Leland Stanford Junior University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.647% | 05/01/48 | 12125 | 9320178 |
|  Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2116 | 370 | 255645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.678% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2114 | 12715 | 10549591 |
|  Northwestern University, | Northwestern University, | Northwestern University, | Northwestern University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.643% | 12/01/44 | 2800 | 2613295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.662% | 12/01/57 | 17262 | 12360115 |
|  President & Fellows of Harvard College, | President & Fellows of Harvard College, | President & Fellows of Harvard College, | President & Fellows of Harvard College, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/40(a) | 429 | 414594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/38(a) | 17500 | 18419407 |
|  RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/27/35 | 6335 | 6463871 |
|  Trustees of Boston College, | Trustees of Boston College, | Trustees of Boston College, | Trustees of Boston College, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.129% | 07/01/52 | 3007 | 2032387 |
|  Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/01/39 | 3000 | 3193646 |
|  Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.674% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/2112 | 6976 | 5717596 |
|  University of Notre Dame du Lac, | University of Notre Dame du Lac, | University of Notre Dame du Lac, | University of Notre Dame du Lac, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.394% | 02/15/48 | 6475 | 4783295 |
|  Washington University (The), | Washington University (The), | Washington University (The), | Washington University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.349% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2122 | 3000 | 2296719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.524% | 04/15/54 | 6100 | 4370043 |
|  William Marsh Rice University, | William Marsh Rice University, | William Marsh Rice University, | William Marsh Rice University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.774% | 05/15/55 | 3500 | 2649036 |
|  |  |  | 126814862 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Computers — 1.2%** | **Computers — 1.2%** | **Computers — 1.2%** | **Computers — 1.2%** |
|  Apple, Inc., | Apple, Inc., | Apple, Inc., | Apple, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/08/41(a) | 3024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 05/11/50 | 15845 | 9927775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/08/51 | 3500 | 2174282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 08/05/51 | 57753 | 36136344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 08/05/61 | 49816 | 29826347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/11/49 | 6855 | 4602455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 08/04/46 | 40406 | 32711245 |
|  Leidos, Inc., | Leidos, Inc., | Leidos, Inc., | Leidos, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(a) | 1875 | 1849028 |
|  |  |  | 119339596 |
|  **Electric — 14.3%** | **Electric — 14.3%** | **Electric — 14.3%** | **Electric — 14.3%** |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/01/47 | 5450 | 3991396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/28 | 6240 | 6163438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 10/01/25 | 7145 | 7122290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/49 | 3465 | 2622387 |
|  AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 12/01/26 | 2080 | 2048512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 12/01/47 | 10015 | 7586544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/49(a) | 10675 | 7956106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 5000 | 3951647 |
|  Alabama Power Co., | Alabama Power Co., | Alabama Power Co., | Alabama Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 08/15/44 | 4500 | 3711144 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 06/15/51 | 2810 | 1767976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 12/01/47 | 12200 | 9196832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/15/49 | 1155 | 978847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 12/01/52 | 2310 | 2375073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 03/15/46 | 7760 | 6361393 |
|  Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 06/01/45 | 6600 | 5350584 |
|  Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/15/47 | 18010 | 13622397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/15/48 | 14575 | 11811228 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 11663 | 10139671 |
|  Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/15/29 | 9995 | 9289768 |
|  Cleveland Electric Illuminating Co. (The), | Cleveland Electric Illuminating Co. (The), | Cleveland Electric Illuminating Co. (The), | Cleveland Electric Illuminating Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 11/15/30 | 9675 | 9542789 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A154

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/44 | 4495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012424 |
|  Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/50 | 18764 | 12168300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/15/46 | 15161 | 11508520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/01/45 | 4751 | 3667171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/01/42 | 3615 | 2886236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/48 | 4598 | 3636485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/49 | 4240 | 3304563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/15/45 | 5560 | 4705808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 08/15/43 | 2000 | 1758793 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/15/47 | 10400 | 7884252 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 127 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 127 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 127 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 11/15/49 | 4455 | 3010857 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/15/51 | 805 | 533957 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 131 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 131 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 131 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 09/01/51 | 4175 | 2543400 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/15/46 | 625 | 482590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/01/43 | 4905 | 3988843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 06/15/40 | 860 | 883092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/01/56(a) | 2785 | 2190200 |
|  Consumers Energy Co., | Consumers Energy Co., | Consumers Energy Co., | Consumers Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/50 | 3500 | 2655688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/43 | 4000 | 3269672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/15/49 | 1550 | 1310984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 08/31/64 | 6840 | 5292914 |
|  Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 02/01/41 | 3000 | 2964264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/15/53 | 990 | 1070152 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 12/01/44 | 4774 | 4088197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/30(a) | 5173 | 4918721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 09/15/42 | 1340 | 1063276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/01/41 | 8810 | 7953956 |
|  DTE Electric Co., | DTE Electric Co., | DTE Electric Co., | DTE Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/45 | 17700 | 13704736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 06/01/46 | 1305 | 992175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/15/47 | 7900 | 6008941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/42(a) | 5800 | 4691840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/01/44 | 3975 | 3349173 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/43 | 3535 | 2891761 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/15/49 | 39520 | 26745949 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 04/15/51 | 380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 12/01/47 | 7456 | 5601045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/15/48 | 7724 | 6033949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/15/41 | 12900 | 11049182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 04/15/38 | 2505 | 2674913 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 12/01/26 | 14955 | 14722754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/01/45 | 17780 | 13823541 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/01/46 | 7695 | 5691584 |
|  Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 10/01/46 | 8280 | 5923359 |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/53 | 10903 | 10395913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 04/01/39 | 7100 | 7783072 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 07/15/43 | 7564 | 6893543 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/01/49 | 2390 | 1623323 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 10/15/46 | 20295 | 15312046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 03/15/43 | 1200 | 991384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 12/01/44 | 4802 | 3924261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/35(a) | 500 | 521409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 09/15/33 | 4400 | 4712041 |
|  El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/44 | 4800 | 4207975 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 07/12/28 | 4580 | 4270073 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 06/01/31 | 2500 | 2307261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 09/01/48 | 61138 | 48719088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/01/50 | 530 | 420347 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/01/49 | 3123 | 2318624 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/49(a) | 18180 | 12790326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/30/39 | 15760 | 14282352 |
|  Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 09/01/49 | 6685 | 4458344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 04/15/50 | 4420 | 3069384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 04/01/43 | 3000 | 2457549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/42 | 3010 | 2486880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/01/45 | 4365 | 3567981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/01/43 | 2780 | 2377929 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A155

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Eversource Energy, | Eversource Energy, | Eversource Energy, | Eversource Energy, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 01/15/28 | 4660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537822 |
|  Exelon Corp., | Exelon Corp., | Exelon Corp., | Exelon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/46(a) | 3109 | 2582973 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/15/28 | 17260 | 16741440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 06/01/29 | 10000 | 9643967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 01/15/29 | 6315 | 6256505 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 11103 | 10617999 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/04/51(a) | 4622 | 2920731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 12/01/47 | 3870 | 2934474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/01/48 | 22070 | 17573128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.990% | 03/01/49 | 22600 | 17779119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 10/01/44 | 4104 | 3380656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/65 | 7692 | 7799651 |
|  Fortis, Inc. (Canada), | Fortis, Inc. (Canada), | Fortis, Inc. (Canada), | Fortis, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055% | 10/04/26 | 4737 | 4653227 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/42 | 5803 | 5010999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/43 | 10900 | 9257666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/40 | 3109 | 3171585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/01/40 | 1900 | 1770950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/51(a) | 1086 | 744751 |
|  Indiana Michigan Power Co., | Indiana Michigan Power Co., | Indiana Michigan Power Co., | Indiana Michigan Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/46 | 7235 | 6105275 |
|  Indianapolis Power & Light Co., | Indianapolis Power & Light Co., | Indianapolis Power & Light Co., | Indianapolis Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/01/45 | 13200 | 11179492 |
|  Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 10/15/43 | 675 | 578438 |
|  IPALCO Enterprises, Inc., | IPALCO Enterprises, Inc., | IPALCO Enterprises, Inc., | IPALCO Enterprises, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/01/30 | 4290 | 4123047 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/30/26 | 10295 | 10163437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 07/01/43 | 1000 | 915964 |
|  MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 04/15/29 | 12000 | 11775812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/48 | 22370 | 16696279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/15/49 | 14505 | 11788695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 10/15/44 | 18980 | 16287186 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Nevada Power Co., | Nevada Power Co., | Nevada Power Co., | Nevada Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/54 | 9037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9196029 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 05/01/29 | 8350 | 8166720 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 05/01/53 | 184 | 183379 |
|  New England Power Co. (United Kingdom), | New England Power Co. (United Kingdom), | New England Power Co. (United Kingdom), | New England Power Co. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/05/47 | 6525 | 4950110 |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/50 | 1900 | 1238320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 08/15/42 | 8450 | 6487564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 05/15/46 | 17056 | 12863033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/47 | 11350 | 8466961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/45 | 4830 | 3883939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/44 | 8520 | 7054931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 06/15/54 | 26195 | 26437222 |
|  Ohio Edison Co., | Ohio Edison Co., | Ohio Edison Co., | Ohio Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/15/38 | 2722 | 3414645 |
|  Oklahoma Gas & Electric Co., | Oklahoma Gas & Electric Co., | Oklahoma Gas & Electric Co., | Oklahoma Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/15/44 | 9000 | 7171288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/44 | 1325 | 1139002 |
|  Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 05/15/50 | 27148 | 19750728 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 08/01/40 | 2185 | 1566004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 5494 | 3519384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 36215 | 25497480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 16682 | 11932048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/15/46 | 10000 | 7432096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/45 | 10000 | 7560346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/40 | 33445 | 27822225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/44 | 8542 | 6919168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 17166 | 13832635 |
|  PacifiCorp, | PacifiCorp, | PacifiCorp, | PacifiCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/30(a) | 8309 | 7588874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/51 | 10860 | 7024625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/15/49 | 39567 | 30299079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 02/15/50 | 21524 | 16419023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 12/01/53 | 8253 | 7429978 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/15/50 | 6070 | 3809688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/15/49 | 3922 | 2573979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 03/15/51 | 1200 | 784583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 09/15/47 | 7507 | 5692227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/01/48 | 10494 | 8202192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/15/52 | 1545 | 1320186 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 10/15/43 | 1575 | 1406659 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A156

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  PPL Electric Utilities Corp., | PPL Electric Utilities Corp., | PPL Electric Utilities Corp., | PPL Electric Utilities Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/49 | 4105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/47 | 28190 | 22413692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/44 | 4450 | 3726358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/15/39 | 500 | 551375 |
|  Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/30/31 | 23950 | 27051493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 03/01/31 | 8824 | 10154220 |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 06/15/46 | 9880 | 7040608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 06/15/28 | 2000 | 1976358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/15/48 | 4735 | 3678543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/44 | 165 | 135812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/01/53 | 6550 | 6006066 |
|  Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series I, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series I, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series I, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series I, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/44(a) | 2000 | 1596311 |
|  Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.434% | 11/15/41 | 1787 | 1509750 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/15/48 | 31545 | 24496767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/35(a) | 6997 | 7138160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/40 | 773 | 756386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/39(a) | 5700 | 5981342 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/01/47 | 2866 | 2115539 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series TTT | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series TTT | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series TTT | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series TTT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/15/49 | 5875 | 4501100 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/15/27 | 14765 | 14463549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/01/28 | 19265 | 18807890 |
|  Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/15/54 | 5000 | 5015493 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 02/01/50 | 26242 | 17488710 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 28115 | 20205089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 03/15/42 | 7200 | 5434589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/01/43 | 1950 | 1575545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/40 | 11962 | 11229884 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/43 | 5000 | 3685131 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/01/45 | 4330 | 2982464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/48 | 5150 | 3738777 |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/01/36 | 13865 | 12706486 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Southwestern Public Service Co., | Southwestern Public Service Co., | Southwestern Public Service Co., | Southwestern Public Service Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/47 | 4470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/41 | 550 | 477153 |
|  Tampa Electric Co., | Tampa Electric Co., | Tampa Electric Co., | Tampa Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 05/15/44 | 7325 | 6141546 |
|  Toledo Edison Co. (The), | Toledo Edison Co. (The), | Toledo Edison Co. (The), | Toledo Edison Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 05/15/37 | 1997 | 2157216 |
|  Union Electric Co., | Union Electric Co., | Union Electric Co., | Union Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 04/15/45 | 9175 | 7029704 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/43 | 1399 | 1130916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 02/15/44 | 1210 | 1027023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/27 | 2765 | 2735693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 09/15/47 | 710 | 533161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/52 | 22842 | 19265783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 08/15/43 | 1335 | 1170880 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 24065 | 23751060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/15/29 | 6970 | 6871839 |
|  Wisconsin Electric Power Co., | Wisconsin Electric Power Co., | Wisconsin Electric Power Co., | Wisconsin Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/44 | 850 | 695065 |
|  Wisconsin Public Service Corp., | Wisconsin Public Service Corp., | Wisconsin Public Service Corp., | Wisconsin Public Service Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.752% | 11/01/44 | 5000 | 4442516 |
|  Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 12/01/26 | 5145 | 5071099 |
|  |  |  | 1386070403 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/46(a) | 3225 | 2648848 |
|  **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 5007 | 4969448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 15700 | 12939547 |
|  |  |  | 17908995 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/42(a) | 6990 | 4697210 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A157

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/52(a) | 3941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431045 |
|  |  |  | 7128255 |
|  **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
|  Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 03/01/40 | 5000 | 5447770 |
|  **Foods — 1.7%** | **Foods — 1.7%** | **Foods — 1.7%** | **Foods — 1.7%** |
|  Ahold Finance USA LLC (Netherlands), | Ahold Finance USA LLC (Netherlands), | Ahold Finance USA LLC (Netherlands), | Ahold Finance USA LLC (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 05/01/29 | 509 | 548526 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/15/32 | 4920 | 4301554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/02/52(a) | 16656 | 12855157 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/56 | 3990 | 4002875 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/55(a) | 4320 | 4418152 |
|  Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/26 | 3117 | 3076263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/39 | 3500 | 3142214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/45(a) | 15870 | 14381527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 08/01/39 | 5165 | 5798716 |
|  Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/48 | 1753 | 1485053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/42 | 1150 | 1048549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 08/01/43 | 450 | 417242 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/01/44 | 22980 | 18551835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/01/54 | 11735 | 9083213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 07/16/40 | 6188 | 4336033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 30655 | 30578048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/01/65 | 5755 | 5750306 |
|  Nestle Holdings, Inc., | Nestle Holdings, Inc., | Nestle Holdings, Inc., | Nestle Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 09/24/38 | 20000 | 17858483 |
|  Sysco Corp., | Sysco Corp., | Sysco Corp., | Sysco Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 07/15/26 | 6265 | 6192280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/46 | 4255 | 3563582 |
|  Tyson Foods, Inc., | Tyson Foods, Inc., | Tyson Foods, Inc., | Tyson Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 06/02/27 | 14835 | 14633411 |
|  |  |  | 166023019 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
|  International Paper Co., | International Paper Co., | International Paper Co., | International Paper Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/41(a) | 3000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044145 |
|  **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** |
|  Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/15/49 | 13650 | 9492686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 11/15/53 | 2436 | 2635361 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 02/15/44 | 6745 | 5962698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 02/01/45 | 2260 | 2205227 |
|  ONE Gas, Inc., | ONE Gas, Inc., | ONE Gas, Inc., | ONE Gas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/48 | 14125 | 11825334 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/29 | 12500 | 12112487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 08/01/43 | 5960 | 5169694 |
|  Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 03/15/44 | 2500 | 2080042 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 01/15/49 | 8650 | 6950897 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 02/15/50 | 26720 | 20034714 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series XX | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series XX | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series XX | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series XX |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/30(a) | 1835 | 1686909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/01/48 | 11445 | 8893024 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/15/26 | 9414 | 9308239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 10/01/46 | 5520 | 4242851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/01/43 | 750 | 629913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 05/30/47 | 27369 | 22260709 |
|  |  |  | 125490785 |
|  **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
|  Alcon Finance Corp., | Alcon Finance Corp., | Alcon Finance Corp., | Alcon Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/06/52(a) | 3955 | 3924167 |
|  DH Europe Finance II Sarl, | DH Europe Finance II Sarl, | DH Europe Finance II Sarl, | DH Europe Finance II Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 09/18/39 | 5215 | 4524572 |
|  Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 10/15/53 | 4685 | 5317484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/45 | 1 | 899 |
|  Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 10/15/41 | 2485 | 1781820 |
|  |  |  | 15548942 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A158

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services — 4.1%** | **Healthcare-Services — 4.1%** | **Healthcare-Services — 4.1%** | **Healthcare-Services — 4.1%** |
|  Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.829% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/28(a) | 7005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6930202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.272% | 08/15/48 | 8950 | 7364204 |
|  Ascension Health, | Ascension Health, | Ascension Health, | Ascension Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.945% | 11/15/46 | 3338 | 2671692 |
|  Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.967% | 11/15/46 | 17663 | 14093327 |
|  Children's Hospital Corp. (The), | Children's Hospital Corp. (The), | Children's Hospital Corp. (The), | Children's Hospital Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.115% | 01/01/47 | 6650 | 5448354 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 03/01/27 | 17240 | 16995117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/15/47 | 6870 | 5155872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/15/28 | 25005 | 25038044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/25/26 | 11024 | 11015430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 07/15/46 | 5065 | 4403121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 12/15/48 | 5308 | 4632701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/42(a) | 3650 | 3438940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/31(a) | 16605 | 14761473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/15/40 | 9125 | 6973548 |
|  Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858% | 01/01/2114 | 2875 | 2418191 |
|  Dartmouth-Hitchcock Health, | Dartmouth-Hitchcock Health, | Dartmouth-Hitchcock Health, | Dartmouth-Hitchcock Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.178% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/48(a) | 12000 | 9202603 |
|  Duke University Health System, Inc., | Duke University Health System, Inc., | Duke University Health System, Inc., | Duke University Health System, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% | 06/01/47 | 3265 | 2583806 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/51 | 3360 | 2365055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 09/15/49 | 8819 | 6316604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/42 | 2600 | 2277624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/43 | 1000 | 875914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 08/15/54 | 510 | 427979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 01/15/44 | 720 | 662541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 11/01/64 | 16830 | 16347145 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/52 | 3740 | 3005876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29(a) | 5400 | 5604676 |
|  Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% | 11/01/48 | 21125 | 16739544 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/47 | 10969 | 8986716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/01/42 | 1000 | 927550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.002% | 06/01/51 | 11245 | 7287429 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
|  Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.955% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/01/50(a) | 3405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220857 |
|  MyMichigan Health, | MyMichigan Health, | MyMichigan Health, | MyMichigan Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.409% | 06/01/50 | 5230 | 3665544 |
|  Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.556% | 11/01/52 | 2800 | 2393284 |
|  New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 08/01/56 | 640 | 497324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.954% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/2119 | 2225 | 1522170 |
|  NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.368% | 07/01/47 | 12075 | 10333752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.784% | 07/01/44 | 7305 | 6602702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 13-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/01/43 | 700 | 708307 |
|  OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.042% | 11/15/50 | 1005 | 681126 |
|  Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.327% | 10/01/50 | 3300 | 2311641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.089% | 10/01/48 | 2208 | 1752990 |
|  PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.218% | 11/15/50 | 2285 | 1423633 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/30(a) | 10560 | 9825122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 06/01/26 | 4715 | 4675307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/30/40(a) | 1251 | 1246732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 07/01/37 | 1704 | 1918487 |
|  Roche Holdings, Inc., | Roche Holdings, Inc., | Roche Holdings, Inc., | Roche Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.607% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/13/51(a) | 9985 | 6106794 |
|  Southern Baptist Hospital of Florida, Inc., | Southern Baptist Hospital of Florida, Inc., | Southern Baptist Hospital of Florida, Inc., | Southern Baptist Hospital of Florida, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.857% | 07/15/45 | 3150 | 2789714 |
|  Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.695% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/28(a) | 2400 | 2361644 |
|  Texas Health Resources, | Texas Health Resources, | Texas Health Resources, | Texas Health Resources, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330% | 11/15/55 | 5400 | 4410955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.328% | 11/15/50 | 5688 | 3189904 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/41 | 5000 | 3673341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 10/15/42 | 2060 | 1668745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/15/47 | 13715 | 11095750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 12/15/48 | 2000 | 1655752 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A159

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/41 (a) | 4601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 07/15/45 | 6770 | 5988855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/52 | 10905 | 9298073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/15/62 | 7570 | 6508554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/63 | 35500 | 31588138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/54 (a) | 6532 | 6102872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/15/44 | 3255 | 3171373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/15/64 | 20375 | 19811053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/36 | 3945 | 4142574 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394415591 |
|  **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
|  Toll Brothers Finance Corp., | Toll Brothers Finance Corp., | Toll Brothers Finance Corp., | Toll Brothers Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/25 | 915 | 915159 |
|  **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  SC Johnson & Son, Inc., | SC Johnson & Son, Inc., | SC Johnson & Son, Inc., | SC Johnson & Son, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/15/43 | 425 | 338602 |
|  **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
|  Allstate Corp. (The), | Allstate Corp. (The), | Allstate Corp. (The), | Allstate Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series B, 3 Month SOFR + 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series B, 3 Month SOFR + 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series B, 3 Month SOFR + 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series B, 3 Month SOFR + 3.200% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.526%(c) | 08/15/53 | 800 | 799267 |
|  Arch Capital Group US, Inc., | Arch Capital Group US, Inc., | Arch Capital Group US, Inc., | Arch Capital Group US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.144% | 11/01/43 | 8532 | 7945037 |
|  Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/15/55 | 2180 | 2091743 |
|  Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 05/15/43 | 2895 | 2552176 |
|  Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 12/15/51 | 8570 | 5494778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 12/15/61 | 10935 | 6757950 |
|  Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/52 (a) | 15000 | 9295466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/50 | 5045 | 3446508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.868% | 06/01/44 | 14360 | 12678336 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 03/15/55 | 25995 | 25489057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/22/54 (a) | 4130 | 4176258 |
|  Hartford Insurance Group, Inc. (The), | Hartford Insurance Group, Inc. (The), | Hartford Insurance Group, Inc. (The), | Hartford Insurance Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 08/19/29 | 465 | 437336 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/60 | 14999 | 10051825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.951% | 10/15/50 | 31115 | 22785372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29 (a) | 5880 | 5886480 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 10/09/37 | 4385 | 4584188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/40 | 6248 | 6926396 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |  |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 05/07/52 | 11395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7658418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/27 | 5000 | 4906397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 09/17/50 | 8815 | 6758635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 11/01/47 | 4479 | 3549755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/30/43 | 100 | 89363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/05/46 | 2360 | 2095391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/20/49 | 18590 | 16261526 |
|  Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/55 (a) | 16745 | 16140203 |
|  New York Life Insurance Co., | New York Life Insurance Co., | New York Life Insurance Co., | New York Life Insurance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/50 | 4485 | 3311965 |
|  Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/34 | 1700 | 1888874 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.270% | 05/15/47 | 26445 | 21463356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 09/15/44 | 350 | 314977 |
|  Unum Group, | Unum Group, | Unum Group, | Unum Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/51 | 39768 | 29621357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/42 | 5540 | 5361554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 03/15/28 | 2707 | 2874288 |
|  W.R. Berkley Corp., | W.R. Berkley Corp., | W.R. Berkley Corp., | W.R. Berkley Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 08/01/44 | 2675 | 2337047 |
|  XL Group Ltd. (Bermuda), | XL Group Ltd. (Bermuda), | XL Group Ltd. (Bermuda), | XL Group Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 12/15/43 | 2962 | 2852159 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258883438 |
|  **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/65 | 1965 | 1924330 |
|  Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/12/61 | 23000 | 14974480 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 13385 | 13049435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/64 | 11425 | 11168429 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/54 (a) | 14040 | 13120182 |
|  |  |  | 54236856 |
|  **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/34 | 13500 | 12957881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 12845 | 13054799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 10820 | 10821512 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A160

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 06/15/26 | 22630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22355972 |
|  |  |  | 59190164 |
|  **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/15/28 | 45076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45331595 |
|  **Media — 3.5%** | **Media — 3.5%** | **Media — 3.5%** | **Media — 3.5%** |
|  Belo Corp., | Belo Corp., | Belo Corp., | Belo Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 09/15/27 | 150 | 154648 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 20 | 13706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/01/50 | 50 | 40044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/01/38 | 13155 | 12395507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/01/47 | 41367 | 35873439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/48 | 41760 | 37999197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 10574 | 10476325 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% | 11/01/51 | 34931 | 21233574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 56194 | 32988494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/01/39 | 54500 | 42635634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 07/15/46 | 4867 | 3453455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 02/01/50 | 54000 | 37127901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/40 (a) | 14385 | 11920071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/01/38 | 18880 | 16355223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969% | 11/01/47 | 20719 | 15923202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% | 11/01/49 | 9318 | 7089087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/48 | 13223 | 10206492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/64 | 60 | 55856 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/54 (a) | 7800 | 7219278 |
|  Discovery Communications LLC, | Discovery Communications LLC, | Discovery Communications LLC, | Discovery Communications LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/29 | 5990 | 5567046 |
|  Paramount Global, | Paramount Global, | Paramount Global, | Paramount Global, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 06/01/28 | 2130 | 2070115 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | 3050 | 2771897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/15/40 | 8615 | 8268383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/37 (a) | 2785 | 2877037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/39 | 3678 | 3814102 |
|  Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/43 (a) | 9675 | 9611630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/30/25 (a) | 429 | 433185 |
|  |  |  | 338574528 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining — 2.4%** | **Mining — 2.4%** | **Mining — 2.4%** |  |
|  AngloGold Ashanti Holdings PLC (Australia), | AngloGold Ashanti Holdings PLC (Australia), | AngloGold Ashanti Holdings PLC (Australia), | AngloGold Ashanti Holdings PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 | 12250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694034 |
|  Barrick Gold Corp. (Canada), | Barrick Gold Corp. (Canada), | Barrick Gold Corp. (Canada), | Barrick Gold Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 10/15/35 | 5000 | 5480977 |
|  Barrick International Barbados Corp. (Canada), | Barrick International Barbados Corp. (Canada), | Barrick International Barbados Corp. (Canada), | Barrick International Barbados Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 10/15/36 | 22700 | 24367665 |
|  Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/30/41 | 7751 | 7795752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/01/43 | 7399 | 7452633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 09/15/38 | 10946 | 12680259 |
|  Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/15/39 | 27086 | 28039641 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/21/32 | 11300 | 11560161 |
|  Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/43 (a) | 17500 | 16568374 |
|  Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/15/27 | 17887 | 17898966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/01/41 | 11304 | 11858679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10308941 |
|  Newmont Corp., | Newmont Corp., | Newmont Corp., | Newmont Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 10/01/30 | 4462 | 4028281 |
|  Rio Tinto Finance USA Ltd. (Australia), | Rio Tinto Finance USA Ltd. (Australia), | Rio Tinto Finance USA Ltd. (Australia), | Rio Tinto Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 11/02/51 | 6301 | 3786244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 11/02/40 | 860 | 842327 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/21/42 | 785 | 660424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/22/42 | 1562 | 1418286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/14/55 | 27390 | 27227605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/14/65 | 6370 | 6371837 |
|  South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/14/32 | 4800 | 4496207 |
|  Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/16/40 | 8475 | 9253683 |
|  WMC Finance USA Ltd. (Australia), | WMC Finance USA Ltd. (Australia), | WMC Finance USA Ltd. (Australia), | WMC Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/15/33 | 2000 | 2111896 |
|  Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% | 08/15/31 | 6059 | 5330620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/15/27 | 5811 | 5780171 |
|  |  |  | 237013663 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A161

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |  |
|  Hillenbrand, Inc., | Hillenbrand, Inc., | Hillenbrand, Inc., | Hillenbrand, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/26 | 11200 | 11244985 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/14/29 | 4175 | 4009752 |
|  Siemens Financieringsmaatschappij NV (Germany), | Siemens Financieringsmaatschappij NV (Germany), | Siemens Financieringsmaatschappij NV (Germany), | Siemens Financieringsmaatschappij NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 03/11/41 | 4185 | 3081727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 05/27/45 | 4260 | 3704591 |
|  Siemens Funding BV (Germany), | Siemens Funding BV (Germany), | Siemens Funding BV (Germany), | Siemens Funding BV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/28/55 | 4415 | 4532299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 05/28/65 (a) | 4355 | 4509433 |
|  Textron, Inc., | Textron, Inc., | Textron, Inc., | Textron, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/26 | 9045 | 9003825 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40086612 |
|  **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 46065 | 44919526 |
|  **Oil & Gas — 6.8%** | **Oil & Gas — 6.8%** | **Oil & Gas — 6.8%** | **Oil & Gas — 6.8%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 12543 | 11180518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/30 | 3883 | 3691332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 10/01/54 | 24215 | 22068052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/13/33 | 24010 | 24668234 |
|  BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.119% | 05/04/26 | 6752 | 6683379 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/38 | 36354 | 37647592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 06/30/33 | 2000 | 2123198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/37 | 3749 | 3943054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/39 | 2910 | 3099991 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/52 | 16394 | 11093685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/37 | 2231 | 2097217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/47 | 42322 | 37484299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/39 | 11798 | 12678874 |
|  Chevron USA, Inc., | Chevron USA, Inc., | Chevron USA, Inc., | Chevron USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 11/15/43 | 1101 | 1072731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/41 | 3550 | 3759117 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.758% | 03/15/42 (a) | 6810 | 5448770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/15/52 (a) | 27200 | 19743214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 116 | 83517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/15/34 | 847 | 790739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 11/15/44 (a) | 3330 | 2770355 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/35 (a) | 4765 | $4761937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/53 | 27835 | 25703002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 01/15/65 | 7275 | 6907739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/15/63 | 12905 | 12362034 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/42 (a) | 3675 | 3076070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/45 | 14051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11699997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 07/15/41 | 21825 | 20167472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/15/28 (a) | 7125 | 7127091 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 12/01/26 | 11145 | 10984951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 03/24/51 (a) | 19760 | 15266133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 1806 | 1676650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 04/18/64 | 7000 | 6493182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/53 | 35860 | 35447256 |
|  EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 04/01/35 (a) | 4067 | 3721112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 07/15/55 | 20635 | 21005905 |
|  Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/22/30 | 3260 | 2988710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/18/49 | 6000 | 4194822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 04/06/40 | 1380 | 1144770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/43 (a) | 2796 | 2325173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 08/17/40 | 22019 | 21680253 |
|  Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.095% | 08/16/49 | 13000 | 8705102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.567% | 03/06/45 (a) | 4370 | 3358236 |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/54 | 11375 | 9312130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 12/15/26 | 13890 | 14010322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/01/41 | 6214 | 6485141 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 02/15/47 | 3000 | 2034369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/48 | 21150 | 14495888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 03/15/40 | 12322 | 12015682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 09/15/36 | 5522 | 5653635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/01/31 | 4290 | 4724526 |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/31 | 1000 | 1092754 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 02/12/28 | 6575 | 6317589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 02/12/48 | 2025 | 1409198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690% | 01/23/50 | 12200 | 9577000 |
|  Phillips 66, | Phillips 66, | Phillips 66, | Phillips 66, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 12/15/30 | 10600 | 9338303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/52 | 1380 | 887816 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A162

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
|  Phillips 66 Co., | Phillips 66 Co., | Phillips 66 Co., | Phillips 66 Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 10/01/26 (a) | 11680 | 11554367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 02/15/45 | 500 | 419601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/01/46 | 810 | 684959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/55 (a) | 3059 | 2789703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 06/15/54 (a) | 21628 | 20106858 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 4820 | 4273528 |
|  Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/10/46 | 3000 | 2390177 |
|  Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/47 | 10000 | 7324842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 12/01/34 | 1000 | 1034311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 05/15/38 | 5051 | 5433796 |
|  TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455% | 02/19/29 | 17441 | 17048101 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425% | 09/10/64 | 6760 | 6305835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | 04/05/64 | 6882 | 6666536 |
|  Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 12/01/51 | 9355 | 6294973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 06/01/28 | 25440 | 25444194 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658051599 |
|  **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
|  Cameron International Corp., | Cameron International Corp., | Cameron International Corp., | Cameron International Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/38 | 4000 | 4367832 |
|  Halliburton Co., | Halliburton Co., | Halliburton Co., | Halliburton Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 08/01/43 | 9350 | 8125743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/45 (a) | 1835 | 1624095 |
|  Schlumberger Holdings Corp., | Schlumberger Holdings Corp., | Schlumberger Holdings Corp., | Schlumberger Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/17/28 | 18479 | 18282703 |
|  |  |  | 32400373 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% | 06/19/30 | 2715 | 2469109 |
|  Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418% | 01/15/35 (a) | 5000 | 5054607 |
|  |  |  | 7523716 |
|  **Pharmaceuticals — 5.0%** | **Pharmaceuticals — 5.0%** | **Pharmaceuticals — 5.0%** | **Pharmaceuticals — 5.0%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 91680 | 80326876 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 05/14/36 | 2500 | $2357437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 11/06/42 | 7200 | 6324912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/14/35 | 4945 | 4777413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/35 | 35638 | 34605628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/42 | 3115 | 2808780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/14/45 | 16174 | 14485119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/64 | 875 | 848646 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 11/13/40 | 11500 | 7897041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/52 | 3330 | 2424457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/62 | 15215 | 10894641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/26/49 | 14610 | 11830266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/15/47 | 22307 | 18632707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 02/20/48 | 8519 | 7322652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 02/22/64 | 2900 | 2814184 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/15/29 | 57035 | 54194776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/20/25 | 1178 | 1177147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/25/28 (a) | 9442 | 9402107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 03/25/38 (a) | 40326 | 36997203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/20/45 | 41205 | 36444004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 12/05/43 | 20115 | 18286884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 06/01/27 | 1000 | 1034998 |
|  Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 11/01/49 | 12000 | 9507753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/27/63 | 3000 | 2724298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/09/54 | 4775 | 4461828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 02/09/64 | 11435 | 10628570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 08/14/64 | 5880 | 5562487 |
|  GlaxoSmithKline Capital, Inc. (United Kingdom), | GlaxoSmithKline Capital, Inc. (United Kingdom), | GlaxoSmithKline Capital, Inc. (United Kingdom), | GlaxoSmithKline Capital, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/38 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11093882 |
|  Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 09/01/40 (a) | 8585 | 5904227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 01/15/38 | 4365 | 3757728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/03/37 | 6385 | 5706757 |
|  Mead Johnson Nutrition Co. (United Kingdom), | Mead Johnson Nutrition Co. (United Kingdom), | Mead Johnson Nutrition Co. (United Kingdom), | Mead Johnson Nutrition Co. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/15/25 | 3175 | 3170876 |
|  Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 12/10/51 (a) | 4188 | 2573169 |
|  Mylan, Inc., | Mylan, Inc., | Mylan, Inc., | Mylan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 11/29/43 | 4169 | 3503729 |
|  Novartis Capital Corp., | Novartis Capital Corp., | Novartis Capital Corp., | Novartis Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/45 | 4625 | 3855979 |
|  Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 09/23/26 | 110 | 108508 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A163

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
|  Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.025% | 07/09/40 | 2375 | 1767625 |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/46 | 41068 | 33236410 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/22/40 | 4605 | 3398839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/22/50 | 5990 | 3990647 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480841190 |
|  **Pipelines — 9.1%** | **Pipelines — 9.1%** | **Pipelines — 9.1%** | **Pipelines — 9.1%** |
|  Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/15/31 | 4460 | 4118975 |
|  Buckeye Partners LP, | Buckeye Partners LP, | Buckeye Partners LP, | Buckeye Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/27 | 20000 | 19665731 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.544% | 11/15/53 | 3620 | 3741019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714% | 08/15/63 | 9875 | 10438679 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/29 | 6975 | 7082431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/44 | 7379 | 6738206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 08/16/30 | 6000 | 6981840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 11/03/36 | 10766 | 10996333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/37 | 17644 | 18559955 |
|  Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/15/44 | 915 | 773647 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/44 | 2755 | 2374121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/45 | 2875 | 2593427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30 (oo) | 21530 | 21955341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/15/27 | 5000 | 4982579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 03/15/35 | 19017 | 18219687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/50 | 14285 | 11952505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 02/01/43 | 4450 | 3888617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/44 | 9735 | 8705515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/15/47 | 2500 | 2202149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/47 | 29625 | 26413947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/48 | 8083 | 7774394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 06/01/41 | 1275 | 1273472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/45 | 30335 | 29819097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 04/01/55 (a) | 8980 | 8842979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/49 | 35265 | 34825665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 07/01/38 | 11000 | 12577293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/38 | 19814 | 19909996 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/31/51 | 14570 | 10545248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 01/31/50 | 16790 | 13323736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/48 | 18060 | 14649383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 02/15/43 | 7935 | 6865690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 08/15/42 | 3930 | 3593485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/15/44 | 5775 | 5210644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/15/46 | 25127 | 22582058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 10/15/54 (a) | 3110 | 2719762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 02/15/45 | 12537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11652828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 (a) | 7380 | 7255054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 02/15/42 | 5100 | 5143645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/15/39 | 3937 | 4196921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 09/01/40 | 7879 | 8640925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.573%(c) | 08/16/77 | 4312 | 4308984 |
|  Gulfstream Natural Gas System LLC, | Gulfstream Natural Gas System LLC, | Gulfstream Natural Gas System LLC, | Gulfstream Natural Gas System LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/15/45 (a) | 19904 | 17674143 |
|  Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/01/42 | 11190 | 9701615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/15/42 | 2010 | 1797961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/43 | 1176 | 1047012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/01/44 | 878 | 813935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/01/37 | 900 | 954547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/39 | 5545 | 5884529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 09/15/40 | 4370 | 4655248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 01/15/38 | 575 | 637431 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/15/51 (a) | 2944 | 2029359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 02/15/46 | 1759 | 1554909 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/38 | 13187 | 11675191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/15/48 | 18002 | 14603150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/15/58 | 9705 | 7816345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 1445 | 1262510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 12/01/47 | 15735 | 13717173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 4932 | 4955742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/49 | 41550 | 37585854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/01/53 (a) | 600 | 552343 |
|  Northwest Pipeline LLC, | Northwest Pipeline LLC, | Northwest Pipeline LLC, | Northwest Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/27 | 1162 | 1154020 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/41 | 1325 | 1325318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 09/15/43 | 18615 | 18534391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 10/15/37 | 1742 | 1902167 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 03/15/30 | 8745 | 8175435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 09/01/29 | 4705 | 4492633 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A164

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/45(a) | 4130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/01/49 | 4000 | 3075110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/15/50 | 6068 | 4676694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 07/15/28 | 15725 | 15776260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 02/01/49 | 17700 | 14403849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/13/47 | 18108 | 15188314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/15/48 | 4999 | 4350393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 1675 | 1758822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 11/15/32 | 3926 | 4151047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 09/01/53 | 34031 | 35386305 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 12/15/29 | 4215 | 4027811 |
|  Southern Natural Gas Co. LLC, | Southern Natural Gas Co. LLC, | Southern Natural Gas Co. LLC, | Southern Natural Gas Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/15/47 | 1250 | 1040232 |
|  Spectra Energy Partners LP, | Spectra Energy Partners LP, | Spectra Energy Partners LP, | Spectra Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/15/45 | 565 | 464590 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/33 | 5000 | 5274056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 05/15/55 | 18305 | 17925371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/01/52 | 9000 | 8914292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/53 | 5093 | 5228230 |
|  Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | 4710 | 4349276 |
|  Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 08/01/42 | 5603 | 4766134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/15/48 | 2100 | 1762567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/41 | 1544 | 1481779 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 8053 | 6737148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/48 | 19930 | 17046767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 04/01/33 | 1085 | 1128178 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/15/30 | 3770 | 3565245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/51 | 11622 | 7967431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/27 | 990 | 978830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 01/15/45 | 10477 | 9199518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 09/15/45 | 13042 | 11826676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 08/15/52 | 7130 | 6513034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/04/44 | 22544 | 21181309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/24/44 | 13955 | 13703198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 11/15/43 | 3434 | 3404200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 04/15/40 | 15935 | 16936249 |
|  |  |  | 879899398 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/20/27 | 4600 | 4547981 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) — 0.6%** | **Real Estate Investment Trusts (REITs) — 0.6%** | **Real Estate Investment Trusts (REITs) — 0.6%** | **Real Estate Investment Trusts (REITs) — 0.6%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/18/51(a) | 3500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 05/15/54 | 21480 | 20096056 |
|  Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/29(a) | 1265 | 1195875 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/29 | 6449 | 6343986 |
|  Simon Property Group LP, | Simon Property Group LP, | Simon Property Group LP, | Simon Property Group LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/13/49(a) | 1495 | 1003987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/50(a) | 4300 | 3182474 |
|  Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 01/15/31 | 6635 | 6064113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/15/30 | 7500 | 7101893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/28(a) | 9620 | 9635556 |
|  |  |  | 56746210 |
|  **Retail — 1.1%** | **Retail — 1.1%** | **Retail — 1.1%** | **Retail — 1.1%** |
|  Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 07/26/27 | 20000 | 19661726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/26/47 | 15758 | 12764122 |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 08/01/31 | 4570 | 3931088 |
|  AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/18/29 | 9490 | 9279639 |
|  Dollar Tree, Inc., | Dollar Tree, Inc., | Dollar Tree, Inc., | Dollar Tree, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/15/28 | 29165 | 28905155 |
|  Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 04/15/50 | 1335 | 936428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/15/47 | 20500 | 16131912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/01/46 | 9395 | 7865490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/54(a) | 1765 | 1693660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/25/64 | 910 | 868805 |
|  Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/15/42 | 1875 | 1282835 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 09/01/49 | 5035 | 3654557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/26/45 | 5325 | 4622296 |
|  |  |  | 111597713 |
|  **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/41 | 10000 | 7911420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/51(a) | 3438 | 2570526 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A165

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 50673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42743387 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 01/25/36 | 1360 | 1408592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/25/35 | 8144 | 8550094 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% | 12/08/47 | 5000 | 3520931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/05/52 | 2813 | 2324937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 08/05/62 | 5630 | 4581882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/21/54(a) | 3556 | 3258175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/10/53(a) | 37906 | 35243345 |
|  |  |  | 112113289 |
|  **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
|  Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.483% | 12/01/27 | 2467 | 2415394 |
|  **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
|  Microsoft Corp., | Microsoft Corp., | Microsoft Corp., | Microsoft Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/15/50 | 1800 | 1104282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525% | 06/01/50 | 189649 | 117244882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675% | 06/01/60 | 12836 | 7583448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/17/52(a) | 5416 | 3593082 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/40 | 21125 | 16907256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/50 | 16050 | 11216810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 11/15/37 | 21055 | 18009662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 07/15/36 | 9668 | 8499437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/15/35 | 7346 | 6623883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 1920 | 1416586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/15/46 | 32902 | 25372754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 03/25/61 | 1180 | 851310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/45 | 1300 | 1032969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/08/34 | 2032 | 1927838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/55 | 23359 | 18265517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/27/64 | 2042 | 1857317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/06/53 | 5809 | 5455548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900% | 11/09/52 | 26335 | 29283267 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 09/15/28 | 3885 | 3874868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., |
|  Sr. Unsec'd. Notes | Sr. Unsec'd. Notes | Sr. Unsec'd. Notes | Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/32 | 11842 | 11992915 |
|  |  |  | 292113631 |
|  **Telecommunications — 3.5%** | **Telecommunications — 3.5%** | **Telecommunications — 3.5%** | **Telecommunications — 3.5%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/41(a) | 36400 | 28548512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/53 | 65637 | 44436513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/15/55 | 69667 | 46992979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/15/59 | 82309 | 55195828 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/01/57 | 22245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15563748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/35 | 22285 | 21232876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 06/01/44 | 19400 | 16743032 |
|  Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 11/15/30 | 3000 | 2666267 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/15/41 | 27795 | 20321318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 02/15/51 | 24035 | 15925645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/40 | 3205 | 2835147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/50 | 4300 | 3552537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/55 | 3415 | 3238497 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/40(a) | 30555 | 21553147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/50(a) | 3510 | 2185043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/30/56(a) | 2320 | 1396681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 03/22/41 | 12000 | 9252707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/22/61 | 8791 | 6061561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/52(a) | 10878 | 8078522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/22/50 | 15566 | 11873580 |
|  |  |  | 337654140 |
|  **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 04/01/45 | 3535 | 2963293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/01/42 | 8705 | 7625875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 03/15/42 | 10600 | 9384587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 03/15/43 | 11312 | 9970658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/01/44 | 2455 | 2173029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/45(a) | 3040 | 2737768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/01/41 | 1620 | 1554691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/01/43 | 3133 | 3013369 |
|  Canadian National Railway Co. (Canada), | Canadian National Railway Co. (Canada), | Canadian National Railway Co. (Canada), | Canadian National Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/07/43 | 900 | 773975 |
|  Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/02/41 | 3135 | 2275468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/35 | 1645 | 1601145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 08/15/45 | 10000 | 9092620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2115 | 14400 | 14490425 |
|  CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 11/01/26 | 5890 | 5763993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 11/01/25 | 10250 | 10210174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/54 | 8850 | 7408824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/30/42 | 4873 | 4457868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 05/01/37 | 1000 | 1084163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.220% | 04/30/40 | 531 | 573260 |
|  FedEx Corp., | FedEx Corp., | FedEx Corp., | FedEx Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 04/15/43 | 825 | 641075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/01/46 | 6975 | 5669082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/45 | 2925 | 2442264 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A166

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
|  Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/50(a) | 7626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.942% | 11/01/47 | 3667 | 2873044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 10/01/42 | 1140 | 930776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 08/15/52 | 1585 | 1225310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 05/15/2121 | 10745 | 7400471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 06/15/45 | 1700 | 1449975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/46 | 700 | 612973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 08/15/43 | 852 | 747348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837% | 10/01/41(a) | 1080 | 995511 |
|  Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.973% | 09/16/62 | 1400 | 813889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 08/15/46 | 4300 | 3095192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.799% | 04/06/71 | 22170 | 15179602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/01/55(a) | 4805 | 3616908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/15/59 | 5100 | 3762280 |
|  |  |  | 153608864 |
|  **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 06/15/26 | 4325 | 4206431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 11/15/26 | 4275 | 4211326 |
|  |  |  | 8417757 |
|  **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
|  American Water Capital Corp., | American Water Capital Corp., | American Water Capital Corp., | American Water Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/01/35 | 7215 | 7310033 |
|  **TOTAL CORPORATE BONDS**<br> (cost $9,641,190,537) | **TOTAL CORPORATE BONDS**<br> (cost $9,641,190,537) | **TOTAL CORPORATE BONDS**<br> (cost $9,641,190,537) | 8489985374 |
|  **MUNICIPAL BONDS — 1.8%** | **MUNICIPAL BONDS — 1.8%** | **MUNICIPAL BONDS — 1.8%** | **MUNICIPAL BONDS — 1.8%** |
|  **California — 0.2%** | **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263% | 04/01/49 | 7300 | 7674239 |
|  Los Angeles Department of Water & Power, Power System Revenue, | Los Angeles Department of Water & Power, Power System Revenue, | Los Angeles Department of Water & Power, Power System Revenue, | Los Angeles Department of Water & Power, Power System Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.603% | 07/01/50 | 8000 | 8403892 |
|  Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.563% | 05/15/53 | 4375 | 3673810 |
|  |  |  | 19751941 |
|  **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |
|  District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.814% | 10/01/2114 | 5000 | 4267012 |
|  **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
|  Illinois State Toll Highway Authority, | Illinois State Toll Highway Authority, | Illinois State Toll Highway Authority, | Illinois State Toll Highway Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.851% | 12/01/34 | 100 | 104438 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** |
|  State of Illinois, | State of Illinois, | State of Illinois, | State of Illinois, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/01/33 | 6636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651066 |
|  |  |  | 6755504 |
|  **Michigan — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** |
|  Michigan State University, | Michigan State University, | Michigan State University, | Michigan State University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.165% | 08/15/2122 | 5450 | 3960108 |
|  University of Michigan, | University of Michigan, | University of Michigan, | University of Michigan, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454% | 04/01/2122 | 17144 | 13539947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.437% | 04/01/40 | 4670 | 3410148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.599% | 04/01/47 | 5000 | 4149989 |
|  |  |  | 25060192 |
|  **Missouri — 0.1%** | **Missouri — 0.1%** | **Missouri — 0.1%** | **Missouri — 0.1%** |
|  Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.652% | 08/15/57 | 19000 | 13679696 |
|  Missouri Highway & Transportation Commission, | Missouri Highway & Transportation Commission, | Missouri Highway & Transportation Commission, | Missouri Highway & Transportation Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.445% | 05/01/33 | 325 | 333054 |
|  |  |  | 14012750 |
|  **New Jersey — 0.4%** | **New Jersey — 0.4%** | **New Jersey — 0.4%** | **New Jersey — 0.4%** |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102% | 01/01/41 | 29125 | 33322598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | 01/01/40 | 5145 | 6142306 |
|  |  |  | 39464904 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/2111 | 1300 | 1091305 |
|  **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105% | 12/01/39 | 7575 | 8016736 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, | University of Pittsburgh-of the Commonwealth System of Higher Education, | University of Pittsburgh-of the Commonwealth System of Higher Education, | University of Pittsburgh-of the Commonwealth System of Higher Education, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2119 | 5575 | 3526654 |
|  |  |  | 11543390 |
|  **Texas — 0.4%** | **Texas — 0.4%** | **Texas — 0.4%** | **Texas — 0.4%** |
|  Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.087% | 11/01/51 | 1025 | 829069 |
|  North Texas Tollway Authority, | North Texas Tollway Authority, | North Texas Tollway Authority, | North Texas Tollway Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.718% | 01/01/49 | 5410 | 6000305 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A167

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** |
|  Permanent University Fund - University of Texas System, | Permanent University Fund - University of Texas System, | Permanent University Fund - University of Texas System, | Permanent University Fund - University of Texas System, | Permanent University Fund - University of Texas System, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376% | 07/01/47 |  | 16940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12694478 |
|  Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.922% | 12/31/49 |  | 20700 | 16087669 |
|  |  |  |  | 35611521 |
|  **Virginia — 0.2%** | **Virginia — 0.2%** | **Virginia — 0.2%** | **Virginia — 0.2%** | **Virginia — 0.2%** |
|  University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.584% | 11/01/51 |  | 15810 | 9559496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.179% | 09/01/2117 |  | 10570 | 7892691 |
|  |  |  |  | 17452187 |
|  **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $220,371,074) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $220,371,074) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $220,371,074) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $220,371,074) | 175010706 |
|  **U.S. TREASURY OBLIGATIONS — 2.7%** | **U.S. TREASURY OBLIGATIONS — 2.7%** | **U.S. TREASURY OBLIGATIONS — 2.7%** | **U.S. TREASURY OBLIGATIONS — 2.7%** | **U.S. TREASURY OBLIGATIONS — 2.7%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/15/51(k) |  | 25380 | 14260388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/55(h) |  | 59255 | 57699556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 |  | 2245 | 2233424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/55 |  | 6770 | 6732977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 |  | 4780 | 4910703 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/34 |  | 20770 | 20286448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35 |  | 55300 | 55395047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/35(k) |  | 100000 | 103203125 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $261,632,223) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $261,632,223) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $261,632,223) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $261,632,223) | 264721668 |
|  |  |  | **Shares** |  |
|  **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** |
|  **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo) | &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo) | &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo) | 117000 | 2541240 |
|  **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust V, 5.450%(c), 3 Month SOFR + 4.052%, Series K, Maturing 03/15/26(oo) | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust V, 5.450%(c), 3 Month SOFR + 4.052%, Series K, Maturing 03/15/26(oo) | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust V, 5.450%(c), 3 Month SOFR + 4.052%, Series K, Maturing 03/15/26(oo) | 565000 | 12882000 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $17,050,000) | **TOTAL PREFERRED STOCKS**<br> (cost $17,050,000) | **TOTAL PREFERRED STOCKS**<br> (cost $17,050,000) | **TOTAL PREFERRED STOCKS**<br> (cost $17,050,000) | 15423240 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $10,743,039,559) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $10,743,039,559) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $10,743,039,559) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $10,743,039,559) | 9531886856 |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 4.2%** | **SHORT-TERM INVESTMENTS — 4.2%** | **SHORT-TERM INVESTMENTS — 4.2%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wb) | 43298051 | $43298051 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $360,047,149; includes $358,796,917 of cash collateral for securities on<br>loan)(b)(wb) | 360302642 | 360050431 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $403,345,200) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $403,345,200) | 403348482 |
|  **TOTAL INVESTMENTS—102.4%**<br> (cost $11,146,384,759) |  | 9935235338 |
|  **Liabilities in excess of other assets(z) — (2.4)%** | **Liabilities in excess of other assets(z) — (2.4)%** | (234280236) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700955102 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $352,185,661; cash collateral of $358,796,917 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A168

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 4594 | 5 Year U.S. Treasury Notes | Sep. 2025 | $500746000 | $4874702 |
| 4136 | 10 Year U.S. Treasury Notes | Sep. 2025 | 463749000 | 8716764 |
| 1127 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 128777365 | 2860101 |
| 11 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 1310375 | 32017 |
|  |  |  |  | 16483584 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 188 | 2 Year U.S. Treasury Notes | Sep. 2025 | 39108406 | (153871) |
| 284 | 10 Year Euro-Bund | Sep. 2025 | 43540095 | 215427 |
| 4635 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 535197656 | (18077210) |
|  |  |  |  | (18015654) |
|  |  |  |  | $(1532070) |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Euro, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | MSI | EUR 28,283 | $32830453 | $33319878 | $489425 | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Euro, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | BNY | EUR 28,283 | $32073950 | $33319878 | $— | $(1245928) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | MSI | EUR 28,283 | 32902616 | 33396453 |  | (493837) |
|  |  |  | $64976566 | $66716331 |  | (1739765) |
|  |  |  |  |  | $489425 | $(1739765) |

---

#### Credit default swap agreement outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 785101 | $(13995589) | $(17627992) | $(3632403) |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap

**SEE NOTES TO FINANCIAL STATEMENTS.**

A169

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| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. <br>

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $9696966 |
|  MLC |  | &nbsp;&nbsp;&nbsp;&nbsp;9085703 |
|  **Total** | $— | $18782669 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Security |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligation | $— | $42580703 | $— |
|  Commercial Mortgage-Backed Securities |  | 544165165 |  |
|  Corporate Bonds |  | 8489985374 |  |
|  Municipal Bonds |  | 175010706 |  |
|  U.S. Treasury Obligations |  | 264721668 |  |
|  Preferred Stocks | 15423240 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 403348482 |  |  |
|  **Total** | $**418771722** | $**9516463616** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $16699011 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contract |  | 489425 |  |
|  **Total** | $**16699011** | $**489425** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(18231081) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (1739765) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (3632403) |  |
|  **Total** | $**(18231081)** | $**(5372168)** | $**—** |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A170

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---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Electric | 14.3 |
|  Banks | 9.5 |
|  Pipelines | 9.1 |
|  Oil & Gas | 6.8 |
|  Commercial Mortgage-Backed Securities | 5.6 |
|  Pharmaceuticals | 5 |
|  Affiliated Mutual Funds (3.7% represents investments purchased with collateral from securities on loan) | 4.2 |
|  Healthcare-Services | 4.1 |
|  Media | 3.5 |
|  Telecommunications | 3.5 |
|  Software | 3 |
|  Chemicals | 2.8 |
|  U.S. Treasury Obligations | 2.7 |
|  Insurance | 2.7 |
|  Mining | 2.4 |
|  Beverages | 1.8 |
|  Municipal Bonds | 1.8 |
|  Foods | 1.7 |
|  Aerospace & Defense | 1.6 |
|  Transportation | 1.6 |
|  Commercial Services | 1.3 |
|  Gas | 1.3 |
|  Computers | 1.2 |
|  Semiconductors | 1.1 |
|  Retail | 1.1 |
|  Auto Manufacturers | 1 |
|  Biotechnology | 0.8 |
|  Agriculture | 0.7 |
|  Lodging | 0.6 |
|  Real Estate Investment Trusts (REITs) | 0.6 |

---

---

| | |
|:---|:---|
|  Airlines | 0.6% |
|  Internet | 0.6 |
|  Building Materials | 0.5 |
|  Machinery-Diversified | 0.5 |
|  Office/Business Equipment | 0.5 |
|  Collateralized Loan Obligation | 0.4 |
|  Miscellaneous Manufacturing | 0.4 |
|  Oil & Gas Services | 0.3 |
|  Engineering & Construction | 0.2 |
|  Healthcare-Products | 0.2 |
|  Financial Services | 0.2 |
|  Auto Parts & Equipment | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Packaging & Containers | 0.1 |
|  Water | 0.1 |
|  Entertainment | 0.1 |
|  Environmental Control | 0.1 |
|  Real Estate | 0.0 \* |
|  Forest Products & Paper | 0.0 \* |
|  Electronics | 0.0 \* |
|  Capital Markets | 0.0 \* |
|  Shipbuilding | 0.0 \* |
|  Home Builders | 0.0 \* |
|  Household Products/Wares | 0.0 \* |
|  | 102.4 |
|  Liabilities in excess of other assets | (2.4) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts |  | $— | Due from/to broker-variation margin swaps | $3632403 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 489425 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 1739765 |
|  Interest rate contracts | Due from/to broker-variation<br> margin futures | 16699011 \* | Due from/to broker-variation margin futures | 18231081 \* |
|  |  | $17188436 |  | $23603249 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A171

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---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts. | $— | $— | $(1444453) |
|  Foreign exchange contracts |  | (4145848) |  |
|  Interest rate contracts | 26445165 |  |  |
|  **Total** | $26445165 | $(4145848) | $(1444453) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $(2546547) |
|  Foreign exchange contracts |  | (2010259) |  |
|  Interest rate contracts | (5824907) |  |  |
|  **Total** | $(5824907) | $(2010259) | $(2546547) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $1189000670 |
|  Futures Contracts - Short Positions (1) | 670297529 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 42649139 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 102935114 |
|  Credit Default Swap Agreements - Buy Protection (1) | 818294000 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  Securities on Loan | $352185661 | $(352185661) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BNY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1245928) | $(1245928) | $878529 | $(367399) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A172

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---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  MSI | $489425 | $(493837) | $(4412) | $— | $(4412) |
|  | $489425 | $(1739765) | $(1250340) | $878529 | $(371811) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A173

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<br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $352,185,661: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $10,743,039,559) | $9531886856.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $403,345,200) | 403348482.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 245041.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $233) | 234.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 117795825.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 49374181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 489425.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 16039.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 10103156083.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 358796917.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 28325539.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 5913208.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 2776221.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 2301318.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 1739765.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 1511588.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 432009.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 396662.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 6798.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 402200981.0 |
|  **NET ASSETS** | $9700955102.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $9700955102.0 |
|  Net asset value and redemption price per share, $9,700,955,102 / 696,693,773 outstanding shares of beneficial interest | $13.92 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $239201613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1358400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 463150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $224,760) | 224812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 241247975 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 23635644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 12164872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 242812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 88648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 134848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 36349560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (1339058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 35010502 |
|  **NET INVESTMENT INCOME (LOSS)** | 206237473 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY** |  |
|  **TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(51072)) | (163794917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 26445165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (4145848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (1444453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3202200) |
|  | (146142253) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $8,395) | 275546806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (5824907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (2010259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (2546547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 77560 |
|  | 265242653 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 119100400 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $325337873 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $206237473 | $442823312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (146142253) | (215490695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 265242653 | (204335949) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 325337873 | 22996668 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [54,086,429 and 115,674,066 shares, respectively] | (735075306) | (1557504147) |
|  **TOTAL INCREASE (DECREASE)** | (409737433) | (1534507479) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 10110692535 | 11645200014 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $9700955102 | $10110692535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A174

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<br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $13.47 | $13.44 | $12.24 | $15.52 | $15.58 | $13.83 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.29 | 0.55 | 0.51 | 0.46 | 0.43 | 0.43 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.16 | (0.52) | 0.69 | (3.74) | (0.49) | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.45 | 0.03 | 1.20 | (3.28) | (0.06) | 1.75 |
|  Net Asset Value, end of period | $13.92 | $13.47 | $13.44 | $12.24 | $15.52 | $15.58 |
|  **Total Return<sup>(b)</sup>** | 3.27% | 0.22% | 9.80% | (21.13)% | (0.39)% | 12.65% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $9701 | $10111 | $11645 | $11992 | $16914 | $18536 |
|  Average net assets (in millions) | $9813 | $10874 | $11628 | $13573 | $17448 | $17453 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.72 %<sup>(d)</sup> | 0.72% | 0.72% | 0.73% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.75 %<sup>(d)</sup> | 0.74% | 0.74% | 0.73% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.24 %<sup>(d)</sup> | 4.07% | 4.09% | 3.52% | 2.83% | 2.98% |
|  Portfolio turnover rate<sup>(e)</sup> | 12% | 16% | 11% | 12% | 12% | 15% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A175

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST QUANTITATIVE MODELING PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 91.3%** | **LONG-TERM INVESTMENTS — 91.3%** | **LONG-TERM INVESTMENTS — 91.3%** |
|  **AFFILIATED MUTUAL FUNDS — 25.7%** | **AFFILIATED MUTUAL FUNDS — 25.7%** |  |
|  **Domestic Equity — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 545529 | $54983842 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 820060 | 45152480 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 178259 | 13961270 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Natural Resources Fund | 20231 | 1224397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115321989 |
|  **Fixed Income — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 83649 | 629877 |
|  **International Equity — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST International Growth Portfolio\* | 724372 | 23650746 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund | 17463 | 357112 |
|  |  | 24007858 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $114,342,338)(wa) |  | 139959724 |
|  **COMMON STOCKS — 40.5%** | **COMMON STOCKS — 40.5%** |  |
|  **Aerospace & Defense — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 534 | 111713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 75 | 62096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 3940 | 825548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 400 | 195420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 174 | 77506 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2050 | 597903 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 4260 | 1096482 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 1600 | 524800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 800 | 148904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 40 | 9658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA (Norway) | 5925 | 229783 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 160 | 40134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 810 | 375143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 235 | 117495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 124 | 262595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 36466 | 483271 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 2020 | 294960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 780 | 43612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 773 | 252094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 20100 | 123247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 150 | 12044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 99 | 29232 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 56 | 85156 |
|  |  | 5998796 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 120 | 11514 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 110 | 26384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 140 | 15995 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 2120 | 481897 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 2330 | 235190 |
|  |  | 770980 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 3800 | $259236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 2104 | 78257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 500 | 47490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 7300 | 156537 |
|  |  | 541520 |
|  **Automobiles — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 231 | 113169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 14440 | 156674 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 12340 | 607251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 14200 | 136928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 4944 | 288038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 5865 | 58745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 2800 | 48542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 2500 | 30141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\*(a) | 8215 | 2609577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 7300 | 125728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174793 |
|  **Banks — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 4788 | 130741 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 15317 | 126409 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 1485 | 28478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 14520 | 223583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 26549 | 219849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 4860 | 93351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 5127 | 95391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 15390 | 728255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nagoya Ltd. (The) (Japan) | 200 | 10974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 20288 | 93746 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 2106 | 188912 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 58000 | 252488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 4760 | 405171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 440 | 19690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 9200 | 215096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 3844 | 467847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 10725 | 202899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dah Sing Financial Holdings Ltd. (Hong Kong) | 3200 | 12137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daishi Hokuetsu Financial Group, Inc. (Japan) | 800 | 18473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 1395 | 56977 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | 1556 | 43031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 670 | 27557 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 30629 | 370494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 1440 | 24134 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 6042 | 132427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 56798 | 327180 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 8110 | 2351170 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 990 | 17246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 84091 | 88423 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 150 | 29098 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A176

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 10900 | $148606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 3100 | 86056 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) . | 38036 | 267125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 8098 | 120156 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 3200 | 596544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) | 700 | 77147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 900 | 21168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 822 | 47022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 5658 | 93632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 4000 | 100724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. (Japan) | 700 | 18618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 1288 | 17243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 1750 | 46351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 1700 | 87975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 13150 | 565318 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 15740 | 712235 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 3279 | 219966 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (Singapore) | 2000 | 56607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 10600 | 849272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 900 | 46746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11179738 |
|  **Beverages — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 760 | 52288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 300 | 57243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. (Class B Stock) | 150 | 4037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 15170 | 1073278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 283 | 14785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock) | 130 | 21148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 1340 | 44300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock) | 170 | 8175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 3600 | 225504 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 2010 | 265400 |
|  |  | 1766158 |
|  **Biotechnology — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 5550 | 1030191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.(a) | 2630 | 734322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1450 | 182106 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 1100 | 60467 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 768 | 121314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 7900 | 348192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 372 | 77253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 7330 | 812677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 160 | 10896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 280 | 7725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 105 | 55125 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 1446 | $44009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 255 | 113526 |
|  |  | 3597803 |
|  **Broadline Retail — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 29710 | 6518077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 9500 | 284620 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 480 | 35741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 1503 | 256703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 5595 | 313916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409057 |
|  **Building Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 120 | 7868 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. (Japan) | 700 | 20535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 90 | 12971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 120 | 14003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 6800 | 497692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 1913 | 224730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Switzerland) | 26 | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 6100 | 84180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 660 | 69709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 35 | 20064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 210 | 13516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 600 | 82512 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 1380 | 64684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 1425 | 623309 |
|  |  | 1756249 |
|  **Capital Markets — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 4683 | 265021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 95 | 50704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 2087 | 169164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 7610 | 693347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 145 | 152141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 730 | 109193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 90 | 20989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 2190 | 199816 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 360 | 99223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (Class A Stock)\* | 200 | 70098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 7553 | 223912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (Netherlands), 144A | 773 | 132447 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 35 | 15655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 260 | 6201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 910 | 644053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 400 | 21515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 3270 | 599947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 24070 | 379584 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAFCO Group Co. Ltd. (Japan) | 3600 | 61593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 10900 | 423356 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 670 | 89130 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 640 | 142938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 155 | 77747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 2130 | 300032 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 180 | 103813 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A177

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 5810 | $519530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 32700 | 215483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 200 | 25358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plus500 Ltd. (Israel) | 724 | 33784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 2990 | 458576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 5400 | 505602 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 1615 | 851573 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 2400 | 83628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 10900 | 127631 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 290 | 30839 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 220 | 21230 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 6151 | 208837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 3500 | 156765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8290455 |
|  **Chemicals — 0.4%** | **Chemicals — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 57 | 11753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 220 | 62053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 100 | 6267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 25900 | 184376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 2200 | 65318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 800 | 44264 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 180 | 16560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 1280 | 95398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 700 | 18536 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 6420 | 440348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 120 | 8959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 1250 | 336800 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 260 | 19123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 1370 | 642777 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock) | 260 | 15044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 15200 | 79891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 260 | 9485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. (Japan) | 1800 | 34761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 4700 | 94423 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 200 | 22750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 230 | 78973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 2983 | 110081 |
|  |  | 2397940 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 7892 | 121882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 940 | 209498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 870 | 42691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 1900 | 28842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 170 | 41924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 280 | 15798 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 1000 | 27167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 4450 | 449227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 360 | 82375 |
|  |  | 1019404 |
|  **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 5620 | 574982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 18280 | 1268266 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Communications Equipment (cont'd.)** | **Communications Equipment (cont'd.)** | **Communications Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 40 | $11773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 270 | 10781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 165 | 69376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 46363 | 240560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 11000 | 93999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269737 |
|  **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain) | 106 | 7368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 480 | 21708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 1293 | 181684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke BAM Groep NV (Netherlands) | 3405 | 30374 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 400 | 68172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 150 | 56712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 1217 | 179471 |
|  |  | 545489 |
|  **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 4200 | 385560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 969 | 228197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 65 | 35682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 120 | 31298 |
|  |  | 680737 |
|  **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 750 | 239235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 3834 | 815722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 3090 | 206226 |
|  |  | 1261183 |
|  **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 4968 | 70080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 12016 | 164765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1218 | 1205747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 190 | 21732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 2570 | 254533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Finland) (Class B Stock) | 3550 | 87558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 5175 | 216141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 3860 | 276878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 490 | 37113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 3860 | 380789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 30612 | 168780 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 4500 | 346545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 590 | 6773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 11030 | 1078513 |
|  |  | 4315947 |
|  **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 2260 | 20769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 80 | 14038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 300 | 16827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1800 | 185364 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 520 | 24352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 90 | 16961 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A178

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Containers & Packaging (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 490 | $| 21143 |
|  |  |  | 299454 |
|  **Distributors — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 140 |  | 16983 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 220 |  | 8142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 35 |  | 10202 |
|  |  |  | 35327 |
|  **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 4800 |  | 40656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 200 |  | 82004 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 700 |  | 38423 |
|  |  |  | 161083 |
|  **Diversified REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 1196 |  | 75831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 4498 |  | 15897 |
|  |  |  | 91728 |
|  **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 32840 |  | 950390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 8831 |  | 323246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 44015 |  | 214713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA (France) | 3666 |  | 55827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 28762 |  | 103452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 9360 |  | 405007 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052635 |
|  **Electric Utilities — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 220 |  | 13303 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 1030 |  | 106873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 800 |  | 9899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 310 |  | 100056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 770 |  | 90860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 390 |  | 20124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 33444 |  | 317407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 430 |  | 35742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 200 |  | 13786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 370 |  | 23539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 1000 |  | 43420 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 1510 |  | 60793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 4998 |  | 96152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 10000 |  | 118598 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 4730 |  | 328357 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 3470 |  | 557212 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 6000 |  | 266280 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 2170 |  | 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 120 |  | 10736 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 730 |  | 24740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shikoku Electric Power Co., Inc. (Japan) | 900 |  | 7542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 7390 |  | 678624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 570 |  | 38817 |
|  |  |  | 2993110 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electrical Equipment — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 5044 | $| 302281 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 200 |  | 36192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 790 |  | 282022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 560 |  | 74665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 400 |  | 18421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 2000 |  | 105211 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 1475 |  | 780496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 40 |  | 5728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 50 |  | 20420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 140 |  | 18764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 3100 |  | 66678 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 5100 |  | 373575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 1420 |  | 471681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 228 |  | 61215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 3027 |  | 353799 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971148 |
|  **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 2600 |  | 256750 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 140 |  | 25003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 3260 |  | 171443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 4495 |  | 197574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 80 |  | 17448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 680 |  | 111425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oki Electric Industry Co. Ltd. (Japan) | 9700 |  | 108176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 113 |  | 5495 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (Switzerland) | 300 |  | 50601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 45 |  | 23054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 250 |  | 18995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 1100 |  | 40590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 1355 |  | 417828 |
|  |  |  | 1444382 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 980 |  | 37573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 860 |  | 17527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 9990 |  | 337662 |
|  |  |  | 392762 |
|  **Entertainment — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 240 |  | 38328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. (Japan) | 1200 |  | 189722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 130 |  | 19666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 1432 |  | 1917634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 1200 |  | 115236 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp. (Class A Stock)\* | 2700 |  | 284040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 2100 |  | 335874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 300 |  | 230202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 140 |  | 33999 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 40 |  | 7278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 9990 |  | 1238860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 2210 |  | 25327 |
|  |  |  | 4436166 |
|  **Financial Services — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 450 |  | 63841 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A179

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 5560 | $2700881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 70 | 23227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 2990 | 92871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 1700 | 172346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 2930 | 238531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 570 | 98274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 750 | 60030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 330 | 11997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 80 | 14414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 3355 | 1885309 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 5100 | 115090 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 6980 | 518754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 5455 | 1936798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. (Australia) | 3594 | 99358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise PLC (United Kingdom) (Class A Stock)\* | 1500 | 21428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8053149 |
|  **Food Products — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. (Japan) | 1600 | 43397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 480 | 25334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 140 | 11239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 17390 | 355973 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 1850 | 95849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 150 | 24893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 6640 | 200860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 2700 | 366174 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 90 | 8838 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV (Netherlands) | 3343 | 95491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 270 | 21473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 2470 | 63776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 120 | 6222 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 250 | 18955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 1280 | 86323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 6040 | 600535 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Co. | 160 | 4904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (Class A Stock) | 290 | 16223 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 239500 | 230828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. (China) | 28000 | 63204 |
|  |  | 2340491 |
|  **Gas Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 130 | 20035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 300 | 7695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 2500 | 83155 |
|  |  | 110885 |
|  **Ground Transportation — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 1200 | 26826 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 6510 | 212421 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 80 | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 200 | 51194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 160 | 25968 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Ground Transportation (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 10020 | $| 934866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 3500 |  | 805280 |
|  |  |  | 2068043 |
|  **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 8270 |  | 1124803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 40 |  | 7573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 510 |  | 15443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 290 |  | 49952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 2160 |  | 232006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\* | 170 |  | 12097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 3490 |  | 304642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 590 |  | 46144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 6279 |  | 137916 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 460 |  | 34072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 190 |  | 12380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 900 |  | 106886 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 485 |  | 260125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 1370 |  | 430427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 555 |  | 301592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 6270 |  | 546556 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 150 |  | 38700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 140 |  | 10618 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 1700 |  | 408374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 340 |  | 134514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 170 |  | 15506 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230326 |
|  **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambea AB (Sweden), 144A | 3100 |  | 36978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 2910 |  | 488880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 170 |  | 50974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 6090 |  | 330565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 1970 |  | 651243 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 2950 |  | 203491 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 40 |  | 5698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 230 |  | 89461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 1700 |  | 208471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 4292 |  | 246598 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 180 |  | 68958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 130 |  | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 720 |  | 176026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 80 |  | 21001 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 505 |  | 370054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 55 |  | 16384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 80 |  | 14370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ship Healthcare Holdings, Inc. (Japan) | 1800 |  | 24227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 5405 |  | 95405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 1300 |  | 228800 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1960 |  | 611461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 40 |  | 7246 |
|  |  |  | 3955787 |
|  **Health Care REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 130 |  | 9442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 19670 |  | 344422 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A180

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care REITs (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 440 | $27786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 610 | 93775 |
|  |  | 475425 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. (Australia) | 276 | 51649 |
|  **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 570 | 8755 |
|  **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 430 | 56906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 566 | 47817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 1000 | 41870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 615 | 26350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 193 | 1117323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 180 | 5110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 1040 | 29245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 1340 | 75241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 2520 | 549285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 30 | 13518 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 340 | 83813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 1730 | 291816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Life Cos. Ltd. (Japan) | 900 | 43765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 3000 | 13373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hiday Hidaka Corp. (Japan) | 800 | 18351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 240 | 63922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 290 | 12618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 200 | 54642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 700 | 50617 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 1310 | 382743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metaplanet, Inc. (Japan)\* | 3100 | 35397 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 190 | 6534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 360 | 7301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 1050 | 328797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 352 | 21664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 1130 | 103542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 90 | 8430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 3180 | 471212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961202 |
|  **Household Durables — 0.2%** | **Household Durables — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 280 | 36097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 130 | 27133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 230 | 25440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 40 | 4194 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 4 | 29543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 12200 | 130532 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 1770 | 186664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 3600 | 79234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 12600 | 327604 |
|  |  | 846441 |
|  **Household Products — 0.4%** | **Household Products — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 250 | 24028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 130 | 15609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 5160 | 469044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 8536 | 236352 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Household Products (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 238 | $| 17261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 2030 |  | 261708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 5770 |  | 919276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 2598 |  | 176994 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120272 |
|  **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 580 |  | 6102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 2000 |  | 64000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 849 |  | 35478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 1540 |  | 298467 |
|  |  |  | 404047 |
|  **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 2340 |  | 356242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 2700 |  | 78474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 650 |  | 151372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 7000 |  | 126775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 1997 |  | 512946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC (United Kingdom) | 6704 |  | 206780 |
|  |  |  | 1432589 |
|  **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 4200 |  | 69846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 4420 |  | 464630 |
|  |  |  | 534476 |
|  **Insurance — 1.2%** | **Insurance — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 2772 |  | 124481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 510 |  | 53785 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 39000 |  | 353279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 541 |  | 219556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 3070 |  | 618022 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 5910 |  | 505837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 220 |  | 78487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 390 |  | 35509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 260 |  | 83231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 40 |  | 7900 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 7926 |  | 389207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 290 |  | 32152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 2480 |  | 718506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 150 |  | 22338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 10100 |  | 76786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co. (Class A Stock) | 30 |  | 10404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 45 |  | 15293 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 1100 |  | 67529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 90 |  | 11186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 300 |  | 38061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. (Australia) | 13234 |  | 78676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. (Japan) | 9700 |  | 89844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 200 |  | 18332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 2700 |  | 590328 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 6390 |  | 513884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 300 |  | 194800 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A181

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 2499 | $| 166281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 9316 |  | 84283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 1080 |  | 23205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 200 |  | 15886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 1290 |  | 344249 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 11365 |  | 175011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 685 |  | 9762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 720 |  | 124551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 1491 |  | 193296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 200 |  | 53508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 4680 |  | 92686 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 320 |  | 23510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 105 |  | 32183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 182 |  | 127350 |
|  |  |  | 6413174 |
|  **Interactive Media & Services — 2.2%** | **Interactive Media & Services — 2.2%** | **Interactive Media & Services — 2.2%** | **Interactive Media & Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 19360 |  | 3411813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 15870 |  | 2815179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 210 |  | 6487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 7715 |  | 5694364 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 341 |  | 54001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 925 |  | 127695 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12109539 |
|  **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 2170 |  | 648591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 150 |  | 11964 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIPROGY, Inc. (Japan) | 200 |  | 8362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 7490 |  | 584445 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 40 |  | 7073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 3200 |  | 77630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 580 |  | 234448 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 140 |  | 25208 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1820 |  | 536500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 1200 |  | 50352 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 10500 |  | 306338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 1400 |  | 54439 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. (Japan) | 4200 |  | 126536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simplex Holdings, Inc. (Japan) | 1900 |  | 51407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 2900 |  | 648933 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 1200 |  | 40212 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 80 |  | 23104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel)\* | 400 |  | 63384 |
|  |  |  | 3498926 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asmodee Group AB (Sweden) (Class B Stock)\* | 864 |  | 11475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 730 |  | 53889 |
|  |  |  | 65364 |
|  **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 1590 |  | 187636 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 160 | $| 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 40 |  | 6069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 3240 |  | 640030 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 170 |  | 26790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 153 |  | 109420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 21 |  | 24669 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 589 |  | 28378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 520 |  | 50295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 222 |  | 53116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 380 |  | 154075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 60 |  | 20942 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 880 |  | 192544 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502196 |
|  **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 4700 |  | 446453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 2898 |  | 41246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 475 |  | 184400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 1900 |  | 360791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 240 |  | 78600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 950 |  | 483065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 440 |  | 80621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 811 |  | 15549 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 500 |  | 13574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 800 |  | 41880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 340 |  | 17724 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 80 |  | 14046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 270 |  | 66757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 400 |  | 33272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 5000 |  | 164968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 6300 |  | 157654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 40 |  | 8575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1500 |  | 148530 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 520 |  | 49431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 730 |  | 509883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 1950 |  | 200187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 51 |  | 18528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) (Part. Cert.) | 46 |  | 17129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 55 |  | 17115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 160 |  | 10840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsubakimoto Chain Co. (Japan) | 1200 |  | 14941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 9453 |  | 223416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 170 |  | 35589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 210 |  | 27166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 24000 |  | 41882 |
|  |  |  | 3523812 |
|  **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class A Stock) | 8 |  | 14760 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class B Stock) | 49 |  | 91125 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A182

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Marine Transportation (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 1000 | $| 14162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 2300 |  | 76819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 2100 |  | 75548 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 5000 |  | 16030 |
|  |  |  | 288444 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock)\* | 295 |  | 120599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 18880 |  | 673827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class A Stock) | 190 |  | 10648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 110 |  | 5679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 310 |  | 7589 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class A Stock) | 310 |  | 9213 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class B Stock) | 90 |  | 3088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 200 |  | 14388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global (Class B Stock)(a) | 490 |  | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 730 |  | 82450 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 16784 |  | 118176 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051978 |
|  **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 2646 |  | 84022 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 13969 |  | 336060 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. (Australia) | 5924 |  | 90273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 6934 |  | 216684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 9573 |  | 96230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 11520 |  | 499392 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 2900 |  | 33735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 4530 |  | 263918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 3700 |  | 69974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 3144 |  | 38835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 540 |  | 69952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 683 |  | 48350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 3059 |  | 178046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 140 |  | 17921 |
|  |  |  | 2043392 |
|  **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 270 |  | 25931 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 650 |  | 23881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC (United Kingdom) | 13402 |  | 29736 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 300 |  | 20784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 350 |  | 35122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 830 |  | 46912 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 2710 |  | 358967 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 5564 |  | 102520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 13990 |  | 328804 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 4770 |  | 192422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 500 |  | 42090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. (Singapore) | 3900 |  | 21010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 1630 |  | 123505 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 320 |  | 33344 |
|  |  |  | 1385028 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Office REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 150 | $| 10121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 1600 |  | 61184 |
|  |  |  | 71305 |
|  **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 310 |  | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp.(a) | 5500 |  | 787545 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 2360 |  | 211786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 730 |  | 18527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 12350 |  | 392854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 160 |  | 21984 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 21000 |  | 104094 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 4860 |  | 581305 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 590 |  | 34409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 2548 |  | 64347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 210 |  | 24557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp.(a) | 17700 |  | 1908060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Friedrich Vorwerk Group SE (Germany) | 210 |  | 14511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 280 |  | 38791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 1910 |  | 56154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 1120 |  | 186043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 670 |  | 28147 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 620 |  | 50611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 4010 |  | 478393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC. | 14304 |  | 499060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 190 |  | 33075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 19 |  | 20072 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 3758 |  | 229699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 320 |  | 43014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 9110 |  | 572199 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404907 |
|  **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 640 |  | 31475 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 37680 |  | 177519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 25607 |  | 180902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 590 |  | 19140 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 330 |  | 26278 |
|  |  |  | 435314 |
|  **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 240 |  | 19392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 1900 |  | 39767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) | 4509 |  | 275167 |
|  |  |  | 334326 |
|  **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 1433 |  | 199429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 14010 |  | 648523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 15900 |  | 227052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2280 |  | 1777328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 375 |  | 54508 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 13338 |  | 254309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 3715 |  | 101379 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A183

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 5830 | $| 890533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 13250 |  | 1048870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 5870 |  | 712484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 2974 |  | 206081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 2023 |  | 152197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 100 |  | 4958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 28300 |  | 685992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 2254 |  | 735750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 2286 |  | 221316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 7400 |  | 228460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 980 |  | 8751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 450 |  | 70178 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228098 |
|  **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 2405 |  | 741702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 120 |  | 29164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\* | 10100 |  | 43430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 6776 |  | 177762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 2000 |  | 105710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 160 |  | 8862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 430 |  | 111529 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAC Recruitment Co. Ltd. (Japan) | 11000 |  | 77199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 530 |  | 69669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 120 |  | 18931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 720 |  | 104731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 40 |  | 9256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 500 |  | 90595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 1800 |  | 105852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 252 |  | 24476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 140 |  | 43610 |
|  |  |  | 1762478 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 300 |  | 42036 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 420 |  | 33768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 800 |  | 87135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 600 |  | 40500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 1900 |  | 485982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Switzerland) | 115 |  | 17264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 238 |  | 8438 |
|  |  |  | 715123 |
|  **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 140 |  | 28490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 1290 |  | 145370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 340 |  | 22947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 50 |  | 14170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 570 |  | 18696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 120 |  | 17761 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 250 |  | 10207 |
|  |  |  | 257641 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Retail REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 80 | $| 7599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 560 |  | 11771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 1065 |  | 42109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 2670 |  | 153819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 140 |  | 9972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 310 |  | 49836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 95243 |  | 155481 |
|  |  |  | 430587 |
|  **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 2200 |  | 312180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 2000 |  | 148262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 3490 |  | 830690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 810 |  | 148287 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 770 |  | 617029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 17130 |  | 4721885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 400 |  | 41702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 110 |  | 4362 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 80 |  | 13243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 2827 |  | 120634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 4280 |  | 95872 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 305 |  | 273201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 6870 |  | 668726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 500 |  | 67030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 1840 |  | 129481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 1400 |  | 172550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 45 |  | 32912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 222 |  | 62933 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 82070 |  | 12966239 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 260 |  | 56807 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 420 |  | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 5150 |  | 820189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan) | 1400 |  | 17320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 160 |  | 11923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 840 |  | 75533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 2000 |  | 415240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 1200 |  | 229811 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23076053 |
|  **Software — 4.0%** | **Software — 4.0%** | **Software — 4.0%** | **Software — 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 1580 |  | 611270 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 90 |  | 31610 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 1200 |  | 420096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 800 |  | 162472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 190 |  | 58818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 375 |  | 115556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 245 |  | 124781 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 100 |  | 40688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 25 |  | 45699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 630 |  | 66604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 3540 |  | 104076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 1530 |  | 1205074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 25750 |  | 12808308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 200 |  | 62896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 104 |  | 17629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 3500 |  | 267540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 6900 |  | 1508547 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A184

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 5390 | $| 734765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\*(a) | 660 |  | 135062 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 120 |  | 20681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 110 |  | 62352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 4900 |  | 1336181 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 1417 |  | 433289 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 944 |  | 970508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 155 |  | 79465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 40 |  | 23714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc. (Class A Stock)\* | 190 |  | 45600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (New Zealand)\* | 328 |  | 38812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 2500 |  | 194950 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21727043 |
|  **Specialized REITs — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 470 |  | 103880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 2730 |  | 280453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 320 |  | 55786 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 800 |  | 46608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 770 |  | 612512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 210 |  | 30962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 1690 |  | 173343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 1760 |  | 516419 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 80 |  | 18787 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 1040 |  | 33904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 720 |  | 18497 |
|  |  |  | 1891151 |
|  **Specialty Retail — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 47 |  | 174475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 1635 |  | 89060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 3900 |  | 116844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 1200 |  | 80556 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 1160 |  | 77964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 200 |  | 67392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clas Ohlson AB (Sweden) (Class B Stock) | 525 |  | 17961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 100 |  | 34287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 800 |  | 104944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 4900 |  | 106869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 3230 |  | 1184247 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 9488 |  | 11570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 36870 |  | 147244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 3310 |  | 734390 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 855 |  | 77061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 330 |  | 42101 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 4310 |  | 532242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 530 |  | 27968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 545 |  | 254962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 130 |  | 21238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (Germany), 144A\* | 225 |  | 7424 |
|  |  |  | 3910799 |
|  **Technology Hardware, Storage & Peripherals — 2.0%** | **Technology Hardware, Storage & Peripherals — 2.0%** | **Technology Hardware, Storage & Peripherals — 2.0%** | **Technology Hardware, Storage & Peripherals — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 50990 |  | 10461618 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 310 | $| 38006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 1300 |  | 26585 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 4230 |  | 103466 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 210 |  | 22376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 210 |  | 30309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 500 |  | 24505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 350 |  | 22396 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10729261 |
|  **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 241 |  | 56257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 9200 |  | 356592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 4600 |  | 117302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 150 |  | 15460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 115 |  | 27322 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 152 |  | 79554 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 1170 |  | 83117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 548 |  | 96555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 40 |  | 10971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 1310 |  | 115031 |
|  |  |  | 958161 |
|  **Tobacco — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 1680 |  | 98498 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 1069 |  | 50827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 6307 |  | 249191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 600 |  | 17676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 7040 |  | 1282195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scandinavian Tobacco Group A/S (Denmark), 144A | 972 |  | 12900 |
|  |  |  | 1711287 |
|  **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 400 |  | 46800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 1140 |  | 47880 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 800 |  | 41892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 4100 |  | 82649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 9200 |  | 183833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 6400 |  | 165163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 10800 |  | 244633 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 65 |  | 48971 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 394 |  | 409855 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 2300 |  | 425960 |
|  |  |  | 1697636 |
|  **Water Utilities — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 2000 |  | 278220 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 11340 |  | 178069 |
|  |  |  | 456289 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 300 |  | 21812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 4004 |  | 58448 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A185

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 2680 | 638537 |
|  |  |  | 718797 |
|  **TOTAL COMMON STOCKS**<br> (cost $181,657,024) | **TOTAL COMMON STOCKS**<br> (cost $181,657,024) | **TOTAL COMMON STOCKS**<br> (cost $181,657,024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220845427 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 156 | 12955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 474 | 50108 |
|  |  |  | 63063 |
|  **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 1450 | 113946 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $175,796) | **TOTAL PREFERRED STOCKS**<br> (cost $175,796) | **TOTAL PREFERRED STOCKS**<br> (cost $175,796) | 177009 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 2.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 2.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 2.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 700 | 434630 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 2000 | 178780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 53910 | 11033760 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $11,400,032) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $11,400,032) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $11,400,032) | 11647170 |
|  **UNAFFILIATED FUND — 4.5%** | **UNAFFILIATED FUND — 4.5%** | **UNAFFILIATED FUND — 4.5%** | **UNAFFILIATED FUND — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AB Global Bond Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; AB Global Bond Fund, Inc. | 3506503 | 24405263 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $24,349,600) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $24,349,600) |  |  |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** |  |
|  **ASSET-BACKED SECURITIES — 4.3%** | **ASSET-BACKED SECURITIES — 4.3%** | **ASSET-BACKED SECURITIES — 4.3%** | **ASSET-BACKED SECURITIES — 4.3%** |
|  **Automobiles — 1.3%** | **Automobiles — 1.3%** | **Automobiles — 1.3%** |  |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 12/18/28 | 400 | 408255 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770% | 02/20/29 | 830 | 836089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440% | 02/22/28 | 400 | 404982 |
|  BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291% | 07/26/32 | 151 | 153022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.632% | 07/26/32 | 75 | 76483 |
|  Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460% | 04/25/28 | 200 | 200257 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%(cc) | 08/15/36 | 600 | 611480 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 500 | 502130 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.290% | 04/15/29 | 500 | 508831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630% | 04/15/30 | 300 | 303311 |
|  GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 08/11/36 | 500 | 523145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% | 03/11/37 | 600 | 603488 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 03/14/29 | 504 | 503560 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960% | 11/15/28 | 293 | 292933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 04/15/30 | 300 | 301731 |
|  Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 05/25/38 | 200 | 202669 |
|  Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/18/38 | 250 | 251738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 02/18/39 | 408 | 412068 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096172 |
|  **Collateralized Loan Obligations — 2.7%** | **Collateralized Loan Obligations — 2.7%** | **Collateralized Loan Obligations — 2.7%** | **Collateralized Loan Obligations — 2.7%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.799%(c) | 04/20/37 | 1000 | 1003622 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.889%(c) | 04/20/37 | 1000 | 1003917 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 | 750 | 750745 |
|  Columbia Cent CLO Ltd. (Cayman Islands), | Columbia Cent CLO Ltd. (Cayman Islands), | Columbia Cent CLO Ltd. (Cayman Islands), | Columbia Cent CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-32A, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-32A, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-32A, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-32A, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725%(c) | 07/24/34 | 400 | 400426 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.172%(c) | 01/25/37 | 1000 | 1004788 |
|  Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.879%(c) | 04/20/37 | 1000 | 1003724 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.889%(c) | 04/20/37 | 1000 | 1003809 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A186

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40A, Class A, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40A, Class A, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40A, Class A, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40A, Class A, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.060%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(c) | 04/16/33 | 318 | $318551 |
|  Ocean Trails CLO, | Ocean Trails CLO, | Ocean Trails CLO, | Ocean Trails CLO, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.556%(c) | 10/15/34 | 370 | 370793 |
|  Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.956%(c) | 01/15/37 | 1000 | 1002865 |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.761%(c) | 04/16/37 | 1000 | 1001692 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.830%(c) | 04/17/37 | 1000 | 1003771 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%(c) | 10/20/35 | 3000 | 3009202 |
|  TICP CLO Ltd. (Cayman Islands), | TICP CLO Ltd. (Cayman Islands), | TICP CLO Ltd. (Cayman Islands), | TICP CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%(c) | 04/25/37 | 1000 | 1003681 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882%(c) | 04/25/37 | 1000 | 1003700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14885286 |
|  **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880% | 06/25/59 | 118 | 118696 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | 10/14/34 | 231 | 231247 |
|  |  |  | 349943 |
|  **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.344%(cc) | 09/25/44 | 338 | 338185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.553%(cc) | 03/25/55 | 480 | 482640 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.294%(cc) | 10/25/63 | 128 | 129651 |
|  |  |  | 950476 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.590% | 01/25/48 | 172 | $170137 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $23,304,721) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $23,304,721) |  | 23452014 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.926% | 08/15/61 | 900 | 849709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 809 | 756903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.275% | 12/15/64 | 1500 | 1284879 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.930% | 12/15/56 | 383 | 405757 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.770% | 12/15/56 | 800 | 845244 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.067% | 06/15/52 | 1466 | 1385191 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337% | 12/15/49 | 1077 | 1058064 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.890% | 12/15/56 | 500 | 527738 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.787% | 10/15/52 | 200 | 186960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.194% | 06/15/53 | 1133 | 1024844 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $8,250,829) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $8,250,829) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $8,250,829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8325289 |
|  **CORPORATE BONDS — 5.0%** | **CORPORATE BONDS — 5.0%** | **CORPORATE BONDS — 5.0%** | **CORPORATE BONDS — 5.0%** |
|  **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |  |  |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 470 | 462747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/01/38 | 833 | 668622 |
|  |  |  | 1131369 |
|  **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 350 | 311420 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  William Carter Co. (The), | William Carter Co. (The), | William Carter Co. (The), | William Carter Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 03/15/27 | 200 | 198759 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A187

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |  |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/13/25 | 200 | $198631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 200 | 182496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/08/29 | 200 | 200464 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 04/04/28 | 590 | 594521 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/23/27 | 230 | 231305 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/27/28 | 285 | 286253 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693670 |
|  **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |  |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.552%(ff) | 03/14/28 | 400 | 406505 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 | 1258 | 1129562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | 04/25/34 | 300 | 306111 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.367%(ff) | 02/25/31 | 370 | 377136 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 200 | 207724 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 925 | 819446 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 01/10/29 | 325 | 330322 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%(ff) | 04/23/31 | 340 | 348644 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963%(ff) | 01/25/33 | 822 | 738569 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%(ff) | 04/17/36 | 205 | 212507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 1000 | 876110 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792%(ff) | 06/09/27 | 375 | 365017 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(ff) | 04/23/36 | 405 | 418048 |
|  |  |  | 6535701 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |  |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/28 | 200 | $197897 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |  |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 04/30/30 | 200 | 202250 |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |  |
|  Brink's Co. (The), | Brink's Co. (The), | Brink's Co. (The), | Brink's Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/27 | 125 | 124271 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 30 | 30380 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | EUR 101 | 118304 |
|  Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.201% | 03/01/52 | 445 | 372670 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 150 | 137795 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783420 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |  |
|  Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/14/27 | 550 | 543898 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 50 | 49189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/26 | 43 | 43629 |
|  |  |  | 636716 |
|  **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |  |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/01/50 | 650 | 399223 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 225 | 207151 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 400 | 281623 |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/34 | 535 | 542929 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 300 | 299576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 535 | 528021 |
|  |  |  | 2258523 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A188

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |  |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 200 | $193900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 370 | 367225 |
|  |  |  | 561125 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |  |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 100 | 103610 |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/15/42 | 75 | 50399 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154009 |
|  **Foods — 0.3%** | **Foods — 0.3%** | **Foods — 0.3%** |  |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 | 25 | 23836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 310 | 290158 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 565 | 571651 |
|  Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/15/30 | 500 | 455098 |
|  |  |  | 1340743 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |  |
|  Fred Hutchinson Cancer Center, | Fred Hutchinson Cancer Center, | Fred Hutchinson Cancer Center, | Fred Hutchinson Cancer Center, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.966% | 01/01/52 | 310 | 273509 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/63 | 195 | 173512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/15/35 | 30 | 30574 |
|  |  |  | 477595 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |  |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 50 | 52997 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |  |
|  KB Home, | KB Home, | KB Home, | KB Home, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/31 | 175 | 162145 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/15/27 | 125 | 126999 |
|  |  |  | 289144 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |  |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.852% | 03/15/34 | 345 | 355056 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 50 | $49829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/26 | 75 | 75014 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/01/49 | 175 | 145351 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270194 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |  |
|  Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 560 | 601355 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |  |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 145 | 148373 |
|  **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** |  |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 675 | 601678 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 470 | 500582 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/29/30 | 250 | 247000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 02/01/32 | 140 | 137375 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/27 | 25 | 25488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 25 | 27477 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 275 | 266011 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/13/27 | 490 | 486570 |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/18/27 | 900 | 905004 |
|  |  |  | 3197185 |
|  **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |  |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/22/50 | 315 | 209859 |
|  **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |  |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/37 | 500 | 525957 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/45 | 350 | 308529 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A189

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |  |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 03/14/52 | 190 | $| 157402 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 620 |  | 651027 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/01/33 | 535 |  | 501308 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 565 |  | 543648 |
|  |  |  |  | 2687871 |
|  **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** |  |  |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 670 |  | 650392 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/15/26 | 850 |  | 850758 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/01/35 | 370 |  | 362177 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 11/01/28 | 585 |  | 547221 |
|  |  |  |  | 2410548 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |  |  |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 385 |  | 301956 |
|  **TOTAL CORPORATE BONDS**<br> (cost $26,594,850) | **TOTAL CORPORATE BONDS**<br> (cost $26,594,850) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27007735 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 06/25/62 | 227 |  | 208181 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.170%(cc) | 09/25/62 | 154 |  | 153891 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%(c) | 10/25/43 | 53 |  | 53392 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.904%(cc) | 04/25/62 | 76 |  | 71735 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530%(c) | 04/25/44 | 2070 |  | 237776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/25/51 | 102 |  | 19188 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.645%(c) | 08/25/52 | 1460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | 07/25/55 | 645 | 645917 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.455%(c) | 09/25/42 | 191 | 192891 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/25/52 | 185 | 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5251, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5251, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5251, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5251, Class PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290%(s) | 08/25/52 | 78 | 53966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/25/55 | 711 | 568983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/25/52 | 203 | 165270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | 06/25/55 | 425 | 425374 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/25/53 | 271 | 59597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.204%(s) | 10/25/53 | 303 | 248180 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/20/51 | 171 | 24747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 314 | 8063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 351 | 9345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 290 | 9417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 717 | 18099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 224 | 5253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 891 | 98733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/52 | 547 | 13544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/52 | 571 | 10759 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.472%(cc) | 03/25/65 | 295 | 295892 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A190

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | 06/25/64 | 183 | $| 174826 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.846%(cc) | 08/25/44 | 203 |  | 204403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(cc) | 12/25/44 | 184 |  | 185081 |
|  Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.899%(c) | 06/24/71 | EUR 79 |  | 92395 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%(cc) | 12/25/61 | 100 |  | 92510 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $4,330,044) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $4,330,044) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $4,330,044) |  | 4506228 |
|  **SOVEREIGN BONDS — 0.2%** | **SOVEREIGN BONDS — 0.2%** | **SOVEREIGN BONDS — 0.2%** | **SOVEREIGN BONDS — 0.2%** | **SOVEREIGN BONDS — 0.2%** |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/19/28 | 150 |  | 152400 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/26/30 | 200 |  | 201350 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 200 |  | 204078 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/13/28 | 215 |  | 218440 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/26/29 | EUR 115 |  | 123377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/15/27 | EUR 301 |  | 352901 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $1,154,103) | **TOTAL SOVEREIGN BONDS**<br> (cost $1,154,103) | **TOTAL SOVEREIGN BONDS**<br> (cost $1,154,103) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252546 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.0%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/42 | 944 |  | 809252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 954 |  | 759885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/35 | 133 |  | 125813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/50 | 2277 |  | 1991145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 843 |  | 737791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/37 | 100 |  | 96073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/48 | 1341 |  | 1234914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 853 |  | 831578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/40 | 486 |  | 489454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/53 | 552 |  | 541965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/54 | 1548 |  | 1517509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/54 | 1935 |  | 1935182 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 839 |  | 631797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/31 | 91 |  | 87291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/32 | 192 |  | 182251 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 1352 | $| 1079526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 1887 |  | 1501581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 505 |  | 402083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/32 | 107 |  | 102331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/32 | 118 |  | 113162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/32 | 113 |  | 108223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/35 | 391 |  | 374484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/36 | 477 |  | 447858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 450 |  | 375095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/51 | 1213 |  | 1014958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 1214 |  | 1018220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/36 | 460 |  | 442819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 826 |  | 716735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 380 |  | 346298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 2653 |  | 2392774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 1357 |  | 1264705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 448 |  | 419280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 156 |  | 149036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/52 | 131 |  | 125735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/52 | 749 |  | 738040 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/50 | 466 |  | 379433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/20/51 | 449 |  | 365597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/20/46 | 151 |  | 135438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/20/47 | 158 |  | 141296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/20/43 | 776 |  | 725108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/20/46 | 685 |  | 635780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/48 | 429 |  | 395732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/47 | 683 |  | 643720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/20/48 | 405 |  | 382156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/48 | 545 |  | 530530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/20/52 | 419 |  | 403848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/20/53 | 67 |  | 66337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/20/53 | 983 |  | 988866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | TBA | 1000 |  | 1013474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/20/54 | 500 |  | 508065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/20/54 | 319 |  | 329068 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 | 130 |  | 126470 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(s) | 07/15/34 | 25 |  | 16206 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $33,601,303) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $33,601,303) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $33,601,303) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32891967 |
|  **U.S. TREASURY OBLIGATIONS — 0.7%** | **U.S. TREASURY OBLIGATIONS — 0.7%** | **U.S. TREASURY OBLIGATIONS — 0.7%** | **U.S. TREASURY OBLIGATIONS — 0.7%** | **U.S. TREASURY OBLIGATIONS — 0.7%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/52 | 1210 |  | 1058372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/55 | 100 |  | 97375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45(k) | 530 |  | 527267 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/30/32 | 215 |  | 215168 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090%(s) | 11/15/44 | 635 |  | 239746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.145%(s) | 11/15/43(k) | 3000 |  | 1194012 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A191

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(s) | 05/15/41 | 900 | $414246 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $3,664,842) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $3,664,842) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $3,664,842) | 3746186 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $432,825,482) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $432,825,482) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $432,825,482) | 498216558 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS — 9.6%** | **SHORT-TERM INVESTMENTS — 9.6%** | **SHORT-TERM INVESTMENTS — 9.6%** | **SHORT-TERM INVESTMENTS — 9.6%** |
|  **AFFILIATED MUTUAL FUNDS — 8.9%** | **AFFILIATED MUTUAL FUNDS — 8.9%** | **AFFILIATED MUTUAL FUNDS — 8.9%** | **AFFILIATED MUTUAL FUNDS — 8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 45145407 | 45145407 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $3,360,249; includes $3,333,494 of cash collateral for securities on<br>loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $3,360,249; includes $3,333,494 of cash collateral for securities on<br>loan)(b)(wa) | 3362602 | 3360249 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $48,505,656) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $48,505,656) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $48,505,656) | 48505656 |
|  |  | **Principal** |  |
| **Interest** | **Maturity** | **Amount** |  |
| **Rate** | **Date** | **(000)#** |  |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.7%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.7%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.7%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | 09/18/25 | 3820 | 3784637 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,784,624) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,784,624) |  |  |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $3) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $3) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $3) | 237 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $52,290,283) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $52,290,283) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $52,290,283) | 52290530 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—100.9%**<br> (cost $485,115,765) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—100.9%**<br> (cost $485,115,765) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—100.9%**<br> (cost $485,115,765) | 550507088 |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $0) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $0) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $0) | (157) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—100.9%**<br> (cost $485,115,765) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—100.9%**<br> (cost $485,115,765) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—100.9%**<br> (cost $485,115,765) | 550506931 |
|  **Liabilities in excess of other assets(z) — (0.9)%** | **Liabilities in excess of other assets(z) — (0.9)%** | **Liabilities in excess of other assets(z) — (0.9)%** | (5023919) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545483012 |

---

---

| | |
|:---|:---|
| See the Glossary for a list of the abbreviation(s) used in the semiannual report. | See the Glossary for a list of the abbreviation(s) used in the semiannual report. |
| \* | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ~ | See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $3,230,232; cash collateral of $3,333,494 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (n) | Rate shown reflects yield to maturity at purchased date. |
| (s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
| (wa)  | Represents investments in Funds affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A192

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---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity**<br> **Date**  | **Settlement**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 2.000% | TBA | 07/14/25 | $(500) | $(395694) |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 07/14/25 | (1000) | (865140) |
|  Federal National Mortgage Assoc. | 5.000% | TBA | 08/13/25 | (500) | (489716) |
|  Government National Mortgage Assoc. | 2.000% | TBA | 07/21/25 | (250) | (203550) |
|  Government National Mortgage Assoc. | 3.000% | TBA | 07/21/25 | (250) | (221090) |
|  Government National Mortgage Assoc. | 5.500% | TBA | 07/21/25 | (500) | (500656) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $2,642,490) |  |  |  |  | $(2675846) |

---

#### Options Purchased:

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike**  | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year Interest Rate<br>Swap, 09/29/35<br> Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% | 25 | $237 |
|  10-Year Interest Rate<br>Swap, 09/29/35<br> Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% | 25 |  |
|  **Total Options Purchased** (cost $3) | **Total Options Purchased** (cost $3) | **Total Options Purchased** (cost $3) | **Total Options Purchased** (cost $3) |  |  |  | $237 |

---

#### Options Written:

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike**  | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year Interest Rate<br>Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.450% | 3.21%(A) | 50 | $(157) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $0) |  |  |  |  |  |  |  |  |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 7 | 2 Year U.S. Treasury Notes | Sep. 2025 | $1456164 | $6812 |
| 61 | 5 Year U.S. Treasury Notes | Sep. 2025 | 6649000 | 71495 |
| 16 | 10 Year U.S. Treasury Notes | Sep. 2025 | 1794000 | 24229 |
| 8 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 914125 | 1833 |
| 8 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 923750 | 19323 |
| 41 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 4884125 | 205732 |
| 159 | Mini MSCI EAFE Index | Sep. 2025 | 21319515 | 157859 |
| 82 | S&P 500 E-Mini Index | Sep. 2025 | 25640375 | 872270 |
| 1 | S&P Mid Cap 400 E-Mini Index | Sep. 2025 | 312550 | 9453 |
|  |  |  |  | $1369006 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A193

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---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | MSI | EUR | 566 | $657337 | $667136 | $9799 | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | BNY | EUR | 566 | $642190 | $667136 | $— | $(24946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | MSI | EUR | 566 | 658781 | 668669 |  | (9888) |
|  |  |  |  | $1300971 | $1335805 |  | (34834) |
|  |  |  |  |  |  | $9799 | $(34834) |

---

#### Credit default swap agreement outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>June 30,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 960 | 0.510% | $19148 | $21555 | $2407 |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A194

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---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br>**Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at**<br> **June 30,<br> 2025**  | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |
| 3585 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 4.450% | $— | $(8017) | $(8017) |
| 1745 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (11512) | (11512) |
| 240 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% | 44 | (3032) | (3076) |
| 3570 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.450% | 829 | 63094 | 62265 |
| 2225 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.450% | (2366) | (68466) | (66100) |
| 505 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 1031 | 1031 |
| 280 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | 127811 | 125711 | (2100) |
| 220 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 3217 | 5083 | 1866 |
| 385 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 7366 | 7366 |
|  |  |  |  | $129535 | $111258 | $(18277) |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing<br>Rate** | **Counterparty** | **Termination**<br> **Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR<br>-54bps(T)/<br>3.910% | JPM | 09/19/25 | (2369) | $(9729) | $— | $(9729) |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>4.560% | JPM | 11/06/25 | 3765 | 31862 |  | 31862 |
|  |  |  |  |  | $22133 | $— | $22133 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Premiums Paid** | **Premiums Received** | **Unrealized**<br> **Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $— | $— | $31862 | $(9729) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $– | $357206 |
|  MLC | – | 660289 |
|  MSC | – | 3784637 |
|  **Total** | $– | $4802132 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A195

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---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $115321989 | $— | **$—** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 629877 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 24007858 |  |  |
|  Common Stocks | 186245280 | 34600147 |  |
|  Preferred Stocks |  | 177009 |  |
|  Unaffiliated Exchange-Traded Funds | 11647170 |  |  |
|  Unaffiliated Fund | 24405263 |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 7096172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 14885286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 349943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 950476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loan |  | 170137 |  |
|  Commercial Mortgage-Backed Securities |  | 8325289 |  |
|  Corporate Bonds |  | 27007735 |  |
|  Residential Mortgage-Backed Securities |  | 4506228 |  |
|  Sovereign Bonds |  | 1252546 |  |
|  U.S. Government Agency Obligations |  | 32891967 |  |
|  U.S. Treasury Obligations |  | 3746186 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 48505656 |  |  |
|  U.S. Treasury Obligation |  | 3784637 |  |
|  Options Purchased |  | 237 |  |
|  **Total** | $**410763093** | $**139743995** | **$—** |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(157) | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $1369006 | $— | **$—** |
|  OTC Forward Foreign Currency Exchange Contract |  | 9799 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 2407 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 72528 |  |
|  OTC Total Return Swap Agreement. |  | 31862 |  |
|  **Total** | $**1369006** | $**116596** | **$—** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts. | $— | $(2675846) | **$—** |
|  OTC Forward Foreign Currency Exchange Contracts |  | (34834) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (90805) |  |
|  OTC Total Return Swap Agreement. |  | (9729) |  |
|  **Total** | $**—** | $**(2811214)** | **$—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A196

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---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan) | 34.6 |
|  U.S. Government Agency Obligations | 6.0 |
|  Unaffiliated Fund | 4.5 |
|  Semiconductors & Semiconductor Equipment | 4.2 |
|  Software | 4.0 |
|  Banks | 3.3 |
|  Collateralized Loan Obligations | 2.7 |
|  Interactive Media & Services | 2.2 |
|  Unaffiliated Exchange-Traded Funds | 2.1 |
|  Automobiles | 2.1 |
|  Technology Hardware, Storage & Peripherals | 2.0 |
|  Pharmaceuticals | 1.5 |
|  Commercial Mortgage-Backed Securities | 1.5 |
|  Capital Markets | 1.5 |
|  Financial Services | 1.5 |
|  U.S. Treasury Obligations | 1.4 |
|  Broadline Retail | 1.4 |
|  Aerospace & Defense | 1.3 |
|  Insurance | 1.3 |
|  Oil, Gas & Consumable Fuels | 1.2 |
|  Entertainment | 0.8 |
|  Residential Mortgage-Backed Securities | 0.8 |
|  Consumer Staples Distribution & Retail | 0.8 |
|  Health Care Equipment & Supplies | 0.8 |
|  Hotels, Restaurants & Leisure | 0.7 |
|  Health Care Providers & Services | 0.7 |
|  Specialty Retail | 0.7 |
|  Biotechnology | 0.7 |
|  Machinery | 0.6 |
|  IT Services | 0.6 |
|  Oil & Gas | 0.6 |
|  Electric Utilities | 0.5 |
|  Electrical Equipment | 0.5 |
|  Pipelines | 0.5 |
|  Chemicals | 0.4 |
|  Real Estate Investment Trusts (REITs) | 0.4 |
|  Food Products | 0.4 |
|  Communications Equipment | 0.4 |
|  Electric | 0.4 |
|  Household Products | 0.4 |
|  Ground Transportation | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Metals & Mining | 0.4 |
|  Specialized REITs | 0.3 |
|  Beverages | 0.3 |
|  Professional Services | 0.3 |
|  Building Products | 0.3 |
|  Tobacco | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Auto Manufacturers | 0.3 |
|  Life Sciences Tools & Services | 0.3 |
|  Electronic Equipment, Instruments & Components | 0.3 |
|  Industrial Conglomerates | 0.3 |
|  Multi-Utilities | 0.3 |

---

---

| | |
|:---|:---|
|  Foods | 0.3 |
|  Media | 0.3 |
|  Consumer Finance | 0.2 |
|  Sovereign Bonds | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Textiles, Apparel & Luxury Goods | 0.2 |
|  Home Equity Loans | 0.2 |
|  Household Durables | 0.2 |
|  Commercial Services | 0.2 |
|  Air Freight & Logistics | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Construction Materials | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Mining | 0.1 |
|  Engineering & Construction | 0.1 |
|  Construction & Engineering | 0.1 |
|  Automobile Components | 0.1 |
|  Industrial REITs | 0.1 |
|  Healthcare-Services | 0.1 |
|  Health Care REITs | 0.1 |
|  Water Utilities | 0.1 |
|  Passenger Airlines | 0.1 |
|  Retail REITs | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Consumer Loans | 0.1 |
|  Personal Care Products | 0.1 |
|  Agriculture | 0.1 |
|  Telecommunications | 0.1 |
|  Containers & Packaging | 0.1 |
|  Home Builders | 0.1 |
|  Marine Transportation | 0.1 |
|  Residential REITs | 0.0 |
|  Apparel | 0.0 |
|  Building Materials | 0.0 |
|  Student Loan | 0.0 |
|  Diversified Consumer Services | 0.0 |
|  Multi-National | 0.0 |
|  Gas Utilities | 0.0 |
|  Diversified REITs | 0.0 |
|  Office REITs | 0.0 |
|  Leisure Products | 0.0 |
|  Holding Companies-Diversified | 0.0 |
|  Health Care Technology | 0.0 |
|  Distributors | 0.0 |
|  Hotel & Resort REITs | 0.0 |
|  Options Purchased | 0.0 |
|  | 100.9 |
|  Option Written | (0.0) |
|  Liabilities in excess of other assets | (0.9) |
|  | 100.0 |

---

\* Less than 0.05% 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A197

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO***(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $2407 \* |  | $— |
|  Equity contracts | Due from/to broker-variation margin futures | 1039582 \* |  |  |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 9799 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 34834 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 329424 \* |  |  |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 72528 \* | Due from/to broker-variation margin swaps | 90805 \* |
|  Interest rate contracts | Unaffiliated investments | 237 | Options written outstanding, at value | 157 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 31862 | Unrealized depreciation on OTC swap agreements | 9729 |
|  |  | $1485839 |  | $135525 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $139204 |
|  Equity contracts |  |  | 2461522 |  |  |
|  Foreign exchange contracts |  |  |  | (45373) |  |
|  Interest rate contracts | 674 | 519 | (500205) |  | (1041342) |
|  **Total** | $674 | $519 | $1961317 | $(45373) | $(902138) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $4144 |
|  Equity contracts |  |  | 1625907 |  |  |
|  Foreign exchange contracts |  |  |  | (29390) |  |
|  Interest rate contracts | (1549) | 1769 | 507524 |  | 957964 |
|  **Total** | $(1549) | $1769 | $2133431 | $(29390) | $962108 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A198

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| Options Purchased (1) | $90 |
| Options Written (2) | 1300000 |
| Futures Contracts - Long Positions (2) | 52989319 |
| Futures Contracts - Short Positions (2) | 1649193 |
| Forward Foreign Currency Exchange Contracts - Purchased (3) | 459337 |
| Forward Foreign Currency Exchange Contracts - Sold (3) | 1069248 |
| Interest Rate Swap Agreements (2) | 22164333 |
| Credit Default Swap Agreements - Sell Protection (2) | 2583667 |
| Total Return Swap Agreements (2) | 10186319 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  Securities on Loan | $3230232 | $(3230232) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BNY | $— | $(24946) | $(24946) | $– | $(24946) |
|  DB | 237 | (157) | 80 | – | 80 |
|  JPM | 31862 | (9729) | 22133 | – | 22133 |
|  MSI | 9799 | (9888) | (89) | – | (89) |
|  | $41898 | $(44720) | $(2822) | $– | $(2822) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A199

------

<br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $3,230,232: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $322,267,771) | $362041708.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $162,847,994) | 188465380.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $137,159) | 138454.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 8190598.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 972472.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 334859.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 215106.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 31862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 9799.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 1111.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 5190.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 560406539.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 7201546.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 3333494.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $2,642,490) | 2675846.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1300105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 136271.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 114283.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 95417.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 34834.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 15761.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 9729.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 2590.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2538.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $0) | 157.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 14923527.0 |
|  **NET ASSETS** | $545483012.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $545483012.0 |
|  Net asset value and redemption price per share, $545,483,012 / 19,411,996 outstanding shares of beneficial interest | $28.1 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $3516399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $97,509 foreign withholding tax, of which $11,249 is reimbursable by an affiliate) | 2340389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 824067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $3,005) | 3101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6683956 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 2119698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 735054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 110216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 19852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 12158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3049549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (515354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (182696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2351499 |
|  **NET INVESTMENT INCOME (LOSS)** | 4332457 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $13,742,410) | 41701460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1961317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (45373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (902138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 13123 |
|  | 42728908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(3816363)) | (19394821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 2133431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (29390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 962108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 28632 |
|  | (16298271) |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 26430637 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $30763094 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4332457 | $10583683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 42728908 | 115008964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (16298271) | (9153697) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 30763094 | 116438950 |
| **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [22,493 and 153,867 shares, respectively] | 616816 | 3948705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [6,393,251 and 13,956,314 shares, respectively] | (170348020) | (356518526) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (169731204) | (352569821) |
| **TOTAL INCREASE (DECREASE)** | (138968110) | (236130871) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 684451122 | 920581993 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $545483012 | $684451122 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A200

------

<br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $26.55 | $23.26 | $19.80 | $24.37 | $21.11 | $18.92 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.19 | 0.32 | 0.31 | 0.18 | (0.06) | (0.05) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.36 | 2.97 | 3.15 | (4.75) | 3.32 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.55 | 3.29 | 3.46 | (4.57) | 3.26 | 2.19 |
|  Net Asset Value, end of period | $28.10 | $26.55 | $23.26 | $19.80 | $24.37 | $21.11 |
|  **Total Return<sup>(b)</sup>** | 5.84% | 14.14% | 17.47% | (18.75)% | 15.44% | 11.58% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $545 | $684 | $921 | $1023 | $1464 | $1394 |
|  Average net assets (in millions) | $593 | $838 | $980 | $1191 | $1449 | $1320 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.80 %<sup>(d)</sup> | 0.75% | 0.76% | 0.59% | 0.26% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.04 %<sup>(d)</sup> | 1.02% | 1.01% | 0.74% | 0.26% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.47 %<sup>(d)</sup> | 1.26% | 1.46% | 0.85% | (0.26)% | (0.26)% |
|  Portfolio turnover rate<sup>(e)</sup> | 60% | 92% | 147% | 316% | 9% | 154% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A201

------

#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
(unaudited)

1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of June 30, 2025 consisted of 34 separate portfolios. The information presented in these financial statements pertains only to the 17 portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The AST Government Money Market Portfolio seeks to maintain a stable $1.00 net asset value ("NAV"). The Board of Trustees has determined that the AST Government Money Market Portfolio, as a "government money market fund," is not subject to liquidity fees. The Board has reserved its ability to change this determination with respect to liquidity fees, but such change would become effective only after providing appropriate prior notice to shareholders.

The Portfolios have the following investment objective(s):

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| | |
|:---|:---|
| **Portfolio** | **Investment Objective(s)** |
|  AST Bond Portfolio 2025 | Highest total return for a specific |
|  ("Bond Portfolio 2025") | period of time, consistent with the |
|  AST Bond Portfolio 2026 | preservation of capital and |
|  ("Bond Portfolio 2026") | liquidity needs. Total return is |
|  AST Bond Portfolio 2027 | comprised of current income and |
|  ("Bond Portfolio 2027") | capital appreciation. |
|  AST Bond Portfolio 2028 |  |
|  ("Bond Portfolio 2028") |  |
|  AST Bond Portfolio 2029 |  |
|  ("Bond Portfolio 2029") |  |
|  AST Bond Portfolio 2030 |  |
|  ("Bond Portfolio 2030") |  |
|  AST Bond Portfolio 2031 |  |
|  ("Bond Portfolio 2031") |  |
|  AST Bond Portfolio 2032 |  |
|  ("Bond Portfolio 2032") |  |
|  AST Bond Portfolio 2033 |  |
|  ("Bond Portfolio 2033") |  |
|  AST Bond Portfolio 2034 |  |
|  ("Bond Portfolio 2034") |  |
|  AST Bond Portfolio 2035 |  |
|  ("Bond Portfolio 2035") |  |
|  AST Bond Portfolio 2036 |  |
|  ("Bond Portfolio 2036")<br>|  |
|  AST Core Fixed Income Portfolio | Maximize total return, consistent |
|  ("Core Fixed Income") | with prudent investment |
|  | management and liquidity needs, |
|  | by investing to obtain the average |
|  | duration specified for the Core |
|  | Fixed Income Portfolio.<br>|

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| | |
|:---|:---|
| **Portfolio** | **Investment Objective(s)** |
|  AST Government Money Market Portfolio | High current income and to |
|  ("Government Money Market")<br>| maintain high levels of liquidity |
|  AST Investment Grade Bond Portfolio | Maximize total return, consistent |
|  ("Investment Grade Bond") | with the preservation of capital |
|  | and liquidity needs. Total return is |
|  | comprised of current income and |
|  | capital appreciation.<br>|
|  AST Multi-Sector Fixed Income Portfolio | Maximize total return, consistent |
|  ("Multi-Sector Fixed Income") | with preservation of capital. Total |
|  | return is comprised of current |
|  | income and capital appreciation.<br>|
|  AST Quantitative Modeling Portfolio | High potential return while |
|  ("Quantitative Modeling") | attempting to mitigate downside |
|  | risk during adverse market |
|  | cycles.<br>|

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2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments") and/or AST Investment Services, Inc., the co-managers of the Portfolio, as applicable (collectively, the "Investment Manager" or "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

The Government Money Market Portfolio values all of its securities of sufficient credit quality at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated

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derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of

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Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the

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Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Repurchase Agreements:* Certain Portfolios entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio's policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolios' exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

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In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants and Rights:* Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:* Certain Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeit their eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Mortgage Dollar Rolls:* Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial

B8

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sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

---

| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
|  Bond Portfolio 2025, Bond Portfolio 2026<br> Bond Portfolio 2027, Bond Portfolio 2028<br> Bond Portfolio 2029, Bond Portfolio 2030<br> Bond Portfolio 2031, Bond Portfolio 2032<br> Bond Portfolio 2033, Bond Portfolio 2034<br> Bond Portfolio 2035, Bond Portfolio 2036 | PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.);<br> PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.) |
|  Core Fixed Income | PFI; PGIM Limited; Wellington Management Company LLP; Western Asset Management Company, LLC; Western Asset Management Company Limited; J.P. Morgan |
|  | Investment Management Inc. ("J.P. Morgan") |
|  Government Money Market | PFI |
|  Investment Grade Bond | PFI; PGIM Limited |
|  Multi-Sector Fixed Income | PFI; PGIM Limited |

---

B9

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---

| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
|  Quantitative Modeling | Jennison Associates LLC ("Jennison" a wholly-owned subsidiary of PGIM, Inc.); PFI; PGIM Limited; PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions" (a wholly-owned business unit of PGIM, Inc.))\* |

---

\* The asset allocation strategy for the Portfolio is determined by the Investment Manager and PGIM Quantitative Solutions, as described in the Portfolio's Prospectus. During the period ended June 30, 2025, Jennison was not allocated assets to manage.

*Management Fees and Expense Limitations:* The Investment Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at the respective annual rate specified below. The Investment Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Investment Manager under the agreements are reflected in the Statement of Operations.

The Investment Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain Portfolios so that management fees plus other annual ordinary operating expenses, excluding taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales, do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Management Fee** | **Effective<br>Management Fee,<br>before any waivers<br>and/or expense<br>reimbursements** | **Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements** | **Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements** |
| &nbsp;&nbsp; Bond Portfolio 2025\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.16 | % |
| &nbsp;&nbsp; Bond Portfolio 2026\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.18 | % |
| &nbsp;&nbsp; Bond Portfolio 2027\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.30 | % |
| &nbsp;&nbsp; Bond Portfolio 2028\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.43 | % |
| &nbsp;&nbsp; Bond Portfolio 2029\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| &nbsp;&nbsp; Bond Portfolio 2030\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.38 | % |

---

B10

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Management Fee** | **Effective<br>Management Fee,<br>before any waivers<br>and/or expense<br>reimbursements** | **Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements** | **Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements** |
| &nbsp;&nbsp; Bond Portfolio 2031\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.45 | % |
| &nbsp;&nbsp; Bond Portfolio 2032\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.45 | % |
| &nbsp;&nbsp; Bond Portfolio 2033\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| &nbsp;&nbsp; Bond Portfolio 2034\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| &nbsp;&nbsp; Bond Portfolio 2035\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| &nbsp;&nbsp; Bond Portfolio 2036\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| &nbsp;&nbsp; Core Fixed Income | 0.4125% first $10 billion;<br> 0.3925% in excess of $10 billion | 0.41% | 0.41 | % |
| &nbsp;&nbsp; Government Money Market | 0.3000% first $3.25 billion;<br> 0.2925% on next $2.75 billion;<br> 0.2625% on next $4 billion;<br> 0.2425% in excess of $10 billion | 0.30% | 0.30 | % |
| &nbsp;&nbsp; Investment Grade Bond\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.47 | % |
| &nbsp;&nbsp; Multi-Sector Fixed Income | 0.5325% first $300 million;<br> 0.5225% on next $200 million;<br> 0.5125% on next $250 million;<br> 0.5025% on next $2.5 billion;<br> 0.4925% on next $2.75 billion;<br> 0.4625% on next $4 billion;<br> 0.4425% on next $2.5 billion;<br> 0.4225% on next $2.5 billion;<br> 0.4025% on next $5 billion;<br> 0.3825% in excess of $20 billion | 0.49% | 0.46 | % |
| &nbsp;&nbsp; Quantitative Modeling | 0.7225% first $500 million;<br> 0.7125% on next $250 million;<br> 0.7025% on next $2.5 billion;<br> 0.6925% on next $2.75 billion;<br> 0.6625% on next $4 billion;<br> 0.6425% in excess of $10 billion | 0.72% | 0.55 | % |

---

B11

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---

| | |
|:---|:---|
| **Portfolio** | **Fee Waivers and/or**<br> **Expense Limitations** |
|  Bond Portfolio 2025, Bond Portfolio 2026, | contractually waive 0.02% |
|  Bond Portfolio 2027, Bond Portfolio 2028, | through June 30, 2026; |
|  Bond Portfolio 2029, Bond Portfolio 2030, | contractually limit expenses to 0.91% |
|  Bond Portfolio 2031, Bond Portfolio 2032, | through June 30, 2026 |
|  Bond Portfolio 2033, Bond Portfolio 2034, |  |
|  Bond Portfolio 2035 and Bond Portfolio 2036 |  |
|  Investment Grade Bond | contractually limit expenses to 0.99% |
|  | through June 30, 2026 |
|  Multi-Sector Fixed Income | contractually limit expenses to 0.7195% |
|  | through June 30, 2026 |
|  Quantitative Modeling | contractually waive 0.02% |
|  | through June 30, 2026<sup>(a)</sup> |

---

\* Management fees are calculated based on an aggregation of net assets of Bond Portfolio 2025, Bond Portfolio 2026, Bond Portfolio 2027, Bond Portfolio 2028, Bond Portfolio 2029, Bond Portfolio 2030, Bond Portfolio 2031, Bond Portfolio 2032, Bond Portfolio 2033, Bond Portfolio 2034, Bond Portfolio 2035, Bond Portfolio 2036 and Investment Grade Bond.

<sup>#</sup> The waivers and/or expense reimbursements exceeded the effective management fee rate for the current period due to expense limitations described above.

<sup>(a)</sup> The Investment Manager and Prudential Annuities Distributors, Inc. ("PAD") have agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the management and distribution fee they receive from other portfolios of the Trust and funds of other affiliated investment companies due to the Portfolio's investment in any such portfolios/funds. The Investment Manager has also agreed to waive a portion of its investment management fee equal to the amount of the management fee received by the subadviser due to the Portfolio's investment in any fund managed or subadvised by the Subadviser.

The Trust, on behalf of the Portfolios, has entered into an agreement with PAD, which serves as the distributor for the shares of each Portfolio. The Trust, on behalf of the Portfolios, has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan") for the shares of each Portfolio. The 12b-1 fee is waived for the assets of Quantitative Modeling Portfolio that are invested in other Portfolios. Under the 12b-1 Plan, the shares of each covered Portfolio are charged an annual fee, primarily to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The annual shareholder services and distribution fee (the "12b-1 fee") for each covered Portfolio's shares is 0.25% of the average daily net assets of the Portfolios.

PAD has contractually agreed to reduce its 12b-1 fees for each of the Bond Portfolio 2025, Bond Portfolio 2026, Bond Portfolio 2027, Bond Portfolio 2028, Bond Portfolio 2029, Bond Portfolio 2030, Bond Portfolio 2031, Bond Portfolio 2032, Bond Portfolio 2033, Bond Portfolio 2034, Bond Portfolio 2035, Bond Portfolio 2036 and Investment Grade Bond Portfolio (collectively, the "Bond Portfolios"), so that the effective distribution and service fee rate paid by each Bond Portfolio is reduced based on the average daily net assets of each Bond Portfolio. The contractual waiver does not include an expiration or termination date as it is contractually guaranteed by PAD on a permanent basis, and the Investment Manager and PAD cannot terminate or otherwise modify the waiver. The contractual waiver is calculated as follows for each Bond Portfolio:

---

| | | |
|:---|:---|:---|
| **Average Daily Net Assets of Portfolio** | **Distribution and Service Fee**<br> **Rate Including Waiver** | **Distribution and Service Fee**<br> **Rate Including Waiver** |
|  Up to and including $300 million | 0.25 | % (no waiver) |
|  Over $300 million up to and including $500 million | 0.23 | % |
|  Over $500 million up to and including $750 million | 0.22 | % |
|  Over $750 million | 0.21 | % |

---

AST Investment Services, Inc., PGIM Investments, PAD, PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions and Jennison are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

B12

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Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc. and/or in the PGIM Core Ultra Short Bond Fund, a series of Prudential Investment Portfolios 2 (together with PGIM Core Government Money Market Fund, the "Core Funds"), each registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Funds and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Funds and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended June 30, 2025, no Rule 17a-7 transactions were entered into by the Portfolios.

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
| Quantitative Modeling | $11249 |

---

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
| Quantitative Modeling | $16073 |

---

B13

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5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** |
|  Bond Portfolio 2025 | $12405457 | $38891415 |
|  Bond Portfolio 2026 | 24509262 | 7773547 |
|  Bond Portfolio 2027 | 3242122 | 3555689 |
|  Bond Portfolio 2028 | 364086 | 6698698 |
|  Bond Portfolio 2029 | 77837 | 703600 |
|  Bond Portfolio 2030 | 1618690 | 5337841 |
|  Bond Portfolio 2031 | 13158756 | 17830878 |
|  Bond Portfolio 2032 | 6477567 | 10098314 |
|  Bond Portfolio 2033 |  | 61389 |
|  Bond Portfolio 2034 | 13774712 | 12153269 |
|  Bond Portfolio 2035 | 7176033 | 6521306 |
|  Bond Portfolio 2036 | 4714511 | 118969 |
|  Core Fixed Income | 3785159566 | 3746415970 |
|  Government Money Market |  |  |
|  Investment Grade Bond | 5122434302 | 4587257401 |
|  Multi-Sector Fixed Income | 794587844 | 1308029040 |
|  Quantitative Modeling | 252824641 | 427624846 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2025, is presented as follows:

#### Bond Portfolio 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa</sup><sup>)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $40520069 | $12405457 | $38891415 | $88805 | $1077569 | $15200485 | 1404851 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $1601629 | $4724154 | $6189362 | $— | $— | $136421 | &nbsp;&nbsp;&nbsp;&nbsp;136421 | $14777 | $— |
| $42121698 | $17129611 | $45080777 | $88805 | $1077569 | $15336906 |  | $14777 | $— |

---

#### Bond Portfolio 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $19135743 | $24509262 | $7773547 | $1240748 | $(44214) | $37067992 | 3425877 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $904891 | $4961410 | $4800772 | $— | $— | $1065529 | 1065529 | $20406 | $— |
| $20040634 | $29470672 | $12574319 | $1240748 | $(44214) | $38133521 |  | $20406 | $— |

---

B14

------

#### Bond Portfolio 2027

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $38562806 | $3242122 | $3555689 | $1533608 | $24113 | $39806960 | 3679017 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $1706131 | $4446694 | $5257603 | $— | $— | $895222 | 895222 | $23304 | $— |
| $40268937 | $7688816 | $8813292 | $1533608 | $24113 | $40702182 |  | $23304 | $— |

---

#### Bond Portfolio 2028

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $65826018 | $364086 | $6698698 | $2166366 | $334703 | $61992475 | 5729434 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $2254964 | $4179271 | $4287533 | $— | $— | $2146702 | 2146702 | $47532 | $— |
| $68080982 | $4543357 | $10986231 | $2166366 | $334703 | $64139177 |  | $47532 | $— |

---

#### Bond Portfolio 2029

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $6218524 | $77837 | $703600 | $191275 | $46390 | $5830426 | 538856 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $137022 | $351030 | $350578 | $— | $— | $137474 | 137474 | $2617 | $— |
| $6355546 | $428867 | $1054178 | $191275 | $46390 | $5967900 |  | $2617 | $— |

---

#### Bond Portfolio 2030

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $51224440 | $1618690 | $5337841 | $1780008 | $187824 | $49473121 | 4572377 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $1164449 | $3208038 | $2279027 | $— | $— | $2093460 | 2093460 | $38453 | $— |
| $52388889 | $4826728 | $7616868 | $1780008 | $187824 | $51566581 |  | $38453 | $— |

---

B15

------

#### Bond Portfolio 2031

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $70676947 | $13158756 | $17830878 | $2433863 | $132060 | $68570748 | 6337407 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $721563 | $6714631 | $4309251 | $— | $— | $3126943 | 3126943 | $57986 | $— |
| $71398510 | $19873387 | $22140129 | $2433863 | $132060 | $71697691 |  | $57986 | $— |

---

#### Bond Portfolio 2032

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $67169099 | $6477567 | $10098314 | $2427760 | $147117 | $66123229 | 6111204 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $1170236 | $6505645 | $5224652 | $— | $— | $2451229 | 2451229 | $43616 | $— |
| $68339335 | $12983212 | $15322966 | $2427760 | $147117 | $68574458 |  | $43616 | $— |

---

#### Bond Portfolio 2033

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $4004817 | $— | $61389 | $156844 | $1767 | $4102039 | 379116 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $46530 | $497691 | $456625 | $— | $— | $87596 | 87596 | $1364 | $— |
| $4051347 | $497691 | $518014 | $156844 | $1767 | $4189635 |  | $1364 | $— |

---

#### Bond Portfolio 2034

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $6474437 | $13774712 | $12153269 | $252642 | $(140714) | $8207808 | 758577 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $24439 | $1498047 | $1338319 | $— | $— | $184167 | 184167 | $2980 | $— |
| $6498876 | $15272759 | $13491588 | $252642 | $(140714) | $8391975 |  | $2980 | $— |

---

B16

------

#### Bond Portfolio 2035

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $4964605 | $7176033 | $6521306 | $203990 | $(103230) | $5720092 | 528659 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $44861 | $2239467 | $2165003 | $— | $— | $119325 | 119325 | $1944 | $— |
| $5009466 | $9415500 | $8686309 | $203990 | $(103230) | $5839417 |  | $1944 | $— |

---

#### Bond Portfolio 2036

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |
| $— | $4714511 | $118969 | $185670 | $(1910) | $4779302 | 441710 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $— | $5968475 | $5887153 | $— | $— | $81322 | 81322 | $2805 | $— |
| $— | $10682986 | $6006122 | $185670 | $(1910) | $4860624 |  | $2805 | $— |

---

#### Core Fixed Income

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |
| $— | $77000000 | $— | $2414875 | $— | $79414875 | 6899642 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> |
| $107623645 | $407861034 | $441857699 | $— | $— | $73626980 | 73626980 | $1287071 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;40766962 | 239688282 | 219257043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 | (8148) | &nbsp;&nbsp;&nbsp;&nbsp;61191604 | 61234469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50596<sup>(1)</sup> |  |
| $148390607 | $647549316 | $661114742 | $1551 | $(8148) | $134818584 |  | $1337667 | $— |
| $148390607 | $724549316 | $661114742 | $2416426 | $(8148) | $214233459 |  | $1337667 | $— |

---

#### Investment Grade Bond

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br> Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period**  | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |
|  AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> |
| $436729799 | $654500000 | $649400000 | $18774562 | $1534608 | $462138969 | 41115567 | $— | $— |

---

B17

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital<br>Gain<br>Distributions** |
|  AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |
| $2133596938 | $2003356296 | $2186398190 | $80350145 | $(1599709) | $2029305480 | 176308035 | $— | $— |
| $2570326737 | $2657856296 | $2835798190 | $99124707 | $(65101) | $2491444449 |  | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;255895353 | 3485854561 | 3606557753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;135192161 | 135192161 | 7530395 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;154998616 | 1861865063 | 1879806598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;(32822) | &nbsp;&nbsp;&nbsp;&nbsp;137025000 | 137120985 | &nbsp;&nbsp;&nbsp;&nbsp;413828<sup>(1)</sup> |  |
| $410893969 | $5347719624 | $5486364351 | $741 | $(32822) | $272217161 |  | $7944223 | $— |
| $2981220706 | $8005575920 | $8322162541 | $99125448 | $(97923) | $2763661610 |  | $7944223 | $— |

---

#### Multi-Sector Fixed Income

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital<br>Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |
| $87365247 | $654336695 | $698403891 | $— | $— | $43298051 | 43298051 | $1358400 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |
| 291031032 | &nbsp;&nbsp;&nbsp;&nbsp;1348025215 | 1278963139 | 8395 | (51072) | 360050431 | 360302642 | &nbsp;&nbsp;&nbsp;&nbsp;224760<sup>(1)</sup> |  |
| $378396279 | $2002361910 | $1977367030 | $8395 | $(51072) | $403348482 |  | $1583160 | $— |

---

#### Quantitative Modeling

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br>**Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |
| AST International Growth Portfolio<sup>\*</sup> | AST International Growth Portfolio<sup>\*</sup> | AST International Growth Portfolio<sup>\*</sup> | AST International Growth Portfolio<sup>\*</sup> | AST International Growth Portfolio<sup>\*</sup> | AST International Growth Portfolio<sup>\*</sup> | AST International Growth Portfolio<sup>\*</sup> | AST International Growth Portfolio<sup>\*</sup> | AST International Growth Portfolio<sup>\*</sup> |
| $29502313 | $1605452 | $12706866 | $1585716 | $3664131 | $23650746 | 724372 | $— | $— |
| AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> |
| 65035551 | 2689682 | 15749608 | (3695638) | 6703855 | 54983842 | 545529 |  |  |
| AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> |
| 53746530 | 2871021 | 13523571 | (396683) | 2455183 | 45152480 | 820060 |  |  |
| AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> |
| 19216037 | 400567 | 5068793 | (1506049) | 919508 | 13961270 | 178259 |  |  |
| PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund |
| 1143096 | 968636 | 1796941 | 59003 | (16682) | 357112 | 17463 |  |  |
| PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund |
|  | 958024 | 971231 |  | 13207 |  |  |  |  |
| PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund |
|  | 3067703 | 1927494 | 100885 | (16697) | 1224397 | 20231 |  |  |
| PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> |
| 3151778 | 760292 | 3339031 | 36403 | 20435 | 629877 | 83649 |  |  |
| $171795305 | $13321377 | $55083535 | $(3816363) | $13742940 | $139959724 |  | $— | $— |

---

B18

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
| PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| $33276079 | $298287029 | $286417701 | $— | $— | $45145407 | 45145407 | $824067 | $— |
| PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |
| 15494478 | 57607401 | 69741100 |  | (530) | 3360249 | 3362602 | 3005<sup>(1)</sup> |  |
| $48770557 | $355894430 | $356158801 | $— | $(530) | $48505656 |  | $827072 | $— |
| $220565862 | $369215807 | $411242336 | $(3816363) | $13742410 | $188465380 |  | $827072 | $— |

---

\* Non-income producing security.

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

(wb) Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2024 are subject to such review.

7. Borrowings

The Trust, on behalf of the Portfolios, (excluding the Government Money Market), along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | **SCA** |
|  **Term of Commitment** | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 |
|  **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% |
|  | 1.00% plus the higher of (1) |
|  **Annualized Interest Rate on** | the effective federal funds |
|  **Borrowings** | rate, (2) the daily SOFR |
|  | rate plus 0.10% or (3) zero |
|  | percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

B19

------

The Portfolios indicated below utilized the SCA during the reporting period ended June 30, 2025. The average balance outstanding is for the number of days the Portfolios utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Average**<br> **Balance**<br> **Outstanding** | **Weighted**<br> **Average**<br> **Interest Rates** | **Number**<br> **of Days**<br> **Outstanding** | **Maximum**<br> **Balance**<br> **Outstanding** | **Balance**<br> **Outstanding at**<br> **June 30, 2025** |
|  Core Fixed Income | $5850500 | 5.43% | 2 | $11452000 | $— |

---

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of June 30, 2025, all Portfolios offer only a single share class to investors.

As of June 30, 2025, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of Shares** | **Percentage of**<br> **Outstanding Shares**  |
|  Bond Portfolio 2025 | 678518 | 63.5% |
|  Bond Portfolio 2026 | 1089630 | 35.1 |
|  Bond Portfolio 2027 | 624694 | 17.9 |
|  Bond Portfolio 2028 | 1496746 | 27.4 |
|  Bond Portfolio 2029 | 336752 | 64.1 |
|  Bond Portfolio 2030 | 1384938 | 30.8 |
|  Bond Portfolio 2031 | 4327343 | 58.0 |
|  Bond Portfolio 2032 | 4328763 | 51.7 |
|  Bond Portfolio 2033 | 510375 | 100.0 |
|  Bond Portfolio 2034 | 781497 | 95.7 |
|  Bond Portfolio 2035 | 525835 | 88.2 |
|  Bond Portfolio 2036 | 500000 | 100.0 |
|  Core Fixed Income | 195370547 | 67.0 |
|  Government Money Market | 338428294 | 42.3 |
|  Investment Grade Bond | 649616576 | 72.2 |
|  Multi-Sector Fixed Income | 696693773 | 100.0 |
|  Quantitative Modeling | 18370478 | 94.6 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of<br>Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
|  **Affiliated:** |  |  |
|  Bond Portfolio 2025 | 2 | 63.5% |
|  Bond Portfolio 2026 | 1 | 31.2 |
|  Bond Portfolio 2027 | 1 | 14.1 |
|  Bond Portfolio 2028 | 2 | 27.4 |
|  Bond Portfolio 2029 | 1 | 64.0 |
|  Bond Portfolio 2030 | 2 | 30.8 |
|  Bond Portfolio 2031 | 2 | 58.0 |
|  Bond Portfolio 2032 | 2 | 51.7 |
|  Bond Portfolio 2033 | 2 | 100.0 |
|  Bond Portfolio 2034 | 2 | 99.9 |
|  Bond Portfolio 2035 | 2 | 88.2 |
|  Bond Portfolio 2036 | 1 | 99.9 |
|  Core Fixed Income | 2 | 67.0 |

---

B20

------

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of<br>Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
|  **Affiliated:** |  |  |
|  Government Money Market | 2 | 42.3% |
|  Investment Grade Bond | 2 | 72.1 |
|  Multi-Sector Fixed Income | 2 | 100.0 |
|  Quantitative Modeling | 2 | 94.6 |
|  **Unaffiliated:** |  |  |
|  Bond Portfolio 2025 | 1 | 34.9 |
|  Bond Portfolio 2026 | 1 | 64.6 |
|  Bond Portfolio 2027 | 1 | 81.9 |
|  Bond Portfolio 2028 | 1 | 72.6 |
|  Bond Portfolio 2029 | 1 | 36.0 |
|  Bond Portfolio 2030 | 1 | 69.1 |
|  Bond Portfolio 2031 | 1 | 41.8 |
|  Bond Portfolio 2032 | 1 | 48.3 |
|  Bond Portfolio 2033 |  |  |
|  Bond Portfolio 2034 |  |  |
|  Bond Portfolio 2035 | 1 | 11.8 |
|  Bond Portfolio 2036 |  |  |
|  Core Fixed Income | 1 | 33.0 |
|  Government Money Market | 1 | 57.7 |
|  Investment Grade Bond | 1 | 27.8 |
|  Multi-Sector Fixed Income |  |  |
|  Quantitative Modeling | 1 | 5.4 |

---

9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **Bond**<br> **Portfolio**<br> **2025** | **Bond**<br> **Portfolio** <br> **2026** | **Bond**<br> **Portfolio** <br> **2027** | **Bond**<br> **Portfolio** <br> **2028** | **Bond**<br> **Portfolio** <br> **2029** |
|  Adjustable and Floating-Rate Securities |  |  |  |  |  |
|  Asset Allocation |  |  |  |  |  |
|  Asset Transfer Program | X | X | X | X | X |
|  Asset-Backed and/or Mortgage-Backed Securities | X | X | X | X | X |
|  Blend Style |  |  |  |  |  |
|  Collateralized Debt Obligations (CDO) |  |  |  |  |  |
|  Commodity |  |  |  |  |  |
|  Credit | X | X | X | X | X |
|  Currency | X | X | X | X | X |
|  Derivatives | X | X | X | X | X |
|  Emerging Markets |  |  |  |  |  |
|  Equity and Equity-Related Securities | X | X | X | X | X |
|  Equity Securities |  |  |  |  |  |
|  Exchange-Traded Funds (ETF) |  |  |  |  |  |
|  Expense | X | X | X | X | X |
|  Fixed Income Securities | X | X | X | X | X |
|  Focus |  |  |  |  |  |
|  Foreign Investment | X | X | X | X | X |

---

B21

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **Bond**<br> **Portfolio**<br> **2025** | **Bond**<br> **Portfolio** <br> **2026** | **Bond**<br> **Portfolio** <br> **2027** | **Bond**<br> **Portfolio** <br> **2028** | **Bond**<br> **Portfolio** <br> **2029** |
|  Fund of Funds | X | X | X | X | X |
|  High Yield | X | X | X | X | X |
|  Interest Rate | X | X | X | X | X |
|  Liquidity Allocation |  |  |  |  |  |
|  Liquidity and Valuation | X | X | X | X | X |
|  Market and Management | X | X | X | X | X |
|  Portfolio Turnover |  |  |  |  |  |
|  Prepayment or Call |  |  |  |  |  |
|  Quantitative Model |  |  |  |  |  |
|  Recent Events |  |  |  |  |  |
|  Redemption |  |  |  |  |  |
|  Regulatory | X | X | X | X | X |
|  Selection |  |  |  |  |  |
|  Sovereign Debt Securities | X | X | X | X | X |
|  US Government Securities | X | X | X | X | X |
|  Yield |  |  |  |  |  |
| **Risks** |  | **Bond**<br> **Portfolio**<br> **2030** | **Bond**<br> **Portfolio**<br> **2031** | **Bond**<br> **Portfolio**<br> **2032** | **Bond**<br> **Portfolio**<br> **2033** |
|  Adjustable and Floating-Rate Securities |  |  |  |  |  |
|  Asset Allocation |  |  |  |  |  |
|  Asset Transfer Program |  | X | X | X | X |
|  Asset-Backed and/or Mortgage-Backed Securities |  | X | X | X | X |
|  Blend Style |  |  |  |  |  |
|  Collateralized Debt Obligations (CDO) |  |  |  |  |  |
|  Commodity |  |  |  |  |  |
|  Credit |  | X | X | X | X |
|  Currency |  | X | X | X | X |
|  Derivatives |  | X | X | X | X |
|  Emerging Markets |  |  |  |  |  |
|  Equity and Equity-Related Securities |  | X | X | X | X |
|  Equity Securities |  |  |  |  |  |
|  Exchange-Traded Funds (ETF) |  |  |  |  |  |
|  Expense |  | X | X | X | X |
|  Fixed Income Securities |  | X | X | X | X |
|  Focus |  |  |  |  |  |
|  Foreign Investment |  | X | X | X | X |
|  Fund of Funds |  | X | X | X | X |
|  High Yield |  | X | X | X | X |
|  Interest Rate |  | X | X | X | X |
|  Liquidity Allocation |  |  |  |  |  |
|  Liquidity and Valuation |  | X | X | X | X |
|  Market and Management |  | X | X | X | X |
|  Portfolio Turnover |  |  |  |  |  |
|  Prepayment or Call |  |  |  |  |  |
|  Quantitative Model |  |  |  |  |  |
|  Recent Events |  |  |  |  |  |
|  Redemption |  |  |  |  |  |

---

B22

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **Bond**<br> **Portfolio**<br> **2030** | **Bond**<br> **Portfolio** <br> **2031** | **Bond**<br> **Portfolio** <br> **2032** | **Bond**<br> **Portfolio** <br> **2033** |
|  Regulatory | X | X | X | X |
|  Selection |  |  |  |  |
|  Sovereign Debt Securities | X | X | X | X |
|  US Government Securities | X | X | X | X |
|  Yield |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **Bond**<br> **Portfolio**<br> **2034** | **Bond**<br> **Portfolio** <br> **2035** | **Bond**<br> **Portfolio** <br> **2036** | **Core**<br> **Fixed**<br> **Income**  |
|  Adjustable and Floating-Rate Securities |  |  |  |  |
|  Asset Allocation |  |  |  |  |
|  Asset Transfer Program | X | X | X | X |
|  Asset-Backed and/or Mortgage-Backed Securities | X | X | X | X |
|  Blend Style |  |  |  |  |
|  Collateralized Debt Obligations |  |  |  | X |
|  Commodity |  |  |  |  |
|  Credit | X | X | X | X |
|  Currency | X | X | X | X |
|  Derivatives | X | X | X | X |
|  Emerging Markets |  |  |  |  |
|  Equity Securities |  |  |  |  |
|  Equity and Equity-Related Securities | X | X | X | X |
|  Exchange-Traded Funds (ETF) |  |  |  | X |
|  Expense | X | X | X | X |
|  Fixed Income Securities | X | X | X | X |
|  Focus |  |  |  |  |
|  Foreign Investment | X | X | X | X |
|  Fund of Funds | X | X | X | X |
|  High Yield | X | X | X | X |
|  Interest Rate | X | X | X | X |
|  Liquidity Allocation |  |  |  |  |
|  Liquidity and Valuation | X | X | X | X |
|  Market and Management | X | X | X | X |
|  Portfolio Turnover |  |  |  | X |
|  Prepayment or Call |  |  |  | X |
|  Quantitative Model |  |  |  |  |
|  Recent Events |  |  |  |  |
|  Redemption |  |  |  | X |
|  Regulatory | X | X | X | X |
|  Selection |  |  |  |  |
|  Sovereign Debt Securities | X | X | X |  |
|  US Government Securities | X | X | X |  |
|  Yield |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **Government<br>Money<br>Market** | **Investment** <br> **Grade**<br> **Bond** | **Multi-**<br> **Sector**<br> **Fixed**<br> **Income**  | **Quantitative** <br> **Modeling** |
|  Adjustable and Floating-Rate Securities | X |  |  |  |
|  Asset Allocation |  |  |  | X |

---

B23

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **Government<br>Money<br>Market** | **Investment** <br> **Grade**<br> **Bond** | **Multi-**<br> **Sector**<br> **Fixed**<br> **Income**  | **Quantitative** <br> **Modeling** |
|  Asset Transfer Program | X | X |  | X |
|  Asset-Backed and/or Mortgage-Backed Securities |  | X | X | X |
|  Blend Style |  |  |  | X |
|  Collateralized Debt Obligations |  |  |  |  |
|  Commodity |  |  |  | X |
|  Credit | X | X | X | X |
|  Currency |  |  | X | X |
|  Derivatives |  | X | X | X |
|  Emerging Markets |  |  | X | X |
|  Equity and Equity-Related Securities |  | X | X |  |
|  Equity Securities |  |  |  | X |
|  Exchange-Traded Funds (ETF) |  | X |  |  |
|  Expense | X | X | X | X |
|  Fixed Income Securities | X | X | X | X |
|  Focus |  |  | X |  |
|  Foreign Investment |  | X | X | X |
|  Fund of Funds |  |  |  | X |
|  High Yield |  |  | X | X |
|  Interest Rate | X | X | X | X |
|  Liquidity Allocation |  |  |  | X |
|  Liquidity and Valuation | X | X | X | X |
|  Market and Management | X | X | X | X |
|  Portfolio Turnover |  | X |  | X |
|  Prepayment or Call | X | X |  |  |
|  Quantitative Model |  |  |  | X |
|  Recent Events |  |  |  | X |
|  Redemption |  | X |  |  |
|  Regulatory | X | X | X | X |
|  Selection |  |  | X |  |
|  Sovereign Debt Securities |  |  |  |  |
|  US Government Securities | X |  | X |  |
|  Yield | X |  |  |  |

---

*Adjustable and Floating-Rate Securities Risk:* The value of adjustable and floating-rate securities may lag behind the value of fixed-rate securities when interest rates change. Adjustable and floating rate securities generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, adjustable and floating-rate securities generally will not increase in value as much as fixed rate debt instruments if interest rates decline. Adjustable and floating-rate securities are also subject to credit risk, market risk, and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.

*Asset Allocation Risk:* The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

B24

------

*Asset Transfer Program Risk:* Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

*Asset-Backed and/or Mortgage-Backed Securities Risk:* Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Collateralized Debt Obligations (CDO) Risk:* The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer's securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

*Commodity Risk:* The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and may be more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, insufficient storage capacity, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

B25

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*Currency Risk:* Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

*Emerging Markets Risk*: The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity and Equity-Related Securities Risk:* From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

B26

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*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table in the Portfolio's prospectus for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. In recent years, the Federal Open Market Committee (FOMC) began implementing increases to the federal funds interest rate and there may be further rate increases. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

*Focus Risk:* The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio invests in the securities of a small number of issuers and has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers' securities as compared to a portfolio that invests in the securities of a larger number of issuers.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Fund of Funds Risk*: In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

*High Yield Risk:* Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield" securities or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

*Liquidity Allocation Risk:* The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities, and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

B27

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*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a Portfolio Manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can adversely affect the liquidity and volatility of investments held by the Portfolio, and there is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

*Prepayment or Call Risk:* Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Recent Events Risk:* Recent events have caused increased volatility and significant declines in the value and liquidity of many securities in US and foreign financial markets. This environment could make identifying investment risks and opportunities especially difficult. These market conditions may continue or get worse. In response to these crises, the US and other governments, and their agencies and instrumentalities such as the Federal Reserve and certain foreign central banks, have taken steps to support financial markets. There can be no certainty that the actions taken by the US government to strengthen public confidence will be effective. The reduction or withdrawal of these measures could negatively affect the overall economy and/or the value and liquidity of certain securities. In addition, the impact of legislation enacted in the United States calling for reform of many aspects of financial regulation, and the corresponding regulatory changes on the markets and the practical implications for market participants, may not be known for some time.

Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S., and global economies and markets, generally. Any or all of the foregoing could disrupt the operations of the Portfolio and its service providers, adversely affect the value and liquidity of the Portfolio's investments, and negatively impact the Portfolio's performance.

B28

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*Redemption Risk:* A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

*Selection Risk:* The subadviser will actively manage the Portfolio by applying investment techniques and risk analyses in making investment decisions. There can be no guarantee that these investment decisions will produce the desired results and the Portfolio may underperform the market, the relevant indices, or other funds with similar investment objectives and strategies as a result of such investment decisions.

*Sovereign Debt Securities Risk:* Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

*US Government Securities Risk:* US Government securities may be adversely affected by changes in interest rates, a default by, or a downgrade in the credit quality rating of, the US Government, and may not be backed by the full faith and credit of the US Government.

*Yield Risk:* The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio's expenses could absorb all or a significant portion of the Portfolio's income. If interest rates increase, the Portfolio's yield may not increase proportionately. For example, the Portfolio's investment manager may discontinue any temporary voluntary fee limitation.

10. Reorganization

On August 23, 2024, the Board approved Agreements and Plans of Reorganization (the "Plans") which provided for the transfer of all the assets of AST Global Bond Portfolio ("Global Bond"), and AST High Yield Bond Portfolio ("High Yield Bond") (the "Merged Portfolios") for shares of Core Fixed Income (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolios, respectively. Shareholders approved the Plan at a meeting on December 18, 2024 and the reorganization took place at the close of business on February 7, 2025.

On the reorganization date, the Merged Portfolios had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| **Merged Portfolios** | **Total Investment<br>Value** | **Total Investment <br>Cost** |
|  Global Bond | $245198059 | $245076214 |
|  High Yield Bond | 224872606 | 230105306 |

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The purpose of the transaction was to combine three portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on February 7, 2025:

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| | | |
|:---|:---|:---|
| **Merged Portfolios** | | **Shares** |
|  Global Bond |  | 23064733 |
|  High Yield Bond |  | 18460908 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Core Fixed Income | 37993531 | $514812343 |

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For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolios were carried forward to reflect the tax-free status of the acquisition.

B29

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The net assets and net unrealized appreciation (depreciation) immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| **Merged Portfolios** | **Unrealized<br>Appreciation<br>(Depreciation)<br>on Investments** | **Net Assets** |
|  Global Bond | $121845 | $269954244 |
|  High Yield Bond | (5232700) | 244858099 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Core Fixed Income |  | $3794677985 |

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Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of operations for the reporting period ended June 30, 2025 would have been as follows:

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| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Core Fixed Income | $80896962 | $80043546 | $160940508 |

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(a) Net investment income as reported in the Statement of Operations (Period ended June 30, 2025) of the Acquiring Portfolio, plus net investment income from the Merged Portfolios pre-merger as follows: Global Bond $937,608, and High Yield Bond $1,360,626.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Period ended June 30, 2025) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolios pre-merger as follows: Global Bond $682,493, and High Yield Bond $2,017,256.

Since both the Merged Portfolios and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolios that have been included in the Acquiring Portfolio's Statement of Operations since February 7, 2025.

11. Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of June 30, 2025.

B30

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| |
|:---|
| Appendix A — unaudited |
| AST Target Maturity Central Portfolio\* |

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**Investment Objective** — The highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation.

Portfolio Holdings (As of 06/30/2025)

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| | | |
|:---|:---|:---|
|  Types of Investments |  | % of Net Assets |
|  U.S. Government Agency Obligations |  | 31.7% |
|  Corporate Bonds |  | 29.2% |
|  Commercial Mortgage-Backed |  | 12.3% |
|  Asset-Backed |  | 16.2% |
|  Residential Mortgage-Backed Securities |  | 4.2% |
|  U.S. Treasury Obligations |  | 5.2% |
|  Sovereign Bonds |  | 1.8% |
|  Ten Largest Holdings | Asset Class/Line of Business | % of Net Assets |
|  U.S. Treasury Bonds | U.S. Treasury Obligations | 2.6% |
|  Goldman Sachs Group, Inc. (The) | Corporate Bonds | 1.4% |
|  BANK | Commercial Mortgage-Backed Securities | 1.2% |
|  JPMorgan Chase & Co. | Corporate Bonds | 1.2% |
|  BANK | Commercial Mortgage-Backed Securities | 1.1% |
|  Federal Home Loan Mortgage Corp. | U.S. Government Agency Obligations | 1.0% |
|  Benchmark Mortgage Trust | Commercial Mortgage-Backed Securities | 0.9% |
|  Federal Home Loan Mortgage Corp. | U.S. Government Agency Obligations | 0.9% |
|  ATLX Trust | Residential Mortgage-Backed Securities | 0.9% |
|  Wells Fargo & Co. | Corporate Bonds | 0.8% |
|  Credit Quality\*\* |  | % of Total Investments |
|  AAA |  | 28.4% |
|  AA |  | 36.7% |
|  A |  | 12.4% |
|  BBB |  | 17.0% |
|  BB |  | 1.3% |
|  B |  | 0.3% |
|  NR |  | 0.5% |
|  Cash/Cash Equivalents |  | 3.4% |
|  Total Investments |  | 100.0% |

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\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at <u>www.sec.gov/edgar</u>.

\*\* Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc. (Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit rating breakdowns. These NRSROs are independent, and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated investments do not necessarily indicate low credit quality. Ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to change.

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#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies- None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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#### Initial Approval of the Portfolio's Advisory Agreements

#### AST Bond Portfolio 2036
As required by the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (the Board) of the Advanced Series Trust (AST) considered the proposed management agreement (the Management Agreement) with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement (the Subadvisory Agreement, and collectively with the Management Agreement, the Advisory Agreements) with PGIM, Inc. and PGIM Limited (collectively, PGIM), with respect to the AST Bond Portfolio 2036 (the New Bond Portfolio) prior to the New Bond Portfolio's commencement of operations. The Board, including a majority of AST's trustees who are not parties to such agreements or interested persons of any such party (the Independent Trustees), as defined in the 1940 Act, met on June 11-12, 2024 (the Board Meeting), and approved the Advisory Agreements for an initial two-year period, after concluding that approval of the Advisory Agreements was in the best interests of the New Bond Portfolio.

In advance of the Board Meeting, the Board requested and received materials relating to the Advisory Agreements, and had the opportunity to ask questions and request further information in connection with its consideration.

In approving the Advisory Agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the New Bond Portfolio by the Manager and PGIM; comparable performance information; the fees proposed to be paid by the New Bond Portfolio to the Manager, and by the Manager to PGIM, under the Advisory Agreements; the potential for economies of scale that may be shared with the New Bond Portfolio and its shareholders; and other benefits to the Manager and PGIM. In connection with its deliberations, the Board considered information provided by the Manager and PGIM at, or in advance of, the Board Meeting. The Board also considered information provided by the Manager with respect to other funds managed by the Manager, which information had been provided throughout the year at regular Board meetings. In its deliberations, the Board did not identify any single factor that, alone, was responsible for the Board's decision to approve the Advisory Agreements with respect to the New Bond Portfolio.

The Board determined that the overall arrangements between the New Bond Portfolio and the Manager, who will serve as the New Bond Portfolio's investment manager pursuant to the Management Agreement, and between the Manager and PGIM, who will serve as the New Bond Portfolio's subadvisers pursuant to the terms of the Subadvisory Agreement, are appropriate in light of the services to be performed and the fees to be charged under the Advisory Agreements and such other matters as the Board considered relevant in the exercise of its business judgment.

The material factors and conclusions that formed the basis for the Board's approval of the Advisory Agreements are separately discussed below.

#### Nature, Quality and Extent of Services
With respect to the Manager, the Board noted that it had received and considered information about the Manager in connection with the renewal of the management agreement covering the other portfolios of AST at the Board Meeting, and concluded that it was satisfied with the nature, quality and extent of services provided by the Manager under the management agreement covering the other AST portfolios. The Board determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the amended Management Agreement covering the New Bond Portfolio would be similar in nature to those provided under the existing Management Agreement.

With respect to PGIM, the Board received and considered information regarding the nature and extent of services that would be provided to the New Bond Portfolio under the new Subadvisory Agreement. The Board also noted that PGIM currently subadvises other AST portfolios, including other AST portfolios that are substantially similar to the New Bond Portfolio (collectively, the Comparable Funds).

The Board considered, among other things, the background and experience of the portfolio managers for PGIM. The Board also noted that it had received information pertaining to the background and experience of the portfolio managers for PGIM in connection with the renewal of the relevant subadvisory agreements for the Comparable Funds at the Board Meeting. The Board also received information pertaining to PGIM's organizational structure, senior management and investment operations, as well as other relevant information, in connection with the renewal of the relevant subadvisory agreements for the Comparable Funds at the Board Meeting. The Board noted that it received favorable compliance reports from AST's Chief Compliance Officer as to PGIM's management of the Comparable Funds. With respect to PGIM, the Board considered its experience and reputation in managing other funds with similar investment objectives and strategies.

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The Board concluded that, based on the nature of the proposed services to be rendered by PGIM, the background information it had reviewed with respect to PGIM, and its prior experience with PGIM in connection with other AST portfolios, it was reasonable to expect that it would be satisfied with the nature, extent and quality of investment subadvisory services to be provided to the New Bond Portfolio by PGIM.

#### Investment Performance
Because the New Bond Portfolio had not yet commenced operations, no investment performance for the New Bond Portfolio existed for Board review. The Board, however, received and considered information regarding PGIM's investment performance in managing the Comparable Funds, which have investment strategies similar to the investment strategy to be used by the New Bond Portfolio. The Board concluded that it was satisfied with the performance record of PGIM.

While there was no historical performance information of the New Bond Portfolio for Board review, the Board noted that it would review such information in connection with future annual reviews of advisory agreements.

#### Fee Rates
The Board considered the proposed management fee, subadvisory fees, fee waivers and limitations, and estimated overall expense ratio for the New Bond Portfolio. The Board considered that the investment management fee rates and the subadvisory fee rates were the same as the rates in place for the Comparable Funds. The Board also considered comparisons of those fees and expenses with similar funds based on comparative data from a third-party service provider. The Board concluded that the management fee, subadvisory fees and estimated overall expense ratio for the New Bond Portfolio were reasonable.

#### Profitability
Because the New Bond Portfolio had not yet commenced operations, the Board noted that there was no historical profitability information to be reviewed with respect to the New Bond Portfolio. The Board noted, however, that it had received and considered profitability information for the Comparable Funds in connection with the renewal of the relevant advisory agreements for the Comparable Funds at the Board Meeting. The Board noted that it would review profitability information in connection with future annual reviews of advisory agreements.

#### Economies of Scale
The Board noted that the management and subadvisory fee schedules for the New Bond Portfolio contained breakpoints that reduced the fee rate on assets above specified levels. The Board also noted that the advisory and subadvisory agreements for the Comparable Funds contained breakpoints that reduced the advisory and subadvisory fee rates on assets above specified levels. However, because the New Bond Portfolio had not yet commenced operations, the Board noted that there was no historical information regarding economies of scale with respect to the New Bond Portfolio to be reviewed. The Board noted that it would consider economies of scale in connection with future annual reviews of advisory agreements.

#### Other Benefits to the Manager and PGIM
The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Manager and PGIM, as well as their affiliates, in connection with the New Bond Portfolio. The Board concluded that any potential benefits to be derived by the Manager and PGIM were similar to benefits derived by the Manager and PGIM in connection with their management of the other AST portfolios, including the Comparable Funds, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by PGIM were consistent with those generally derived by other subadvisers to other portfolios of AST, and that those benefits are reviewed on an annual basis. The Board noted that it also considered these factors in connection with the renewal of the advisory agreements for the Comparable Funds at the Board Meeting. The Board concluded that any potential benefits to be derived by PGIM included potential access to additional research resources, larger assets under management and reputational benefits, which were consistent with those generally derived by subadvisers to mutual funds. The Board noted that it would review ancillary benefits in connection with future annual reviews of advisory agreements.

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After full consideration of these factors, the Board concluded that approving the Advisory Agreements was in the best interests of the New Bond Portfolio.

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#### Advanced Series Trust

#### Approval of Advisory Agreements

#### Renewal of Management and Subadvisory Agreements

#### The Trust's Board of Trustees
The Board of Trustees (the Board) of Advanced Series Trust (the Trust, and each series thereof, the Portfolios) consists of eight individuals, six of whom are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on directors or trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Governance Committee, the Compliance Committee, and the Investment Review and Risk Committee. Each committee is chaired by an Independent Trustee.

#### Annual Approval of the Trust's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Trust's management agreements with PGIM Investments LLC (PGIM Investments) and AST Investment Services, Inc. (ASTIS), as applicable,<sup>1</sup> and each Portfolio's subadvisory agreement(s). As is further discussed and explained below, in considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 17-18, 2025 (the Meeting) and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each Portfolio's beneficial shareholders.<sup>2</sup>

In advance of the Meeting, the Trustees requested and received materials relating to the agreements and had the opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of the Manager and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board's decision to approve an agreement. In connection with its deliberations, the Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from the Manager and subadviser personnel such as portfolio managers.

The Board determined that the overall arrangements between the Trust and the Manager, which serves as the Trust's investment manager pursuant to a management agreement, and between the Manager and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with the Manager, are in the best interests of the Trust, each Portfolio and each Portfolio's shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each Portfolio as part of its consideration of agreements for multiple portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.

The material factors and conclusions that formed the basis for the Board's determinations to approve the renewal of the agreements are discussed separately below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by the Manager and each subadviser. The Board considered the services provided by the Manager, including but not limited to the oversight of the subadvisers, the provision of accounting oversight, recordkeeping, compliance and other services to the Trust, such as the Manager's

<sup>1</sup> When used herein, the term "Manager" refers to (1) PGIM Investments with respect to each Portfolio solely managed by PGIM Investments; and (2) PGIM Investments and ASTIS collectively with respect to each Portfolio jointly managed by PGIM Investments and ASTIS.

<sup>2</sup> The Board did not consider or renew the management or subadvisory agreements at the Meeting with respect to AST Bond Portfolio 2036 because the Portfolio recently commenced operations and the sole shareholder of the Portfolio and the Board had previously approved the management and subadvisory agreements for the Portfolio for an initial period of two years. 

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role as administrator of the Trust's liquidity risk management program and as valuation designee. With respect to the Manager's oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board noted that the PGIM Fixed Income unit of PGIM, Inc., the PGIM Real Estate unit of PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), and Jennison Associates LLC (Jennison), which serve as subadvisers to certain of the Portfolios, are each affiliated with the Manager. The Board also considered that the Manager pays the salaries of all of the officers and Trustees that are employed by the Manager or its affiliates. The Board also considered the investment subadvisory services provided by each subadviser, as well as compliance with each Portfolio's investment restrictions, policies and procedures. The Board considered the Manager's evaluation of the subadvisers, as well as the Manager's recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager's senior management personnel responsible for the oversight of each Portfolio and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers' portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to the Manager's and each subadviser's organizational structure, senior management, investment operations, and other relevant information pertaining to the Manager and each subadviser. The Board also noted that it received favorable compliance reports from the Trust's Chief Compliance Officer (CCO) with respect to the Manager and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by the Manager and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the services provided by the Manager and each subadviser under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by the Manager
The Board was provided with information on the profitability of the Manager and its affiliates from serving as the Trust's investment manager. The Board discussed with the Manager the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. The Board considered information regarding the profitability of PGIM, Inc., Jennison and PGIM Quantitative Solutions, each of which are affiliates of the Manager, on a consolidated basis. Taking these factors into account, the Board concluded that the profitability of the Manager and its affiliates in relation to the services rendered was not unreasonable.

The Board concluded that the level of profitability of a subadviser not affiliated with the Manager may not be as significant as the Manager's profitability given the arm's length nature of the process by which the subadvisory fee rates were negotiated by the Manager and the unaffiliated subadvisers, as well as the fact that the Manager compensates the subadvisers out of its management fee.

#### Economies of Scale
The Board received and discussed information concerning whether the Manager realizes economies of scale as each Portfolio's assets grow beyond current levels. The Board noted that the management fee schedules for most of the Portfolios of the Trust contain breakpoints, which have the effect of decreasing the fee rate as assets increase, and that at current asset levels the effective fee rates for many of the Portfolios reflected some of these rate reductions. The Board took note that the fee structure for those Portfolios currently results in benefits to Portfolio shareholders whether or not the Manager realizes any economies of scale. The Board considered that economies of scale, if any, may be shared with the Portfolios in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of the Manager's costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to the Manager and the Subadvisers
The Board considered potential ancillary benefits that might be received by the Manager, the subadvisers, and their affiliates as a result of their relationship with the Trust. The Board concluded that potential benefits to be derived by the Manager included compensation

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received by insurance company affiliates of the Manager from the subadvisers, as well as benefits to its reputation or other intangible benefits resulting from the Manager's association with the Trust. The Board also considered information provided by the Manager regarding the regulatory requirement that insurance companies determine that the fees and charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of the Manager at least annually review and represent that the fees and charges of the variable contracts using the Trust's Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions that may be received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by the Manager and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Portfolios / Fees and Expenses / Other Factors
With respect to each Portfolio, the Board also considered certain additional factors and made related conclusions relating to the historical performance of the Portfolios (depending on each Portfolio's inception date) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2024, except as otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio's benchmark index and/or performance or custom benchmark index (as applicable), and to a universe of mutual funds that were determined by Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio (the Peer Universe).

The Board also considered each Portfolio's actual management fee, as well as each Portfolio's net total expense ratio, for the calendar year 2024. The Board considered the management fee for each Portfolio as compared to the management fee charged by the Manager to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the variable contracts.

The mutual funds included in each Peer Universe and each Peer Group were objectively selected by Broadridge, an independent provider of mutual fund data. To the extent that the Manager deemed appropriate, and for reasons addressed in detail with the Board, the Manager may have provided, and the Board may have considered, supplemental data compiled by Broadridge for the Board's consideration. Further, to the extent that it deemed appropriate, and for the reasons summarized below, for certain Portfolios the Board considered information provided by a different, independent third-party provider, JDL Consultants, Inc. (JDL Consultants). The comparisons used by the Board placed the Portfolios in various quartiles over various periods, with the 1st quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The sections below summarize certain key factors considered by the Board and the Board's conclusions regarding each Portfolio's performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2025** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2025** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2025** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2025** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2025** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile | 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio outperformed its benchmark index over all periods.

● The Board also noted that the Portfolio outperformed its performance benchmark index over the one-, three-, and five-year periods.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

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● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2026** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2026** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2026** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2026** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2026** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile | 2<sup>nd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio outperformed its benchmark index over all periods.

● The Board also noted that the Portfolio outperformed its performance benchmark index over all periods.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2027** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2027** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2027** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2027** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2027** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 2<sup>nd</sup> Quartile | 2<sup>nd</sup> Quartile | 3<sup>rd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio outperformed its benchmark index over all periods.

● The Board also noted that the Portfolio outperformed its performance benchmark index over all periods.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2028** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2028** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2028** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2028** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2028** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 3<sup>rd</sup> Quartile | 4<sup>th</sup> Quartile | 3<sup>rd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio outperformed its benchmark index over all periods.

● The Board also noted that the Portfolio outperformed its performance benchmark index over all periods. The Board considered the Manager's assertion that the Portfolio's performance benchmark index provides a more appropriate basis for performance comparisons than the Portfolio's benchmark index or Peer Universe, because it more accurately represents the duration and credit profile of the Portfolio's assets.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

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● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2029** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2029** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2029** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2029** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2029** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio outperformed its benchmark index over the one- and five-year period and underperformed over the three-year period.

● The Board also noted that the Portfolio outperformed its performance benchmark index over all periods. The Board considered the Manager's assertion that the Portfolio's performance benchmark index provides a more appropriate basis for performance comparisons than the Portfolio's benchmark index or Peer Universe, because it more accurately represents the duration and credit profile of the Portfolio's assets.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2030** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2030** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2030** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2030** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2030** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio outperformed its benchmark index over the one- and five-year period and underperformed over the three-year period.

● The Board also noted that the Portfolio outperformed its performance benchmark index over all periods. The Board considered the Manager's assertion that the Portfolio's performance benchmark index provides a more appropriate basis for performance comparisons than the Portfolio's benchmark index or Peer Universe, because it more accurately represents the duration and credit profile of the Portfolio's assets.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2031** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2031** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2031** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2031** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2031** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

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● The Board noted that the Portfolio underperformed its benchmark index over the one- and three-year periods.

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● The Board also noted that the Portfolio outperformed its performance benchmark index over all periods. The Board considered the Manager's assertion that the Portfolio's performance benchmark index provides a more appropriate basis for performance comparisons than the Portfolio's benchmark index or Peer Universe, because it more accurately represents the duration and credit profile of the Portfolio's assets.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2032** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2032** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2032** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2032** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2032** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio underperformed its benchmark index over all periods.

● The Board also noted that the Portfolio outperformed its performance benchmark index over all periods. The Board considered the Manager's assertion that the Portfolio's performance benchmark index provides a more appropriate basis for performance comparisons than the Portfolio's benchmark index or Peer Universe, because it more accurately represents the duration and credit profile of the Portfolio's assets.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2033** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2033** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2033** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2033** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2033** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

● The Board noted that the Portfolio underperformed its benchmark index over the one-year period.

● The Board also noted that the Portfolio outperformed its performance benchmark index over the one-year period. The Board considered the Manager's assertion that the Portfolio's performance benchmark index provides a more appropriate basis for performance comparisons than the Portfolio's benchmark index or Peer Universe, because it more accurately represents the duration and credit profile of the Portfolio's assets.

● The Board noted that the Portfolio does not yet have a three-year performance record and, therefore, it would be prudent to allow the subadviser more time to develop its longer-term performance record.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2034** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2034** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2034** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2034** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2034** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

● The Board noted that the Portfolio underperformed its benchmark index over the one-year period.

● The Board also noted that the Portfolio outperformed its performance benchmark index over the one-year period. The Board considered the Manager's assertion that the Portfolio's performance benchmark index provides a more appropriate basis for performance comparisons than the Portfolio's benchmark index or Peer Universe, because it more accurately represents the duration and credit profile of the Portfolio's assets.

● The Board noted that the Portfolio does not yet have a three-year performance record and, therefore, it would be prudent to allow the subadviser more time to develop its longer-term performance record.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2035** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2035** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2035** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2035** | &nbsp;&nbsp;&nbsp;**AST Bond Portfolio 2035** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

● The Board noted that the Portfolio underperformed its benchmark index over the three-month period ended December 31, 2024.

● The Board noted that the Portfolio does not yet have a one-year performance record and, therefore, it would be prudent to allow the subadviser more time to develop its longer-term performance record.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026; and has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.91% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Core Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;**AST Core Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;**AST Core Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;**AST Core Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;**AST Core Fixed Income Portfolio** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 3<sup>rd</sup> Quartile | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its benchmark index over the one-, five- and ten-year periods and underperformed its benchmark index over the three-year period.

● The Board noted that the Portfolio underwent a repositioning in September 2024 with a change in investment strategy and a new subadviser added to the Portfolio, and as a result, the Portfolio's performance prior to December 2024 was not attributable to the Portfolio's current subadvisers. In this regard, the Board noted that the Portfolio ranked in the second quartile for the quarter ended March 31, 2025, and considered the Manager's assertion that the new mix of subadvisers should be afforded more time to develop their own performance record.

------

● The Board noted that in connection with the Portfolio's repositioning in December 2024, the investment management fee for the Portfolio was reduced.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Government Money Market Portfolio** | &nbsp;&nbsp;&nbsp;**AST Government Money Market Portfolio** | &nbsp;&nbsp;&nbsp;**AST Government Money Market Portfolio** | &nbsp;&nbsp;&nbsp;**AST Government Money Market Portfolio** | &nbsp;&nbsp;&nbsp;**AST Government Money Market Portfolio** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile | 2<sup>nd</sup> Quartile | 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its benchmark index over all periods.

● The Board noted that the Manager had agreed to voluntarily waive a portion of its management fee to ensure that the 1-day annualized yield for the Portfolio (excluding capital gain or loss) does not fall below 0.00%.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Investment Grade Bond Portfolio** | &nbsp;&nbsp;&nbsp;**AST Investment Grade Bond Portfolio** | &nbsp;&nbsp;&nbsp;**AST Investment Grade Bond Portfolio** | &nbsp;&nbsp;&nbsp;**AST Investment Grade Bond Portfolio** | &nbsp;&nbsp;&nbsp;**AST Investment Grade Bond Portfolio** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 3<sup>rd</sup> Quartile | 2<sup>nd</sup> Quartile | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its performance benchmark index over all periods.

● The Board also noted that the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.99% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Multi-Sector Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;**AST Multi-Sector Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;**AST Multi-Sector Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;**AST Multi-Sector Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;**AST Multi-Sector Fixed Income Portfolio** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its custom benchmark index over all periods.

● The Board considered the Manager's assertion that the Portfolio's custom benchmark index provides a more appropriate basis for performance comparisons than the Portfolio's benchmark index or Peer Universe, because it more accurately represents the duration and credit profile of the Portfolio's assets.

● The Board noted that the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.7195% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Quantitative Modeling Portfolio** | &nbsp;&nbsp;&nbsp;**AST Quantitative Modeling Portfolio** | &nbsp;&nbsp;&nbsp;**AST Quantitative Modeling Portfolio** | &nbsp;&nbsp;&nbsp;**AST Quantitative Modeling Portfolio** | &nbsp;&nbsp;&nbsp;**AST Quantitative Modeling Portfolio** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 1<sup>st</sup> Quartile | 2<sup>nd</sup> Quartile | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio underperformed its custom benchmark index over all periods.

● The Board noted that the Portfolio ranked in the first quartile of the Lipper VP Flexible Portfolio Funds universe for the one-year period ended December 31, 2024.

● The Board noted that the Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Trust, each Portfolio and its beneficial shareholders.

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### June 30, 2025

---

| | |
|:---|:---|
| ![LOGO](g17556g01g02.jpg) | <br> **AST Balanced Asset Allocation Portfolio**<br>**AST Multi-Asset Diversified Portfolio (formerly,**<br>**AST Advanced Strategies Portfolio)**<br>**AST PGIM Aggressive Multi-Asset Portfolio**<br>**(formerly, AST Prudential Growth Allocation Portfolio)**<br>**AST Preservation Asset Allocation Portfolio** |

---

![LOGO](g17556g01g01.jpg)

------

Advanced Series Trust **Table of Contents** Financial Statements and Other Information June 30, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

---

| | | |
|:---|:---|:---|
| Section A | [Schedule of Investments, Financial Statements, and Financial Highlights](#edgar17556_8) |  |
|  | [Glossary](#edgar17556_1) | A1 |
|  | [AST Balanced Asset Allocation Portfolio](#edgar17556_2) | A3 |
|  | [AST Multi-Asset Diversified Portfolio](#edgar17556_3) | A74 |
|  | [AST PGIM Aggressive Multi-Asset Portfolio](#edgar17556_4) | A118 |
|  | [AST Preservation Asset Allocation Portfolio](#edgar17556_5) | A181 |
| Section B | [Notes to Financial Statements](#edgar17556_6) |  |

---

∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar17556_7)** 

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

------

<br> ***Glossary*** <br>

The following abbreviations are used in the Portfolios' descriptions:

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Renminbi

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

---

| | |
|:---|:---|
| EUR | Euro  |

---

GBP British Pound

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Nuevo Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwanese Dollar

USD US Dollar

ZAR South African Rand

144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers

A — Annual payment frequency for swaps

ADR — American Depositary Receipt

BABs — Build America Bonds

BARC — Barclays Bank PLC

BBR — New Zealand Bank Bill Rate

BBSW — Australian Bank Bill Swap Reference Rate

BMO — BMO Capital Markets

BNP — BNP Paribas S.A.

BNY — Bank of New York Mellon

BOA — Bank of America, N.A.

BOS — BofA Securities, Inc.

BROIS — Brazil Overnight Index Swap

BTP — Buoni del Tesoro Poliennali

BUBOR — Budapest Interbank Offered Rate

CA — Credit Agricole Securities Inc.

CDI — Chess Depository Interest

CDX — Credit Derivative Index

CIBOR — Copenhagen Interbank Offered Rate

CITI — Citibank, N.A.

CLO — Collateralized Loan Obligation

CLOIS — Sinacofi Chile Interbank Rate Average

CMBX — Commercial Mortgage-Backed Index

CME — Chicago Mercantile Exchange

CMT — Constant Maturity Treasury

COOIS — Colombia Overnight Interbank Reference Rate

CORRA — Canadian Overnight Repo Rate Average

CVA — Certificate Van Aandelen (Bearer)

DAC — Designated Activity Company

DB — Deutsche Bank AG

EAFE — Europe, Australasia, Far East

EMTN — Euro Medium Term Note

ETF — Exchange-Traded Fund

EURIBOR — Euro Interbank Offered Rate

EuroSTR — Euro Short-Term Rate

FHLMC — Federal Home Loan Mortgage Corporation

GDR — Global Depositary Receipt

GMTN — Global Medium Term Note

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

HSBC — HSBC Bank PLC

iBoxx — Bond Market Indices

IO — Interest Only (Principal amount represents notional)

JPM — JPMorgan Chase Bank N.A.

KLIBOR — Kuala Lumpur Interbank Offered Rate

KWCDC — Korean Won Certificate of Deposit

LIBOR — London Interbank Offered Rate

LME — London Metal Exchange

LP — Limited Partnership

M — Monthly payment frequency for swaps

MLC — Merrill Lynch Capital Services, Inc.

MLP — Master Limited Partnership

MPLE — Maple Bonds

MSC — Morgan Stanley & Co. LLC

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

<br> ***Glossary (CONTINUED)*** <br>

MSCI — Morgan Stanley Capital International

MSI — Morgan Stanley & Co International PLC

MTN — Medium Term Note

N/A — Not Applicable

NIBOR — Norwegian Interbank Offered Rate

NYSE — New York Stock Exchange

OAT — Obligations Assimilables du Tresor

OTC — Over-the-counter

PIK — Payment-in-Kind

PJSC — Public Joint-Stock Company

PO — Principal Only

PRFC — Preference Shares

PRI — Primary Rate Interface

PRIBOR — Prague Interbank Offered Rate

Q — Quarterly payment frequency for swaps

RBC — Royal Bank of Canada

RBOB — Reformulated Gasoline Blendstock for Oxygen Blending

REITs — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

RFUCCT — Refinitiv USD IBOR Consumer Cash Fallbacks Term

S — Semiannual payment frequency for swaps

S&P — Standard & Poor's

SARON — Swiss Average Rate Overnight

SCB — Standard Chartered Bank

SG — Societe Generale

SHIR — Shekel Overnight Interest Rate

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

SORA — Singapore Overnight Rate Average

SSB — State Street Bank & Trust Company

STIBOR — Stockholm Interbank Offered Rate

STRIPs — Separate Trading of Registered Interest and Principal of Securities

T — Swap payment upon termination

TAIBOR — Taiwan Interbank Offered Rate

TD — The Toronto-Dominion Bank

THOR — Thai Overnight Repurchase Rate

TIPS — Treasury Inflation-Protected Securities

TONAR — Tokyo Overnight Average Rate

UAG — UBS AG

UBS — UBS Securities LLC

ULSD — Ultra-Low Sulfur Diesel

USOIS — United States Overnight Index Swap

UTS — Unit Trust Security

WBC — Westpac Banking Corp.

WIBOR — Warsaw Interbank Offered Rate

WTI — West Texas Intermediate

XAMS — Amsterdam Stock Exchange

XETR — Frankfurt Stock Exchange

XJSE — Johannesburg Stock Exchange

XLON — London Stock Exchange

XNGS — NASDAQ Global Select Exchange

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 89.9%** | **LONG-TERM INVESTMENTS — 89.9%** | **LONG-TERM INVESTMENTS — 89.9%** |
|  **AFFILIATED MUTUAL FUNDS — 27.5%** | **AFFILIATED MUTUAL FUNDS — 27.5%** | **AFFILIATED MUTUAL FUNDS — 27.5%** |
|  **Domestic Equity — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 13806501 | $1391557244 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 9612409 | 529259264 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 4874904 | 381802464 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Natural Resources Fund | 416743 | 25221298 |
|  |  | 2327840270 |
|  **Fixed Income — 17.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 350561914 | 4034967626 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 13618122 | 102544458 |
|  |  | 4137512084 |
|  **International Equity — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund | 93712 | 1916417 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Emerging Markets Equity Opportunities Fund | 258754 | 4947370 |
|  |  | 6863787 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $5,830,592,447)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $5,830,592,447)(wa) | 6472216141 |
|  **COMMON STOCKS — 34.3%** | **COMMON STOCKS — 34.3%** |  |
|  **Aerospace & Defense — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 78223 | 16364310 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 66200 | 5715708 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 170747 | 4431378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 125771 | 26352798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 5100 | 2491605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA (France) | 2924 | 1033845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 2106 | 938084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 89160 | 5074096 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 63546 | 18533826 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 108641 | 27963107 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 13800 | 4526400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 80505 | 14984396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA (Norway) | 126400 | 4902037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 36496 | 2059355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\* | 29832 | 2570623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 29800 | 13801572 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 1393 | 618845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 47445 | 23721551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 8925 | 18900460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 971420 | 12873887 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp.(a) | 85070 | 12421921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 33562 | 1876562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 51184 | 16692341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 785600 | 4817053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 19636 | 5798012 |
|  |  | 249463772 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 111852 | 5180969 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 16434 | 3941766 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 59500 | 13524945 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Air Freight & Logistics (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 52200 | $5269068 |
|  |  | 27916748 |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 135200 | 1729533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 71500 | 4877730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 186951 | 6953496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG (Germany) | 17491 | 1526575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 21600 | 2051568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 161200 | 3456678 |
|  |  | 20595580 |
|  **Automobiles — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 384137 | 5981026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 19662 | 9632628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 740900 | 8038765 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 355075 | 17473241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 599500 | 5780891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 59000 | 747409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 48424 | 1797365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 159605 | 9298613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 346974 | 3475338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 36000 | 624110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 333300 | 4018342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 211143 | 67071685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 699600 | 12049205 |
|  |  | 145988618 |
|  **Banks — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 126491 | 3453957 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 1188424 | 9807887 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 355381 | 6815066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 593936 | 9145586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 1403308 | 11620622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 233023 | 4475922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 238989 | 4446521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 805978 | 38138879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 3172032 | 14657233 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 203160 | 18223799 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 1111500 | 4838629 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 1258985 | 10908867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 117100 | 9967552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc.(a) | 83200 | 1945216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 21920 | 690766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 156928 | 19099436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 108439 | 2051480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 84688 | 3458981 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 112010 | 3954186 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | 209829 | 5802733 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 21643 | 2185510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG (Austria) | 10052 | 855680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. (Hong Kong) | 55200 | 828341 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 2454107 | $29685348 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. (India), ADR(a) | 87469 | 2942457 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 770659 | 16891064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 1765666 | 10170960 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 232900 | 67520039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 6401804 | 6731616 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp.(a) | 24658 | 4783405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 1454000 | 19823243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizrahi Tefahot Bank Ltd. (Israel) | 9355 | 610244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 173300 | 4810795 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 141502 | 3667420 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 1209367 | 8493328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 514566 | 7634982 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 599167 | 8220571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 159900 | 2050448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 12015 | 1326576 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 184728 | 34436994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 467700 | 4319594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)^ | 192384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shizuoka Financial Group, Inc. (Japan) | 43500 | 506126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 91708 | 5246084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 269442 | 4458874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 472900 | 11908077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. (Japan) | 45500 | 1210183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 268598 | 3595799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 162270 | 4297937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 414659 | 17826190 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 439310 | 19878778 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 149652 | 10039162 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (Singapore) | 36700 | 1038746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 78900 | 4307940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 525599 | 42110992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 103806 | 2313475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 13750 | 1704725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 38500 | 1999690 |
|  |  | 553934711 |
|  **Beverages — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 140962 | 9698239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan) | 247200 | 3304357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S (Denmark) (Class B Stock) | 5263 | 745680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 444938 | 31479363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom)(a) | 54500 | 5053240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 71204 | 3719885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 188204 | 4745772 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Beverages (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc.(a) | 176000 | $5818560 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 53639 | 7082494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 9398 | 937463 |
|  |  | 72585053 |
|  **Biotechnology — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 208844 | 38765623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 20000 | 6521800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.(a) | 85901 | 23984418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 8605 | 4763581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 6141 | 3385042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 48500 | 6091115 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 37800 | 2077866 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 38975 | 6156516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 199400 | 8788555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 16284 | 3381673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 145500 | 16131585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 14500 | 2449630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 5857 | 3074925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 46019 | 1400595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 16344 | 7276349 |
|  |  | 134249273 |
|  **Broadline Retail — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 38587 | 4376152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 857451 | 188116175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 189300 | 5671428 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 27500 | 2047650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 106300 | 1239458 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 4535 | 11852812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 41787 | 7136968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 59000 | 2029309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 195245 | 10954515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. (Australia) | 11315 | 631460 |
|  |  | 234055927 |
|  **Building Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. (Japan)(a) | 46000 | 1349442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 23693 | 740730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 293010 | 21445402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 95946 | 11271280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. (Japan) | 2800 | 328674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Switzerland) | 6305 | 4965470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 249200 | 3438960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 105892 | 11184313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 43800 | 6023376 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 78180 | 3664476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 37151 | 16250219 |
|  |  | 80662342 |
|  **Capital Markets — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 128945 | 7297283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 16244 | 8669910 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 55165 | $| 4471443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock)(a) | 23171 |  | 4013217 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. (Australia) | 18772 |  | 861925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 251131 |  | 22880545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc.(a) | 2568 |  | 2694474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 49578 |  | 7415877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 99179 |  | 9049092 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 7400 |  | 2039588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 190700 |  | 1354357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 236342 |  | 7006461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (Germany) | 5962 |  | 1947723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (Netherlands), 144A | 38561 |  | 6607119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR | 26171 |  | 3234474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 35043 |  | 24801683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 188244 |  | 10124999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 20409 |  | 3672600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 65400 |  | 11998938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd.(a) | 554300 |  | 8741311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 304600 |  | 11830664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 13500 |  | 915770 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 9300 |  | 2077062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 198870 |  | 28012828 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 17300 |  | 9977602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 149500 |  | 13368290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 985500 |  | 6494152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 566 |  | 740513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc.(a) | 85600 |  | 13128472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 72000 |  | 6741360 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 40300 |  | 21249787 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 98600 |  | 3435731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 272200 |  | 3187252 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc.(a) | 17600 |  | 1698400 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. (Canada) | 52821 |  | 2238904 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 365488 |  | 12408965 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 110540 |  | 2232908 |
|  |  |  | 288621679 |
|  **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 41318 |  | 8519818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 25004 |  | 7052628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 694100 |  | 4941136 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE (Germany) | 15133 |  | 748471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 25700 |  | 1421981 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG (Switzerland) | 12797 |  | 1361411 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 189138 |  | 12972975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 16500 |  | 1231890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 46600 |  | 12555904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 38961 |  | 804879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 367 |  | 1779776 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 77242 |  | 2302996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 34527 |  | 16199378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 285200 |  | 1499018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. (Japan) | 33600 |  | 1271475 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Chemicals (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. (Japan) | 109800 | $| 2120400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 23675 |  | 1699791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 146400 |  | 2941176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 247789 |  | 3181726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 3600 |  | 1236096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 113800 |  | 3757902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA (Belgium) | 20408 |  | 706869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 64009 |  | 2362104 |
|  |  |  | 92669800 |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 269301 |  | 4159030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 31200 |  | 6953544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 142900 |  | 2169199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 5912 |  | 1457958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 90945 |  | 1361659 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 48000 |  | 1304017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 125200 |  | 12638940 |
|  |  |  | 30044347 |
|  **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 152440 |  | 15596136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 627900 |  | 43563702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 890428 |  | 4620100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 533006 |  | 4554709 |
|  |  |  | 68334647 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicios SA (Spain)(a) | 45405 |  | 3155993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 54914 |  | 2483470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 30894 |  | 4341017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 44265 |  | 2361215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 31200 |  | 813750 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 49100 |  | 8368113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 81676 |  | 1902610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 83268 |  | 12279564 |
|  |  |  | 35705732 |
|  **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 55747 |  | 2780851 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (XLON) | 63123 |  | 5826866 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (NYSE) | 136100 |  | 12493980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 20008 |  | 4711820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 67672 |  | 5025264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 3200 |  | 1756672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 39380 |  | 10271092 |
|  |  |  | 42866545 |
|  **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 52800 |  | 2056560 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 71125 |  | 22687452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 131752 |  | 28031556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 181063 |  | 12084145 |
|  |  |  | 64859713 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 81682 | $1152225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 288155 | 3951216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 32608 | 32279964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 44300 | 4387472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 530244 | 1399651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Finland) (Class B Stock) | 108289 | 2670858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 123881 | 5174070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 57200 | 4102956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 73432 | 357395 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 162900 | 3350939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. (Japan) | 67200 | 1081606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 133600 | 13179640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 1904535 | 10500698 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 136000 | 10473360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 528206 | 51647983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. (Australia) | 42500 | 870562 |
|  |  | 146580595 |
|  **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 7100 | 1245837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 94415 | 9722856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 9184 | 1730725 |
|  |  | 12699418 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 4250 | 915234 |
|  **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 410000 | 3472700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 2600 | 1066052 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 22400 | 1229536 |
|  |  | 5768288 |
|  **Diversified REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 16457 | 1043442 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 371652 | 1186526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 1525691 | 2213715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 549422 | 1941723 |
|  |  | 6385406 |
|  **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 1017996 | 29460804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 497877 | 18224091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 14952 | 831054 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\*^ | 51000 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 978398 | 4772812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA (France) | 361785 | 5509330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP (Belgium) | 124400 | 1213473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA (Norway) | 107824 | 1679057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 835908 | 3006615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 2457304 | 7835414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 229826 | 9944571 |
|  |  | 82477226 |
|  **Electric Utilities — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 42000 | 2539740 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 98500 | 10220360 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 152800 | $| 1890813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 21500 |  | 6939340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 1201849 |  | 11406395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 31716 |  | 2636234 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 58000 |  | 2335080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ (Finland) | 22547 |  | 422797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 710716 |  | 13672776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 252400 |  | 2993419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury NZ Ltd. (New Zealand) | 180815 |  | 662560 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 215037 |  | 14927869 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 105900 |  | 17005422 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 130000 |  | 5769400 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 237862 |  | 3315796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 155267 |  | 14258169 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC (United Kingdom) | 91994 |  | 2316422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 171650 |  | 1764728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 45742 |  | 3115030 |
|  |  |  | 118192350 |
|  **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 222255 |  | 13319484 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 6869 |  | 1243014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 77224 |  | 27568196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 45200 |  | 6026516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 43976 |  | 2025179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 57600 |  | 3030073 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 44618 |  | 23609615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 10043 |  | 1438258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 21946 |  | 2941390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 176800 |  | 3802787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. (Japan) | 74800 |  | 1453596 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 29700 |  | 2175525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 39200 |  | 13021064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 47430 |  | 12734239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 56000 |  | 1686160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 121742 |  | 14229317 |
|  |  |  | 130304413 |
|  **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 53700 |  | 5302875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 186485 |  | 9807246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 154571 |  | 6794033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB (Sweden) (Class B Stock) | 52750 |  | 531699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 18669 |  | 7464394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 13000 |  | 2130180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 145000 |  | 1741502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 10 |  | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 117700 |  | 1373860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 135400 |  | 4996260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. (Japan) | 32900 |  | 878886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 29200 |  | 9004112 |
|  |  |  | 50025548 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 319023 |  | 12231342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 262600 |  | 8875880 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 43678 | $| 1504270 |
|  |  |  | 22611492 |
|  **Entertainment — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. (Japan) | 35700 |  | 1219208 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA (Germany) | 20259 |  | 2519221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. (Japan) | 35200 |  | 5565182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 43079 |  | 57688381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 100876 |  | 9687106 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp. (Class A Stock)\* | 98649 |  | 10377875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 84447 |  | 13506453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 27362 |  | 20995957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV (Netherlands)(a) | 41641 |  | 1350857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 368570 |  | 45706366 |
|  |  |  | 168616606 |
|  **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 3807 |  | 6991698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 13390 |  | 1899639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 90330 |  | 1556676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 120901 |  | 58730079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 56784 |  | 1763740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo SE (France) | 11607 |  | 829816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 137699 |  | 11210076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 8008 |  | 291118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 125487 |  | 3718605 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 860549 |  | 3041799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 107480 |  | 60397311 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 216900 |  | 4894712 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 220400 |  | 16380128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 114336 |  | 5063941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 142449 |  | 50576517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. (Australia) | 29555 |  | 817065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise PLC (United Kingdom) (Class A Stock)\* | 120100 |  | 1715676 |
|  |  |  | 229878596 |
|  **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. (Japan) | 147600 |  | 4003380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Switzerland) | 23 |  | 387633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 503700 |  | 10310739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 32227 |  | 2636921 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 39000 |  | 2020590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 9344 |  | 1550637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 119100 |  | 3602775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 79700 |  | 10808914 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV (Netherlands) | 113927 |  | 3254276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 125000 |  | 3227500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock)(a) | 118651 |  | 8001823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 250727 |  | 24928876 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Food Products (cont'd.)** | **Food Products (cont'd.)** | **Food Products (cont'd.)** | **Food Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 4416500 | $| 4256588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. (China) | 775700 |  | 1750972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan) | 141600 |  | 3169723 |
|  |  |  | 83911347 |
|  **Gas Utilities — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 61100 |  | 5175781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 61100 |  | 1567211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 422215 |  | 2555960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 71000 |  | 2361609 |
|  |  |  | 11660561 |
|  **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 138100 |  | 3087169 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 312095 |  | 10183660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 26498 |  | 6782693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 22400 |  | 3561600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. (Japan) | 165754 |  | 1928826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 328130 |  | 30614529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 111077 |  | 25556596 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 96696 |  | 2210574 |
|  |  |  | 83925647 |
|  **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 263452 |  | 35832107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 10656 |  | 945006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 14954 |  | 2575826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 122200 |  | 13125502 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 193100 |  | 3066428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 107200 |  | 9357488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 63039 |  | 4930280 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 22011 |  | 6044057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 179146 |  | 3934893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 67700 |  | 8040195 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 3900 |  | 2091726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 17400 |  | 5466732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 16600 |  | 9020606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 213200 |  | 18584644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. (Japan) | 88800 |  | 1054795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A | 18269 |  | 1014192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 146879 |  | 2249341 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 22200 |  | 5332884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 22126 |  | 8753709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 72200 |  | 1325006 |
|  |  |  | 142745417 |
|  **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 87000 |  | 14616000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 7905 |  | 2370314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 146300 |  | 7941164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 65910 |  | 21788528 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 269347 |  | 18579556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc.(a) | 6800 |  | 2644928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 38638 |  | 4738178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 82227 |  | 4724367 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 28190 | $| 1418599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 15000 |  | 3667200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 7800 |  | 2047578 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 11400 |  | 8353692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.(a) | 11652 |  | 2093049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 215022 |  | 3795394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 50400 |  | 8870400 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 66455 |  | 20731966 |
|  |  |  | 128380913 |
|  **Health Care REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc.(a) | 296300 |  | 5188213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc.(a) | 84012 |  | 5305358 |
|  |  |  | 10493571 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. (Australia) | 11915 |  | 2229710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 21900 |  | 6306762 |
|  |  |  | 8536472 |
|  **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 38794 |  | 3277435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 54389 |  | 2330285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 4500 |  | 26051580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 94492 |  | 5305726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 378415 |  | 12817676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 72200 |  | 15737434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE (South Korea), 144A\* | 28964 |  | 786147 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 7200 |  | 1774872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc. (Class A Stock)\* | 18097 |  | 1237292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 46980 |  | 581877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 652897 |  | 2010791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (Sweden), 144A | 18780 |  | 1491566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 68000 |  | 11470240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 566000 |  | 2523001 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 19712 |  | 2253775 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\* | 27600 |  | 2705352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 21979 |  | 6004883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp.(a) | 32400 |  | 2342844 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 79209 |  | 23142494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. (Japan) | 129000 |  | 2971099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 27000 |  | 8454780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 20442 |  | 1258133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 109865 |  | 16279796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. (Japan) | 21400 |  | 1295264 |
|  |  |  | 154104342 |
|  **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC (United Kingdom) | 171025 |  | 1070957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 1132127 |  | 2863461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 16200 |  | 3381264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 343500 |  | 3675218 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 21600 |  | 2277936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 83200 |  | 1831177 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Household Durables (cont'd.)** | **Household Durables (cont'd.)** | **Household Durables (cont'd.)** | **Household Durables (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 684600 | $| 17799823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 17851 |  | 2037335 |
|  |  |  | 34937171 |
|  **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 143411 |  | 13036060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 148632 |  | 4115453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 7017 |  | 508910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 62100 |  | 8005932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 153925 |  | 24523331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 96709 |  | 6588494 |
|  |  |  | 56778180 |
|  **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 145000 |  | 1525400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 40000 |  | 1280000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. (New Zealand) | 406845 |  | 1464291 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 84181 |  | 3517772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 44859 |  | 8694123 |
|  |  |  | 16481586 |
|  **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 147308 |  | 22426170 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 137500 |  | 846681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 340400 |  | 9893506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 7135 |  | 1661599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. (Singapore) | 84000 |  | 490524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB (Sweden) (Class B Stock) | 9658 |  | 391408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 155900 |  | 2823455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 96023 |  | 24664295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC (United Kingdom) | 121224 |  | 3739076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 142500 |  | 1221525 |
|  |  |  | 68158239 |
|  **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 115000 |  | 1912450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group (Australia) | 78287 |  | 1764951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 241371 |  | 25372920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 316404 |  | 2961904 |
|  |  |  | 32012225 |
|  **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 98483 |  | 4422536 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 1208600 |  | 10948035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 33147 |  | 13452165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 67500 |  | 13588425 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 53100 |  | 4544829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock)(a) | 4700 |  | 1676772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 43785 |  | 14016454 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 81993 |  | 5448072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC (United Kingdom) | 160994 |  | 1368728 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 434972 |  | 21359318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 34174 |  | 3547945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 11200 |  | 1241744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 105213 |  | 30482310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 435800 | $3313216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 1344 | 2425961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 108300 | 6071298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE (Germany) | 2967 | 934941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. (Australia) | 258194 | 1534969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. (Japan) | 280800 | 2600831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. (Japan) | 21000 | 475445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 21200 | 1368248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 1813 | 3621214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 115986 | 25359179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Private Ltd. (Australia) | 487811 | 1619972 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 309588 | 24897067 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 69500 | 1553715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 21459 | 13934069 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 51079 | 3398751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 361497 | 3270511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 150803 | 3240132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 21600 | 1715688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 94911 | 25327949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 500269 | 6261492 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 757677 | 11667564 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 5493 | 1334250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ (Finland) (Class A Stock) | 153668 | 1653852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 100700 | 3034575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 25575 | 364486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Switzerland) | 879 | 889868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 22641 | 3916601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 44184 | 5728091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 91400 | 3873628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 26929 | 7204585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 179611 | 3557155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 28500 | 2301660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 13495 | 9442764 |
|  |  | 313991060 |
|  **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 636295 | 112134268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 357042 | 63335680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\* | 26776 | 368170 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 181700 | 669129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 234736 | 173256294 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 17184 | 2721239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 31488 | 4346882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 26779 | 1725521 |
|  |  | 358557183 |
|  **IT Services — 0.4%** | **IT Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 21217 | 6341549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 32300 | 2576248 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **IT Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 9663 | $1654658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 185600 | 14482368 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 85700 | 1310353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 164700 | 3995520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 22000 | 8892840 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 45717 | 13476457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 59700 | 2505012 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 296000 | 8635816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 16200 | 647958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 46800 | 1819822 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. (Japan) | 163300 | 4919851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 41703 | 4810441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 87700 | 19624629 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 42900 | 1437565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 19600 | 2437456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel)\* | 5700 | 903222 |
|  |  | 100471765 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 29400 | 1053673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 18188 | 1342638 |
|  |  | 2396311 |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 77182 | 15246532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 19140 | 1364018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 9845 | 7040784 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 61497 | 2962902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 5725 | 1369778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 28407 | 11517902 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc.(a) | 9000 | 1969200 |
|  |  | 41471116 |
|  **Machinery — 0.7%** | **Machinery — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB (Sweden) | 44104 | 1857600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 137720 | 13082023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 228001 | 5321757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 140046 | 1993217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 14771 | 5734250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 27200 | 5165008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 12800 | 4192000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 18200 | 468212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 40639 | 20664525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 49645 | 9096453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 26092 | 500250 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 84000 | 2280372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 138500 | 7250475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 19570 | 1020184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 72038 | 1659035 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 29734 | 2084356 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 37200 | 5834076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 181000 | 5971831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 10962 | 722185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 70700 | 2177416 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 142400 | 2082420 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Machinery (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 266400 | $6666497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 35200 | 3485504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.(a) | 31791 | 22205060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 85400 | 8767164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 95270 | 2187625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 1520 | 552196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) (Part. Cert.) | 6938 | 2583505 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 3700 | 1325941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 81610 | 2296311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 206505 | 4880614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 2014100 | 3514805 |
|  |  | 157622867 |
|  **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class A Stock) | 190 | 350543 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class B Stock)(a) | 1214 | 2257674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 71200 | 1008339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 53000 | 1770186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 63000 | 2266422 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 1036000 | 3321409 |
|  |  | 10974573 |
|  **Media — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\* | 4200 | 1717002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 670608 | 23933999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 32413 | 3660879 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 382977 | 2696537 |
|  |  | 32008417 |
|  **Metals & Mining — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada)(a) | 21911 | 2605875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 42597 | 1255670 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 82895 | 2632274 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 536845 | 12915201 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. (Australia) | 191835 | 2923285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 90715 | 2834795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 184287 | 959452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 380884 | 3828735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 294500 | 12766575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 1144062 | 4458001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 285728 | 2146501 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 138400 | 1609960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 49200 | 2866392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 185300 | 3504382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 148806 | 1838072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 16200 | 2098548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 33823 | 2394339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 127910 | 7444888 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 299156 | 571656 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Metals & Mining (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa)\* | 4949 | $| 217384 |
|  |  |  | 71871985 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 286000 |  | 3228940 |
|  **Multi-Utilities — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 144962 |  | 5325904 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 78803 |  | 5459472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 71132 |  | 4020381 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 72900 |  | 9656334 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 602668 |  | 11104543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 403444 |  | 9482065 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 601121 |  | 8823653 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 545328 |  | 21998531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 44900 |  | 3779682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. (Singapore) | 337100 |  | 1815988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 16100 |  | 1219897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 143150 |  | 5110724 |
|  |  |  | 87797174 |
|  **Office REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 52282 |  | 1570028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. (Japan) | 384 |  | 354578 |
|  |  |  | 1924606 |
|  **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 100573 |  | 2120397 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 712246 |  | 3548621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 330800 |  | 4501358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 49861 |  | 12142151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp.(a) | 248771 |  | 35621519 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 133195 |  | 11952919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 229000 |  | 7284490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 65585 |  | 2974021 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 656200 |  | 3252674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 114310 |  | 1846578 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 172714 |  | 20658322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 167664 |  | 4234196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 522333 |  | 56307497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan)(a) | 114500 |  | 1607256 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 9456 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 14000 |  | 2325540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 35100 |  | 1335555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 34000 |  | 4056200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain)(a) | 51038 |  | 746502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 1005833 |  | 35093065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 134296 |  | 9455781 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 273757 |  | 16732756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 51000 |  | 6855420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 370301 |  | 23258606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 54362 |  | 839725 |
|  |  |  | 268751149 |
|  **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 1060196 |  | 4994820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 1259322 |  | 8896572 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Passenger Airlines (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 31275 | $887137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. (Singapore) | 270900 | 1485820 |
|  |  | 16264349 |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 23781 | 10186675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 224689 | 13711929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 90967 | 5552384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR | 205706 | 12583036 |
|  |  | 42034024 |
|  **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 288000 | 2819795 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 157138 | 21868765 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 133793 | 9349455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 93655 | 2821571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 464964 | 21523184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 40400 | 2109600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. (Japan) | 78200 | 1811746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 849366 | 12128947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 70465 | 54929581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 51056 | 7421280 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 478000 | 9113772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 266221 | 1368278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 110624 | 3018821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA (France) | 8209 | 977838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 139101 | 21247678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 359713 | 28474881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (Germany) | 3290 | 426576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 220769 | 26796303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 252382 | 17488571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 64400 | 4845038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 45900 | 2275690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 478819 | 11606573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA (Italy) | 9150 | 575123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 87858 | 28678599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, ADR(a) | 48445 | 1974618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 24133 | 1322570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 184475 | 17859710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 63858 | 3084980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 59400 | 1069335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 241400 | 7452743 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 22293 | 4386322 |
|  |  | 330827943 |
|  **Professional Services — 0.2%** | **Professional Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 62976 | 19421798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 325500 | 1399650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 178612 | 4685722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.(a) | 24000 | 1268520 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Professional Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 95036 | $| 4900651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 33500 |  | 1474335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 11400 |  | 1498530 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 31500 |  | 1272600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 18400 |  | 3333896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 129800 |  | 7633102 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 75927 |  | 4115067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 16200 |  | 1824282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 9500 |  | 922710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 4000 |  | 1246000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV (Netherlands) | 8185 |  | 1368844 |
|  |  |  | 56365707 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 8300 |  | 904023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 69000 |  | 2371034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. (Hong Kong) | 123000 |  | 431976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. (Hong Kong) | 73700 |  | 425490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\*(a) | 29700 |  | 2004750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 46500 |  | 11893770 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc. (China), ADR | 93472 |  | 1658193 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 13229 |  | 1177533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 58900 |  | 1104205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 324500 |  | 3141511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 30700 |  | 1185614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 36000 |  | 414830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Switzerland) | 8880 |  | 1333103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 52410 |  | 1858112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 25000 |  | 1751250 |
|  |  |  | 31655394 |
|  **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 76500 |  | 2759355 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.(a) | 7834 |  | 1594219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 66105 |  | 7449372 |
|  |  |  | 11802946 |
|  **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 67417 |  | 2665621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 97500 |  | 5616975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 1332342 |  | 3129293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 1414877 |  | 2309738 |
|  |  |  | 13721627 |
|  **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 20400 |  | 2894760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 76000 |  | 5633959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 112021 |  | 26663238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 56100 |  | 10270227 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV (Netherlands) | 2835 |  | 1818589 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XAMS) | 37181 | $29794505 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 3684 | 2952321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 495730 | 136647974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Japan) | 9500 | 2814313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 146490 | 6251028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 168148 | 16367526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan)(a) | 8300 | 1112704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 64700 | 5007780 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. (Taiwan) | 54363 | 2329382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 29700 | 2089989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 84697 | 10438905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 6018 | 1706005 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 2260541 | 357142873 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 69244 | 15129122 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 111408 | 17742838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan) | 150000 | 1855715 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 29400 | 2390556 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 121089 | 3712830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 92434 | 20935377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 16200 | 1456704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 94207 | 19559257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 40000 | 7660378 |
|  |  | 712378855 |
|  **Software — 2.9%** | **Software — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 32511 | 12577856 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 52200 | 18274176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 23600 | 4792924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 36100 | 11175477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 10695 | 3295664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\* | 5900 | 1305375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 1020 | 3740087 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 24280 | 9879046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (France) | 30063 | 1089532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 18042 | 1405291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 94400 | 5211824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 176100 | 5177340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 45669 | 35970275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 766658 | 381343356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\*(a) | 5900 | 1855432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 10249 | 1737341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 28600 | 2186184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 219455 | 47979447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 7200 | 858172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 130900 | 17844288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 3600 | 2040624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 86576 | 1486753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 116955 | 31892459 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 114494 | 35009914 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 25795 | 26519324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (New Zealand)\* | 46793 | 5536981 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 149400 | $| 11650212 |
|  |  |  | 681835354 |
|  **Specialized REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 26903 |  | 5946101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 86100 |  | 8845053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 11295 |  | 1969058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 18900 |  | 15034383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 101853 |  | 4754498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 47500 |  | 4872075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 44298 |  | 12997919 |
|  |  |  | 54419087 |
|  **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 400 |  | 1484892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 54756 |  | 2982619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 107200 |  | 3211712 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 78800 |  | 5296148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 17600 |  | 5930496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 11400 |  | 3908651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 14400 |  | 1888992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 101400 |  | 2211534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 94537 |  | 34661046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 81138 |  | 4232706 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 1986447 |  | 2422422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 954736 |  | 3812831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 172060 |  | 38174952 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 148771 |  | 18371731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 18800 |  | 8795016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (Germany), 144A\* | 34109 |  | 1125506 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. (Japan) | 31600 |  | 341429 |
|  |  |  | 138852683 |
|  **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1416030 |  | 290526875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. (Japan) | 51700 |  | 1499493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 16575 |  | 2032095 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 72000 |  | 1559202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 161632 |  | 3305374 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 75000 |  | 1834500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 19869 |  | 1801810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 77130 |  | 3410814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC(a) | 31588 |  | 4559096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 1018425 |  | 7839568 |
|  |  |  | 318368827 |
|  **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 29869 |  | 6972318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 188000 |  | 7286880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 339100 |  | 8647180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 41834 |  | 5078768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 55112 |  | 10429002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\*(a) | 14800 |  | 1525436 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 3390 | $| 9189835 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 21783 |  | 11400786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 103283 |  | 5891419 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 23198 |  | 1647986 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 42329 |  | 2203225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 14987 |  | 2640640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 19238 |  | 5276599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 63600 |  | 5584716 |
|  |  |  | 83774790 |
|  **Tobacco — 0.3%** | **Tobacco — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 86900 |  | 5094947 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 100038 |  | 4756444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 213568 |  | 8438107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan)(a) | 100700 |  | 2966564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 224230 |  | 40839010 |
|  |  |  | 62095072 |
|  **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB (Sweden) (Class B Stock) | 22147 |  | 755026 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 30400 |  | 3556800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 28310 |  | 1815409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 25681 |  | 1549848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 14187 |  | 3106568 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 159000 |  | 8326038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 121600 |  | 2451243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 704900 |  | 14085230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 173100 |  | 3527774 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. (Japan) | 58700 |  | 1155560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 224700 |  | 5798771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 291000 |  | 6591513 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc.(a) | 6067 |  | 4570878 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 4900 |  | 5097176 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 65200 |  | 12075040 |
|  |  |  | 74462874 |
|  **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 159775 |  | 4264999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 97812 |  | 1888165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV (Mexico), ADR | 3076 |  | 706311 |
|  |  |  | 6859475 |
|  **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 52900 |  | 7358919 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 218192 |  | 3426218 |
|  |  |  | 10785137 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 378800 |  | 6504218 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 49300 |  | 3584407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 161885 |  | 2363103 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 66100 |  | 15748986 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom) | 3261074 | $| 3490822 |
|  |  |  | 31691536 |
|  **TOTAL COMMON STOCKS**<br> (cost $6,646,686,113) |  |  | 8078398156 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |  |  |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 3636 |  | 301955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 18859 |  | 1993650 |
|  |  |  | 2295605 |
|  **Household Products — 0.0%** | **Household Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 34812 |  | 2735652 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, Series A, 2.216%(c), U.S. Treasury 30-YR CMT + 0.840%, Maturing 05/01/29 | 1587 |  | 36977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, Series D, 2.134%(c), U.S. Treasury 30-YR CMT + 0.940%, Maturing 06/01/28 | 3538 |  | 82789 |
|  |  |  | 119766 |
|  **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 9468 |  | 2411479 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $7,565,710) |  |  | 7562502 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 4188492 |  | 144796168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 19139485 |  | 1282728285 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 266089 |  | 22213110 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 353642 |  | 219576318 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF | 1026514 |  | 101830189 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Gold Trust\* | 918800 |  | 57296368 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 403626 |  | 37383840 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 683996 |  | 61142402 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 464495 |  | 197215287 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 1260879 |  | 244900528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 2005376 |  | 410440306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF | 108089 |  | 8962740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | 718237 |  | 52883790 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $2,736,283,023) |  |  | 2841369331 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Units** | **Value** |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |  |  |
|  **Interactive Media & Services** | **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 50081 | 11118 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** |  |
|  **ASSET-BACKED SECURITIES — 5.7%** | **ASSET-BACKED SECURITIES — 5.7%** | **ASSET-BACKED SECURITIES — 5.7%** | **ASSET-BACKED SECURITIES — 5.7%** |
|  **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 700 | 715070 |
|  Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%(c) | 12/26/31 | 135 | 135696 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 08/15/28 | 500 | 502780 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 04/22/30 | 372 | 374356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 03/20/30 | 573 | 577384 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/27 | 640 | 628952 |
|  Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 04/15/29 CAD | 500 | 366103 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.740% | 04/15/33 | 1610 | 1594467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.110% | 05/15/34 | 1425 | 1374131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 08/15/35 | 2585 | 2622290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 02/15/36 | 400 | 415484 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 800 | 803409 |
|  Octane Receivables Trust, | Octane Receivables Trust, | Octane Receivables Trust, | Octane Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.680% | 05/20/30 | 406 | 408770 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | 09/14/27 | 71 | 70250 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 200 | 203422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/17/31 | 100 | 103506 |
|  World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440% | 11/15/27 | 300 | 296916 |
|  |  |  | 11192986 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations — 5.6%** | **Collateralized Loan Obligations — 5.6%** | **Collateralized Loan Obligations — 5.6%** |  |
|  AGL CLO Ltd. (United Kingdom), | AGL CLO Ltd. (United Kingdom), | AGL CLO Ltd. (United Kingdom), | AGL CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.639%(c) | 10/20/37 | 1800 | $1807200 |
|  AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%(c) | 01/20/38 | 5100 | 5112750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(c) | 01/22/38 | 3750 | 3753750 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.802%(c) | 07/22/37 | 13000 | 13056593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.686%(c) | 07/15/37 | 1750 | 1757124 |
|  Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.028%(c) | 04/25/34 | 2418 | 2849269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.986%(c) | 01/22/38 | 6700 | 7920854 |
|  Apidos CLO Ltd. (United Kingdom), | Apidos CLO Ltd. (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-44A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-44A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-44A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-44A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643%(c) | 10/26/37 | 3250 | 3261921 |
|  Aqueduct European CLO DAC (Ireland), | Aqueduct European CLO DAC (Ireland), | Aqueduct European CLO DAC (Ireland), | Aqueduct European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%(c) | 01/18/39 | 27000 | 31773068 |
|  Ares CLO Ltd. (Cayman Islands), | Ares CLO Ltd. (Cayman Islands), | Ares CLO Ltd. (Cayman Islands), | Ares CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class BR2, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class BR2, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class BR2, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class BR2, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(c) | 01/25/38 | 23800 | 23836711 |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.049%(c) | 04/15/32 | 5639 | 6628749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.667%(c) | 04/15/38 | 986 | 1159136 |
|  Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.334%(c) | 04/15/39 | 1235 | 1453702 |
|  Aurium CLO DAC (Ireland), | Aurium CLO DAC (Ireland), | Aurium CLO DAC (Ireland), | Aurium CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.944%(c) | 06/22/34 | 5000 | 5872081 |
|  Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589%(c) | 04/18/35 | 15000 | 15045762 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.779%(c) | 07/20/37 | 24000 | $24099346 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.609%(c) | 01/20/38 | 5000 | 5017227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.009%(c) | 01/20/38 | 10000 | 10018724 |
|  Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.687%(c) | 04/24/34 | 12500 | 12525412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010%(c) | 07/15/34 | 4200 | 4200000 |
|  Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%(c) | 01/17/38 | 5000 | 5014140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.688%(c) | 10/15/34 | 17575 | 17603596 |
|  BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681%(c) | 04/19/34 | 2500 | 2504922 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(c) | 04/15/31 | 2925 | 3436124 |
|  Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.701%(c) | 07/20/34 | 4000 | 4006180 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269%(c) | 10/15/35 | 12510 | 14706902 |
|  Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1A, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1A, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1A, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1A, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.594%(c) | 07/27/31 | 1156 | 1156064 |
|  Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.017%(c) | 01/25/37 | 15500 | 15531205 |
|  CarVal CLO Ltd. (Cayman Islands), | CarVal CLO Ltd. (Cayman Islands), | CarVal CLO Ltd. (Cayman Islands), | CarVal CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 | 3500 | 3503342 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 01/20/35 | 1840 | 1843140 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 | 3519 | $3522496 |
|  CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.658%(c) | 01/15/35 | 3940 | 3949614 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.172%(c) | 01/25/37 | 14000 | 14067026 |
|  Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(c) | 10/20/31 | 567 | 567566 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.129%(c) | 07/15/34 | 5000 | 5869136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.910%(c) | 05/22/32 | 1671 | 1965817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%(c) | 08/26/32 | 9015 | 10601416 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.683%(c) | 01/25/38 | 35000 | 35104741 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.619%(c) | 10/20/37 | 30500 | 30599125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640%(c) | 10/17/37 | 3250 | 3261810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%(c) | 01/17/38 | 3750 | 3762667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%(c) | 04/17/37 | 25000 | 25090005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.516%(c) | 03/22/38 | 18000 | 18026415 |
|  Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659%(c) | 10/20/37 | 10000 | 10041150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.637%(c) | 07/20/38 | 4500 | 4506458 |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.892%(c) | 04/22/37 | 20000 | 20076502 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.679%(c) | 10/20/37 | 2335 | $2344314 |
|  Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.528%(c) | 04/15/31 | 995 | 994816 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(c) | 04/15/34 | 2930 | 2935189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%(c) | 10/20/31 | 831 | 831371 |
|  Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.058%(c) | 04/25/34 | 1465 | 1721383 |
|  Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | 10/15/30 | 6396 | 6395707 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.684%(c) | 10/19/38 | 39000 | 45918486 |
|  ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 10/26/34 | 1000 | 1000725 |
|  ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.591%(c) | 04/21/31 | 219 | 218824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%(c) | 04/17/34 | 35000 | 35079744 |
|  Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.780% (Cap N/A, Floor 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.780% (Cap N/A, Floor 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.780% (Cap N/A, Floor 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.780% (Cap N/A, Floor 1.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.059%(c) | 10/15/37 | 7000 | 8294751 |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.929%(c) | 07/15/31 | 2605 | 3060343 |
|  Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%(c) | 04/22/37 | 705 | 707749 |
|  Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.309%(c) | 10/20/34 | 5000 | 5000022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A2RR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A2RR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A2RR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A2RR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%(c) | 10/20/34 | 37850 | 37782479 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 18, Class AR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 18, Class AR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 18, Class AR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 18, Class AR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.471%(c) | 07/18/30 | 126 | $126290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.641%(c) | 01/15/38 | 23500 | 23568573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.569%(c) | 10/20/34 | 1020 | 1020646 |
|  LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.701%(c) | 10/20/34 | 16750 | 16781441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 42A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 42A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 42A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 42A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.636%(c) | 01/15/38 | 10500 | 10548133 |
|  Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16A, Class A, 144A, 3 Month EURIBOR + 0.790% (Cap N/A, Floor 0.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 16A, Class A, 144A, 3 Month EURIBOR + 0.790% (Cap N/A, Floor 0.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 16A, Class A, 144A, 3 Month EURIBOR + 0.790% (Cap N/A, Floor 0.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 16A, Class A, 144A, 3 Month EURIBOR + 0.790% (Cap N/A, Floor 0.790%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.069%(c) | 05/25/34 | 3000 | 3521209 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.598%(c) | 10/15/32 | 2717 | 2722398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(c) | 04/15/37 | 3360 | 3371760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%(c) | 04/18/37 | 29750 | 29869657 |
|  Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%(c) | 04/20/37 | 2550 | 2558571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.621%(c) | 01/25/38 | 20500 | 20557277 |
|  MidOcean Credit CLO (Cayman Islands), | MidOcean Credit CLO (Cayman Islands), | MidOcean Credit CLO (Cayman Islands), | MidOcean Credit CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589%(c) | 10/23/34 | 13000 | 13033943 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(c) | 10/12/30 | 910 | 910761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638%(c) | 07/15/31 | 625 | 625398 |
|  Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.726%(c) | 07/20/38 | 17500 | 20766033 |
|  Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629%(c) | 10/19/38 | 54750 | 54941625 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.369%(c) | 07/20/37 | 9500 | $9545133 |
|  Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.719%(c) | 07/19/37 | 15000 | 15056319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.558%(c) | 11/13/31 | 1141 | 1143089 |
|  OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.624%(c) | 04/26/31 | 424 | 424272 |
|  OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.609%(c) | 01/20/38 | 33250 | 33358751 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410%(c) | 04/17/31 | 6571 | 6571929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(c) | 04/15/31 | 312 | 312288 |
|  Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371%(c) | 05/21/34 | 35250 | 35203223 |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month EURIBOR + 2.500% (Cap N/A, Floor 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month EURIBOR + 2.500% (Cap N/A, Floor 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month EURIBOR + 2.500% (Cap N/A, Floor 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month EURIBOR + 2.500% (Cap N/A, Floor 2.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.779%(c) | 01/15/38 | 10000 | 11784635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(c) | 10/15/39 | 39000 | 45871140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.294%(c) | 07/15/38 | 1189 | 1401015 |
|  Palmer Square Loan Funding Ltd. (Cayman Islands), | Palmer Square Loan Funding Ltd. (Cayman Islands), | Palmer Square Loan Funding Ltd. (Cayman Islands), | Palmer Square Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.062% (Cap N/A, Floor 1.062%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.062% (Cap N/A, Floor 1.062%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.062% (Cap N/A, Floor 1.062%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.062% (Cap N/A, Floor 1.062%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318%(c) | 10/15/29 | 25 | 25061 |
|  Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.381%(c) | 07/20/34 | 810 | 815746 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.698%(c) | 10/15/34 | 7500 | 7508041 |
|  Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.513%(c) | 10/17/38 | 4000 | 4717966 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.668%(c) | 07/15/31 | 634 | $634460 |
|  Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.447%(c) | 04/25/38 | 895 | 1053447 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.636%(c) | 09/06/37 | 30000 | 30122739 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 10/20/31 | 2044 | 2047161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.359%(c) | 01/20/36 | 38750 | 38774959 |
|  Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.429%(c) | 10/25/27 | 2020 | 2383704 |
|  RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.529%(c) | 04/15/40 | 1250 | 1471693 |
|  Sculptor CLOI Ltd. (Cayman Islands), | Sculptor CLOI Ltd. (Cayman Islands), | Sculptor CLOI Ltd. (Cayman Islands), | Sculptor CLOI Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class B1R, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class B1R, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class B1R, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class B1R, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.869%(c) | 01/20/35 | 20000 | 19879824 |
|  Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14A, Class A, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14A, Class A, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14A, Class A, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14A, Class A, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590%(c) | 01/22/38 | 7500 | 7521150 |
|  Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.693%(c) | 02/15/37 | 35000 | 41328426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690%(c) | 04/20/38 | 12500 | 14723240 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.614%(c) | 01/26/31 | 288 | 288313 |
|  St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.113%(c) | 01/17/32 | 5296 | 6223757 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.988%(c) | 04/25/30 | 960 | 1128217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.811%(c) | 02/20/30 | 5616 | 6603727 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%(c) | 10/15/31 | 1906 | $1908357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.482%(c) | 04/16/31 | 240 | 239808 |
|  TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319%(c) | 04/20/34 | 20250 | 20241687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629%(c) | 01/20/38 | 12500 | 12537419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.723%(c) | 07/25/34 | 2930 | 2933510 |
|  THL Credit Wind River CLO Ltd. (Cayman Islands), | THL Credit Wind River CLO Ltd. (Cayman Islands), | THL Credit Wind River CLO Ltd. (Cayman Islands), | THL Credit Wind River CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%(c) | 07/15/30 | 165 | 165165 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.512%(c) | 10/15/38 | 37500 | 44221897 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.929%(c) | 04/15/37 | 15000 | 17711854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.609%(c) | 04/15/38 | 25000 | 29257304 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%(c) | 01/20/37 | 35000 | 34981436 |
|  Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.612%(c) | 01/25/34 | 3065 | 3068166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.469%(c) | 01/20/32 | 246 | 246362 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.582%(c) | 04/25/37 | 8250 | 8315489 |
|  Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.631%(c) | 07/18/31 | 2961 | 2963769 |
|  Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.621%(c) | 10/17/32 | 440 | 441001 |
|  |  |  | 1325833205 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 | 255 | $244366 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 300 | 292487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/14/38 | 1500 | 1546215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490% | 06/14/38 | 300 | 311632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 200 | 206116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 200 | 205871 |
|  |  |  | 2806687 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%(c) | 03/15/32 | 1100 | 1520164 |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 05/25/34 | 22 | 20415 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.934%(c) | 03/25/43 | 10 | 10424 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.002%(c) | 03/20/54 | 25 | 24975 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 08/25/33 | 17 | 17871 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 750 | 759594 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 69 | 69699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 68 | 68778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | 05/25/64 | 227 | 229353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(cc) | 09/25/64 | 414 | 411616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 630 | 627643 |
|  |  |  | 2240368 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/30 | 1200 | $1127969 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034%(c) | 02/25/34 | 5 | 4704 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(c) | 10/25/34 | 12 | 11394 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | 11/25/34 | — (r) | 338 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.279%(c) | 01/25/35 | 11 | 10760 |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.253%(c) | 09/25/34 | 41 | 42637 |
|  |  |  | 69833 |
|  **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** |
|  Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730% | 10/25/48 | 2 | 2068 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 52 | 49236 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 92 | 88721 |
|  |  |  | 140025 |
|  **TOTAL ASSET-BACKED SECURITIES**<br>(cost $1,311,246,615) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $1,311,246,615) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $1,311,246,615) | 1344931237 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | 07/15/60 | 108 | 105302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 08/15/61 | 430 | 422436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 526 | 491987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438% | 06/15/63 | 230 | 198327 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 1980 | 2028916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR8, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR8, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR8, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR8, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% | 08/15/57 | 3360 | 3505677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 5730 | 5964147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.452% | 06/15/30 | 9250 | 9517905 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 334 | 314314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.014% | 07/15/57 | 360 | 376897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.208% | 09/15/57 | 700 | 713885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659% | 05/15/58 | 3630 | 3785901 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | 04/15/54 | 2955 | 2638609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | 08/15/57 | 1600 | 1654306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277% | 09/15/57 | 1300 | 1330120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.909%(cc) | 11/15/57 | 3610 | 3784289 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%(c) | 06/15/42 | 1800 | 1801125 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739% | 02/15/57 | 760 | 785273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857% | 02/15/57 | 6145 | 6407810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | 09/15/57 | 4085 | 4181703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669% | 07/15/58 | 9400 | 9787663 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.126%(c) | 09/15/38 | 300 | 298137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.776%(c) | 09/15/38 | 600 | 596274 |
|  BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.656%(c) | 11/15/41 CAD | 900 | 668803 |
|  BXMT Ltd., | BXMT Ltd., | BXMT Ltd., | BXMT Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.953%(c) | 10/18/42 | 800 | 794079 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% | 11/15/52 | 1036 | 969704 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 345 | 335900 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 916 | 849145 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 11/10/49 | 370 | 364237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 334 | 328699 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | 10/12/50 | 312 | 304846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | 08/10/56 | 385 | 358443 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521% | 10/10/48 | 259 | 258545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 450 | 442488 |
|  CONE Trust, | CONE Trust, | CONE Trust, | CONE Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.953%(c) | 08/15/41 | 1275 | 1270203 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 09/15/37 | 130 | 119925 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | 11/15/50 | 295 | 287828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 08/15/51 | 270 | 265893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | 09/15/52 | 145 | 134865 |
|  Deco DAC (United Kingdom), | Deco DAC (United Kingdom), | Deco DAC (United Kingdom), | Deco DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.265%(c) | 08/07/30 | 416 | 571473 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 305 | 300128 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.745%(cc) | 11/25/25 | 5469 | 7886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.464%(cc) | 03/25/26 | 2845 | 19931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.214%(cc) | 07/25/29 | 1543 | 57311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.828%(cc) | 07/25/31 | 22673 | 829321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%(cc) | 07/25/26 | 81 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.645%(cc) | 12/25/27 | 212 | 2439 |
|  FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.340%(cc) | 05/25/52 | 700 | 688420 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.526%(c) | 10/15/36 | 350 | 347812 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.976%(c) | 10/15/36 | 580 | $569916 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | 09/10/52 | 850 | 791752 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | 07/05/33 | 647 | 612224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.295%(cc) | 07/05/33 | 1000 | 11339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.204%(c) | 03/15/39 | 400 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.654%(c) | 03/15/39 | 1100 | 1100000 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.596% | 12/15/49 | 190 | 185574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | 07/15/52 | 64 | 60480 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | 09/15/54 | 195 | 177528 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%(c) | 03/15/36 | 150 | 140770 |
|  RLGH Trust, | RLGH Trust, | RLGH Trust, | RLGH Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.226%(c) | 04/15/36 | 105 | 104712 |
|  Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.337%(c) | 08/17/31 | 1215 | 1669665 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 440 | 433708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | 04/15/52 | 385 | 367004 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 324 | 316990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | 11/15/50 | 575 | 562156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% | 06/15/51 | 1469 | 1451161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 347 | 344423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | 08/15/52 | 245 | 229234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626% | 04/15/54 | 140 | 124197 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.626%(c) | 05/15/31 | 388 | $386094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | 07/15/57 | 1800 | 1878089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.920%(cc) | 11/15/57 | 3715 | 3890836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.096% | 01/15/58 | 2500 | 2639784 |
|  WHARF Commercial Mortgage Trust, | WHARF Commercial Mortgage Trust, | WHARF Commercial Mortgage Trust, | WHARF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.349%(cc) | 07/15/40 | 166 | 169229 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $90,303,234) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $90,303,234) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $90,303,234) | 89886987 |
|  **CORPORATE BONDS — 4.5%** | **CORPORATE BONDS — 4.5%** | **CORPORATE BONDS — 4.5%** | **CORPORATE BONDS — 4.5%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/28 | 260 | 252185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/01/31 | 1525 | 1436760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | 05/01/27 | 1190 | 1198955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388% | 05/01/31 | 635 | 682951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.528% | 05/01/34 | 490 | 532857 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 3375 | 3388567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/33 | 335 | 347144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/15/26 | 41 | 40973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 | 125 | 130985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 04/15/27 | 390 | 392453 |
|  General Electric Co., | General Electric Co., | General Electric Co., | General Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 09/19/35 | 240 | 295260 |
|  TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/01/32 | 1330 | 1377543 |
|  |  |  | 10076633 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 06/15/31 | 1062 | 1230767 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | 03/25/28 | 191 | 180523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | 08/02/30 | 113 | 121441 |
|  British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | 09/27/26(oo) | 1100 | 1286545 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 1625 | 1683437 |
|  |  |  | 4502713 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines 2016-3 Class A Pass Through Trust, Pass-Through Certificates | American Airlines 2016-3 Class A Pass Through Trust, Pass-Through Certificates | American Airlines 2016-3 Class A Pass Through Trust, Pass-Through Certificates | American Airlines 2016-3 Class A Pass Through Trust, Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 04/15/30 | 90 | $84048 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/26 | 26 | 26667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29 | 1835 | 1831293 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 490 | 489089 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 2378 | 2361095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 507 | 492273 |
|  |  |  | 5284465 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Kontoor Brands, Inc., | Kontoor Brands, Inc., | Kontoor Brands, Inc., | Kontoor Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/15/29 | 979 | 921676 |
|  William Carter Co. (The), | William Carter Co. (The), | William Carter Co. (The), | William Carter Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 03/15/27 | 1145 | 1137894 |
|  Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/29 | 160 | 143395 |
|  |  |  | 2202965 |
|  **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 06/27/28 | 800 | 943143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/27/31 | 2500 | 2941352 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 700 | 590243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 15 | 11539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/01/28 | 420 | 441070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | 04/22/30 | 740 | 851670 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 | 200 | 187560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 500 | 456240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/28/27 | 630 | 625970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 600 | 604725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/07/29 | 1600 | 1605013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798% | 11/07/28 | 385 | 398950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 05/12/28 | 355 | 366943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | 06/10/30 | 311 | 327101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066% | 08/21/30 | 1500 | 1758498 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/06/29 | 1955 | 1952565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 01/07/30 | 2850 | 2883259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 07/15/29 | 930 | 949866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 | 395 | 399308 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 04/06/30 | 620 | 640595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 10/10/25 | 255 | 255755 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/26/29 | 1145 | 1135227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/01/27 | 1040 | 1044776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/30/28(a) | 775 | 794028 |
|  Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 04/13/27 | 300 | 401294 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 06/17/29(oo) | 1800 | 2032762 |
|  Volkswagen Leasing GmbH (Germany), | Volkswagen Leasing GmbH (Germany), | Volkswagen Leasing GmbH (Germany), | Volkswagen Leasing GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/19/29 | 390 | 417871 |
|  |  |  | 25017323 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/27(a) | 711 | 710065 |
|  Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 09/13/29 | 460 | 457753 |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 275 | 285362 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 06/15/28 | 650 | 651625 |
|  Forvia SE (France), | Forvia SE (France), | Forvia SE (France), | Forvia SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 06/15/30 | 270 | 316854 |
|  IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/29 | 260 | 319611 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 600 | 618711 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 9765 | 9655901 |
|  |  |  | 13015882 |
|  **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
|  ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.575%(ff) | 10/13/26 | 900 | 904637 |
|  Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/17/34 | 700 | 808898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 06/29/29 | 800 | 858961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 05/25/30 | 300 | 317022 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 11/02/31 | 3500 | $532264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/27/30 | 25720 | 3951136 |
|  AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 10/30/29(oo) | 690 | 853750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%(ff) | 07/23/29 | 220 | 272407 |
|  Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.101%(ff) | 02/03/33 | 2800 | 3452388 |
|  Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/23/29 | 2330 | 2837363 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%(ff) | 03/19/29(oo) | 690 | 759000 |
|  Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(ff) | 09/13/30 | 300 | 370743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/08/29 | 800 | 1017834 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | 11/21/28(oo) | 490 | 540212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565% | 01/17/30 | 4800 | 4977093 |
|  Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/31 | 1400 | 1693730 |
|  Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/30/28 | 200 | 228626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/30 | 200 | 224824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/22/33 | 260 | 261362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 10/13/28 | 200 | 217040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/13/35 | 500 | 587697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/08/27 | 300 | 364888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/13/32 | 800 | 967945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/18/37 | 400 | 473974 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 1759 | 1548338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%(ff) | 01/23/35 | 1160 | 1191610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%(ff) | 09/15/29(a) | 1822 | 1899261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.933%(ff) | 09/15/27 | 305 | 310324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 7085 | 6222746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | 06/14/29 | 1050 | 984229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | 02/13/31 | 1670 | 1525636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 | 259 | 236949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(ff) | 02/12/36 | 3605 | 3662102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425%(ff) | 08/15/35 | 570 | 569684 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/10/30(oo) | 710 | $856036 |
|  Bank of Queensland Ltd. (Australia), | Bank of Queensland Ltd. (Australia), | Bank of Queensland Ltd. (Australia), | Bank of Queensland Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 07/30/29 | 1630 | 1966831 |
|  Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 02/04/33 | 900 | 1061749 |
|  Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 06/16/32 | 600 | 717464 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.090%(ff) | 11/06/29 | 600 | 875888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/17/33 | 160 | 189074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%(ff) | 03/22/31 | 600 | 696847 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 08/16/29(a)(oo) | 1175 | 1233750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 | 1180 | 1202158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%(ff) | 01/13/31 | 1675 | 1552568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%(ff) | 01/23/27 | 2100 | 2470083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%(ff) | 01/09/30 | 620 | 632564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.906%(ff) | 11/19/35 | 915 | 922265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(ff) | 03/31/32 | 800 | 934044 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.652%(ff) | 10/06/26 | 1508 | 1495725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.716%(ff) | 01/18/30 | 2920 | 3004051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 | 2690 | 2782576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.612%(ff) | 10/19/27 | 505 | 516910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 | 740 | 782567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.003%(ff) | 10/19/34 | 410 | 450063 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%(ff) | 01/18/29 | 1680 | 1745825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%(ff) | 09/13/27 | 2155 | 2205567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | 03/15/30 | 700 | 723202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 11/14/30 | 300 | 386713 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 | 1500 | 1514234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 6800 | 7062610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/12/31 | 800 | 977749 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 12/10/25(oo) | 675 | $670085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 02/18/26(oo) | 850 | 838927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 06/03/31 | 90 | 81613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | 11/05/30 | 2170 | 2029763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%(ff) | 03/31/31 | 1210 | 1196797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 | 800 | 796052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 | 2175 | 2218400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 | 210 | 214652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 370 | 370237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 155 | 158005 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | 01/30/30 | 343 | 351272 |
|  Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 07/16/32 | 1300 | 1570537 |
|  Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/14/26 | 400 | 259036 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(ff) | 09/23/34(a)(oo) | 250 | 243750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 09/23/29(oo) | 700 | 865793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/09/29 | 5030 | 5112799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.316%(ff) | 10/03/29 | 740 | 776646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.631%(ff) | 09/11/28 | 740 | 740228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 04/20/28 | 200 | 222161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 03/05/29 | 600 | 678923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 11/28/34 | 200 | 242752 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(ff) | 10/02/30 | 1085 | 1079222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 2940 | 3046455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(ff) | 11/09/28 | 300 | 368517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(ff) | 06/21/30 | 250 | 314171 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 585 | 567687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | 09/11/30 | 1120 | 1126805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.819%(ff) | 11/20/29 | 680 | 724577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%(ff) | 02/17/27 | 2100 | 2448117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(ff) | 02/13/31 | 1100 | 1297038 |
|  Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 02/26/30 | 2080 | 1266000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/09/28 | AUD | 250 | $165758 |
|  Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%(ff) | 07/27/29 |  | 900 | 947698 |
|  First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/16/26 | EUR | 1000 | 1159032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/02/25 | CNH | 2200 | 307338 |
|  Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 10/01/28(x) |  | 350 | 376367 |
|  Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(ff) | 05/21/27 |  | 1300 | 1310637 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | 11/10/26(oo) |  | 825 | 809689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948%(ff) | 10/21/27 |  | 2586 | 2504705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | 01/27/32 |  | 2155 | 1865569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%(ff) | 03/15/28 |  | 1615 | 1593310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.691%(ff) | 06/05/28 |  | 2010 | 1982176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 |  | 120 | 118032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%(ff) | 05/01/29 |  | 210 | 208822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%(ff) | 08/23/28 |  | 745 | 745900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 |  | 4765 | 4778964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | 10/23/35 |  | 2105 | 2079582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 |  | 250 | 254006 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%(ff) | 08/17/29 |  | 615 | 572081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | 07/22/28 | GBP | 1385 | 1832300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 11/19/28 |  | 600 | 606976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(ff) | 03/04/30 |  | 600 | 617151 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | 11/16/26(a)(oo) |  | 770 | 763263 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/30/28(oo) | EUR | 700 | 856476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(ff) | 09/16/32 | EUR | 2300 | 2758751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 |  | 600 | 649581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/23/29 |  | 1610 | 1567268 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 |  | 60 | 52052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 |  | 1230 | 1154347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522%(ff) | 04/22/31 |  | 4112 | 3758113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 |  | 415 | 365319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | 04/22/32 |  | 182 | 162543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 |  | 1449 | 1350723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.109%(ff) | 04/22/41 |  | 1740 | 1330924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.702%(ff) | 05/06/30 |  | 311 | 302778 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%(ff) | 10/22/30 | 3680 | $3692882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.851%(ff) | 07/25/28 | 425 | 429397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%(ff) | 10/22/35 | 1140 | 1128233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(ff) | 01/23/28 | 770 | 778264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%(ff) | 07/22/35 | 375 | 381772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%(ff) | 05/13/31(a) | 2042 | 1887562 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 | 600 | 605907 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 10/01/29 | 480 | 443084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.789%(ff) | 06/01/33 | 210 | 204677 |
|  Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(ff) | 03/25/26(oo) | 630 | 620235 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 09/27/31(a)(oo) | 495 | 483863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 05/14/32 | 185 | 223608 |
|  MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/29/28 | 1000 | 1030830 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.197%(ff) | 01/16/31 | 2550 | 2608818 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.422%(ff) | 05/13/36(a) | 2000 | 2023327 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.406%(ff) | 10/29/27 | 925 | 1061274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.495%(ff) | 10/26/29 | 590 | 644291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 2955 | 2961104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%(ff) | 02/01/29 | 1915 | 1948427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(ff) | 01/16/30 | 1910 | 1950248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 550 | 563974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%(ff) | 07/19/35 | 190 | 192300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 580 | 596415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587%(ff) | 01/18/36 | 2590 | 2663082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 04/02/32 | 200 | 139000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 1340 | 1235025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 270 | 236550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 430 | 383751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 | 240 | 244195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 | 131 | 134244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.831%(ff) | 04/19/35 | 65 | 68138 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(ff) | 05/26/28 | 1000 | 1021200 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 02/05/31 | 3500 | $4198149 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 12/29/25(oo) | 760 | 757491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 05/18/29 | 1430 | 1443075 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 460 | 461127 |
|  QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/28 | 450 | 298790 |
|  Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/12/31 | 3500 | 4190934 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 1000 | 879583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | 01/19/28 | 1032 | 1046238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 04/13/29 | 2805 | 2855302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%(ff) | 11/24/30 | 2100 | 2451382 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.456%(ff) | 01/14/27 | 990 | 973477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608%(ff) | 01/12/28 | 1100 | 1067423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30(a) | 1100 | 1108129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%(ff) | 01/21/29 | 400 | 408004 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | 04/15/30 | 2000 | 2056438 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666% | 09/08/31 | 1000 | 1229603 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.887%(ff) | 06/07/29 | 330 | 307045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(ff) | 01/26/34 | 90 | 89959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(ff) | 01/24/35 | 60 | 62171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(ff) | 06/08/34 | 100 | 104415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.123%(ff) | 10/28/33 | 120 | 127361 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.009%(ff) | 05/21/32 | 3350 | 4064674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(ff) | 01/23/30 | 360 | 370753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 40 | 41541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 | 285 | 299302 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/28(oo) | 700 | 763000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 03/01/29 | 2660 | 3527701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.305%(ff) | 02/02/27 | 425 | 417097 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%(ff) | 01/30/27 | 1035 | 1015740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 1000 | 907289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 01/18/33 | 355 | 340601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%(ff) | 01/14/28 | 1220 | 1396858 |
|  UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 06/21/31 | 2440 | 2918403 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 12/03/31(oo) | 400 | 495403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%(ff) | 09/22/26 | 1545 | 1536628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%(ff) | 06/03/32 | 620 | 561164 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 | 1325 | 1330437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 450 | 461624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | 01/23/35 | 160 | 164133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.303%(ff) | 10/23/29 | 365 | 385824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%(ff) | 10/23/34 | 155 | 169436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 1015 | 927322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%(ff) | 01/23/30 | 1290 | 1320839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 249 | 257138 |
|  |  |  | 238743714 |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 | 355 | 309826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/02/43 | 255 | 252914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 419 | 407352 |
|  |  |  | 970092 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/29/28 | 530 | 648774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/29/32 | 400 | 500761 |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/09/30 | 1885 | 1929075 |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 | 707 | 706280 |
|  Holcim Finance Luxembourg SA (Switzerland), | Holcim Finance Luxembourg SA (Switzerland), | Holcim Finance Luxembourg SA (Switzerland), | Holcim Finance Luxembourg SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 04/23/31 | 400 | 404173 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 1200 | 1116833 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/01/32 | 2050 | 2103434 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 2575 | 2649490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 685 | 706598 |
|  Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/28 | 1870 | 1865707 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 | 2164 | 2048142 |
|  |  |  | 14679267 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/18/29 | 250 | 237578 |
|  Avient Corp., | Avient Corp., | Avient Corp., | Avient Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 11/01/31 | 535 | 539231 |
|  Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/10/28 | 250 | 214675 |
|  Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.415% | 07/15/27 | 462 | 478429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 11/15/28 | 505 | 530564 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 540 | 480273 |
|  INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 03/15/29 | 270 | 315471 |
|  Kobe US Midco 2, Inc., | Kobe US Midco 2, Inc., | Kobe US Midco 2, Inc., | Kobe US Midco 2, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 9.250% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 9.250% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 9.250% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 9.250% or PIK 10.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 11/01/26 | 31 | 28100 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/02/54(a) | 1130 | 1126011 |
|  Olympus Water US Holding Corp., | Olympus Water US Holding Corp., | Olympus Water US Holding Corp., | Olympus Water US Holding Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | 11/15/28 | 1375 | 1447803 |
|  Synthomer PLC (United Kingdom), | Synthomer PLC (United Kingdom), | Synthomer PLC (United Kingdom), | Synthomer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/02/29 | 270 | 314128 |
|  |  |  | 5712263 |
|  **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
|  Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 10/01/29 | 2700 | 2018250 |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550% | 10/31/31 | 100 | 100632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/31/29 | 700 | 840247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/30/32 | 900 | 1081776 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 02/15/31 | 1883 | $1968497 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/29 | 1200 | 1167236 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 1240 | 1202936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 1370 | 1324187 |
|  Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/29 | 1490 | 1389636 |
|  APi Group DE, Inc., | APi Group DE, Inc., | APi Group DE, Inc., | APi Group DE, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 07/15/29 | 365 | 348084 |
|  Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 09/26/29 | 950 | 1073395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/25/32 | 100 | 109161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/14/33 | 485 | 615411 |
|  Belron UK Finance PLC (United Kingdom), | Belron UK Finance PLC (United Kingdom), | Belron UK Finance PLC (United Kingdom), | Belron UK Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/29 | 775 | 780813 |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/15/31 | 3370 | 3579288 |
|  Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.886% | 09/29/25 | 1200 | 1189365 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 3855 | 3903892 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 1698 | 1988908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/25/30 | 1000 | 1319374 |
|  Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 05/15/28 | 700 | 740611 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/17/31 | 1270 | 1567573 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/33 | 700 | 733618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 1750 | 1832244 |
|  Leasys SpA (Italy), | Leasys SpA (Italy), | Leasys SpA (Italy), | Leasys SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/26/26 | 700 | 838088 |
|  Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 11/15/28 | 250 | 259688 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 07/24/29 | 330 | 398449 |
|  Service Corp. International, | Service Corp. International, | Service Corp. International, | Service Corp. International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/32 | 590 | 596491 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 3845 | 3532132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/31 | 86 | 80847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/15/28(a) | 620 | 617749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/30(a) | 1265 | 1268581 |
|  Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 06/15/31 | 76 | 68782 |
|  Williams Scotsman, Inc., | Williams Scotsman, Inc., | Williams Scotsman, Inc., | Williams Scotsman, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/29 | 300 | 308344 |
|  |  |  | 36826035 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/31 | 895 | 938898 |
|  Gartner, Inc., | Gartner, Inc., | Gartner, Inc., | Gartner, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 06/15/29 | 485 | 461498 |
|  International Business Machines Corp., | International Business Machines Corp., | International Business Machines Corp., | International Business Machines Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/10/30 | 1300 | 1530799 |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/15/30 | 2545 | 2402504 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 1761 | 1927580 |
|  |  |  | 7261279 |
|  **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
|  Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 06/01/29(a) | 565 | 563659 |
|  Windsor Holdings III LLC, | Windsor Holdings III LLC, | Windsor Holdings III LLC, | Windsor Holdings III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/15/30 | 1675 | 1795054 |
|  |  |  | 2358713 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/06/28 | 450 | 465556 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 230 | 238256 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 1140 | 1159944 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/29 | 760 | 781280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 2710 | 2774444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 300 | 311769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/26 | 210 | 210103 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(ff) | 10/30/31 | 220 | 248556 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32(x) | 1390 | 1402743 |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/20/27 | 165 | 168145 |
|  Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 12/15/30 | 75 | 75468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/28 | 837 | 836036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/27 | 2805 | 2808059 |
|  OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/33 | 557 | 585627 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 1050 | 1032972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/26 | 896 | 909111 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/29 | 665 | 638207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/31 | 950 | 931715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 12/15/29 | 1646 | 1749899 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | 09/21/28 | 1300 | 1453696 |
|  Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | 05/15/28 | 2000 | 2261420 |
|  REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/01/26 | 520 | 505180 |
|  |  |  | 21548186 |
|  **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 01/15/31 | 540 | 472070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 07/15/30 | 120 | 113992 |
|  Brazos Securitization LLC, | Brazos Securitization LLC, | Brazos Securitization LLC, | Brazos Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.014% | 03/01/34 | 230 | 233099 |
|  Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 07/22/28 | 1200 | 1362737 |
|  Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 02/28/34 | 351 | 308101 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 | 391 | $370904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/15/28 | 1496 | 1482375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 845 | 833832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 1035 | 1023443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 5144 | 5139204 |
|  CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 12/02/26 | 500 | 575493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/30/33 | 900 | 1070523 |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 10/20/35 | 196 | 195794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | 10/20/35 | 1000 | 1008250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 10/20/35 | 1271 | 1272663 |
|  Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.010% | 01/20/33 | 930 | 967200 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/29/36 | 1461 | 1299907 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/15/42 | 184 | 180503 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 06/15/53(a) | 470 | 454443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/29(a) | 710 | 702170 |
|  EDP SA (Portugal), | EDP SA (Portugal), | EDP SA (Portugal), | EDP SA (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/26/28 | 300 | 365683 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%(ff) | 12/01/27(oo) | 1000 | 1141363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%(ff) | 09/17/29(oo) | 400 | 482703 |
|  Emera, Inc. (Canada), | Emera, Inc. (Canada), | Emera, Inc. (Canada), | Emera, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/76 | 240 | 241800 |
|  Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 07/12/41 | 650 | 441951 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/32 | 600 | 599537 |
|  EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia), | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia), | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia), | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 12/30/30 | 300 | 267657 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 01/11/30 | 900 | 1090581 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/01/54 | 40 | 39736 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 | 305 | 315600 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 06/01/54 | 240 | 240509 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 | 70 | 66855 |
|  Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 4800 | 4854000 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/01/49 | 300 | 254455 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874%(ff) | 01/28/26(oo) | 1300 | 1515394 |
|  India Clean Energy Holdings (India), | India Clean Energy Holdings (India), | India Clean Energy Holdings (India), | India Clean Energy Holdings (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/18/27 | 250 | 241125 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/22/32 | 1230 | 1095573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 12/15/27 | 1740 | 1833316 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 07/01/43 | 340 | 311428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 260 | 241714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 | 780 | 788694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 | 70 | 71766 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 | 480 | 420909 |
|  Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.281%(c) | 07/24/26 | 2100 | 2444753 |
|  MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 11/18/27 | 200 | 223339 |
|  National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 09/01/28 | 600 | 654808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/16/29 | 740 | 896875 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 | 120 | 122747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 | 460 | 477867 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 | 1721 | 1729776 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 | 230 | $217038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 1378 | 1268687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 489 | 449795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/29 | 201 | 199998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | 03/15/28(oo) | 1711 | 1895482 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/27 | 2200 | 2583016 |
|  Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.577%(s) | 04/11/31 | 4000 | 2430696 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 08/01/27 | 515 | 487977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/31 | 1461 | 1268199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 03/01/26 | 150 | 147945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 12/01/27 | 265 | 256351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 08/01/40 | 310 | 222179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 740 | 521003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 07/01/30 | 1580 | 1542033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 60 | 48349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/29 | 60 | 60964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/15/34 | 270 | 269938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 06/15/32 | 235 | 240064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 835 | 844217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 180 | 185511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/34 | 930 | 999873 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/05/31 | 1100 | 1125277 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 2040 | 1934886 |
|  Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 09/15/49 | 480 | 321064 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 60 | 55965 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/15/43 | 150 | 140602 |
|  Texas Electric Market Stabilization Funding N LLC, | Texas Electric Market Stabilization Funding N LLC, | Texas Electric Market Stabilization Funding N LLC, | Texas Electric Market Stabilization Funding N LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.966% | 02/01/44 | 750 | 732519 |
|  Trinidad Generation UnLtd (Trinidad & Tobago), | Trinidad Generation UnLtd (Trinidad & Tobago), | Trinidad Generation UnLtd (Trinidad & Tobago), | Trinidad Generation UnLtd (Trinidad & Tobago), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 06/16/33 | 200 | 206450 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | 12/15/26(oo) | 3907 | 3954027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | 10/15/26(oo) | 6239 | 6386516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | 01/15/29(oo) | 5710 | 6191909 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 3547 | 3541982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/26 | 15 | 15007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/15/27 | 1094 | 1093608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/15/32 | 515 | 538459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 10/15/31 | 2230 | 2369379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 555 | 565043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 | 180 | 187001 |
|  |  |  | 88038226 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/31 | 3500 | 4117891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/37 | 2200 | 2549982 |
|  WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/15/29 | 625 | 643514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/15/32 | 470 | 488480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/28 | 446 | 451286 |
|  |  |  | 8251153 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 02/13/26 | 750 | 890212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/29 | 750 | 905549 |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/17/32 | 700 | 844618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/02/34 | 265 | 326082 |
|  Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31(a) | 1665 | 1519636 |
|  |  |  | 4486097 |
|  **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
|  India Green Power Holdings (India), | India Green Power Holdings (India), | India Green Power Holdings (India), | India Green Power Holdings (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/22/27 | 260 | 251856 |
|  **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (Chile), | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (Chile), | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (Chile), | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 02/03/30 | 250 | 252500 |
|  Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 01/15/29 | 200 | 222310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/15/33 | 3000 | 3136645 |
|  IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 11/29/28 | 250 | 243594 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 1645 | 1594827 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 600 | 494505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 355 | 344172 |
|  TAV Havalimanlari Holding A/S (Turkey), | TAV Havalimanlari Holding A/S (Turkey), | TAV Havalimanlari Holding A/S (Turkey), | TAV Havalimanlari Holding A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 12/07/28 | 250 | 260470 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/15/32 | 249 | 231004 |
|  |  |  | 6780027 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29(a) | 2025 | 1932797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 5275 | 5465412 |
|  Churchill Downs, Inc., | Churchill Downs, Inc., | Churchill Downs, Inc., | Churchill Downs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/01/31 | 1060 | 1089391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/30 | 3065 | 3075671 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 | 1375 | 1329344 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/27(a) | 1046 | 1042788 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/01/31 | 1753 | 955725 |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/01/30 | 1065 | 1025943 |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 07/01/32 | 2600 | 2709865 |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/15/42 | 95 | 63839 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/29 | 46 | 45641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31 | 630 | 671270 |
|  |  |  | 19407686 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 | 930 | 971794 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 | 850 | 773494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28 | 3415 | 3292207 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | GBP | 6320 | 8143795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | EUR | 3350 | 3953879 |
|  Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/16/27 | GBP | 2300 | 3140047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/16/27 | GBP | 1222 | 1668320 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/01/28 |  | 500 | 507782 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 |  | 1140 | 1138456 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 |  | 647 | 616888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 |  | 874 | 818058 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 |  | 430 | 435062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 |  | 100 | 100090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 |  | 780 | 778042 |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 07/03/31 | CAD | 2600 | 1978650 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/15/29 |  | 400 | 398411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/31 |  | 1075 | 998736 |
|  |  |  |  | 28741917 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/20/27 |  | 75 | 74416 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 |  | 610 | 635707 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 06/01/50 |  | 139 | 93000 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 |  | 510 | 534888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 09/30/51 |  | 60 | 38293 |
|  Terega SA (France), | Terega SA (France), | Terega SA (France), | Terega SA (France), | Terega SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 09/17/30 | EUR | 1300 | 1356763 |
|  |  |  |  | 2733067 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/08/28 | 300 | $344197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/08/34 | 2300 | 2673251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/08/29 | 1090 | 1311571 |
|  Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.539% | 02/01/32(a) | 1285 | 1120933 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 2795 | 2683589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/01/29(a) | 3190 | 3165434 |
|  Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 10/15/29 | 1000 | 1218577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/15/36 | 400 | 482102 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | 1340 | 1390920 |
|  Stryker Corp., | Stryker Corp., | Stryker Corp., | Stryker Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/11/32 | 180 | 212774 |
|  |  |  | 14603348 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  Concentra Health Services, Inc., | Concentra Health Services, Inc., | Concentra Health Services, Inc., | Concentra Health Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 07/15/32(a) | 845 | 876117 |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31 | 150 | 136415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 2605 | 2496413 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 07/15/31 | 320 | 278734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/30 | 640 | 605134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/29 | 710 | 697597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/26 | 950 | 951354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/15/34 | 630 | 634793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/34 | 120 | 122902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/54 | 220 | 213808 |
|  IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/01/29 | 1005 | 1050188 |
|  LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/15/29 | 3000 | 2798675 |
|  Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.164% | 08/15/33 | 400 | 404978 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 550 | 533818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 1710 | 1656935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/28 | 855 | 843913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 11/01/27 | 1541 | 1537938 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/33(a)(h) | 1225 | 1193654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/34(h) | 1625 | 1623332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 04/15/53 | 1930 | 1722096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/15/53 | 1985 | 1987655 |
|  |  |  | 22366449 |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 14600 | 15475047 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/29 | 134 | 127981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/15/28 | 2294 | 2302991 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 50 | 50089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 10/15/29(a) | 1108 | 1116191 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/15/30 | 506 | 453685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 09/15/27 | 741 | 736969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/29 | 2165 | 1963417 |
|  Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/01/27 | 81 | 81201 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/01/28 | 500 | 496746 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 1774 | 1705257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 12/15/27 | 882 | 877960 |
|  Meritage Homes Corp., | Meritage Homes Corp., | Meritage Homes Corp., | Meritage Homes Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/06/27 | 2190 | 2215276 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/15/27 | 310 | 314958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 805 | 800370 |
|  |  |  | 13243091 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/30(a) | 440 | 427888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 220 | 210443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 950 | 1000410 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/32 | 534 | 490215 |
|  SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/29 | 266 | 104535 |
|  |  |  | 2233491 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 02/01/29 | 2040 | 2110245 |
|  BUPA Finance PLC (United Kingdom), | BUPA Finance PLC (United Kingdom), | BUPA Finance PLC (United Kingdom), | BUPA Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/12/30 | 370 | 469388 |
|  Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 04/05/29 | 1545 | 1514375 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/24/29 | 1000 | 1024189 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/03/31 | 815 | 756190 |
|  Hanwha Life Insurance Co. Ltd. (South Korea), | Hanwha Life Insurance Co. Ltd. (South Korea), | Hanwha Life Insurance Co. Ltd. (South Korea), | Hanwha Life Insurance Co. Ltd. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%(ff) | 06/24/55 | 244 | 251434 |
|  Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%(ff) | 09/30/41 | 700 | 765856 |
|  Lincoln Financial Global Funding, | Lincoln Financial Global Funding, | Lincoln Financial Global Funding, | Lincoln Financial Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/13/30 | 780 | 802561 |
|  Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/20/30 | 1360 | 1852803 |
|  Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 05/16/44 | 500 | 664835 |
|  |  |  | 10211876 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Booking Holdings, Inc., | Booking Holdings, Inc., | Booking Holdings, Inc., | Booking Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/09/31 | 800 | 938704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/29 | 465 | 576284 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 996 | 1023894 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 300 | 292479 |
|  Rakuten Group, Inc. (Japan), | Rakuten Group, Inc. (Japan), | Rakuten Group, Inc. (Japan), | Rakuten Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250% | 02/15/27 | 680 | 738575 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/15/54 | 90 | 84104 |
|  |  |  | 3654040 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/14/30 | 2560 | 2567680 |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 03/10/27 | 1200 | 1360214 |
|  Temasek Financial I Ltd. (Singapore), | Temasek Financial I Ltd. (Singapore), | Temasek Financial I Ltd. (Singapore), | Temasek Financial I Ltd. (Singapore), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/33 | 1630 | 1973475 |
|  TVF Varlik Kiralama A/S (Turkey), | TVF Varlik Kiralama A/S (Turkey), | TVF Varlik Kiralama A/S (Turkey), | TVF Varlik Kiralama A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 01/23/30 | 930 | 932325 |
|  |  |  | 6833694 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  ATI, Inc., | ATI, Inc., | ATI, Inc., | ATI, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 08/15/30 | 625 | 656818 |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 745 | 733612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33(a) | 1320 | 1238822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 09/15/31 | 2100 | 2025511 |
|  |  |  | 4654763 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/15/26 | 247 | 247309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 01/15/29 | 415 | 436327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 75 | 75375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 1450 | 1480812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 02/15/29 | 1215 | 1287450 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 1555 | 1576428 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/31/26 | 1025 | 1028639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/28 | 520 | 526173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/30/31 | 1720 | 1730320 |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/15/27 | 1325 | 1320694 |
|  |  |  | 9709527 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 1875 | $1848780 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 1145 | 1145160 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/15/28(a) | 2009 | 1984160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/15/32 | 2000 | 2032227 |
|  Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/29 | 300 | 274290 |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 12/15/29 | 250 | 239010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/26 | 950 | 947803 |
|  |  |  | 8471430 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 300 | 314222 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 850 | 897239 |
|  Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 02/15/26 | 390 | 392174 |
|  Stevens Holding Co., Inc., | Stevens Holding Co., Inc., | Stevens Holding Co., Inc., | Stevens Holding Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/01/26 | 180 | 178156 |
|  TK Elevator Midco GmbH (Germany), | TK Elevator Midco GmbH (Germany), | TK Elevator Midco GmbH (Germany), | TK Elevator Midco GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/27(a) | 2285 | 2684752 |
|  |  |  | 4466543 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/32 | 265 | 246627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/01/31 | 105 | 97983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/34(a) | 655 | 582957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/30 | 50 | 47656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/33 | 795 | 726841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/30 | 1548 | 1500414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/28 | 90 | 89178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 315 | 313924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 245 | 244066 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 620 | 571359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 02/01/32(a) | 400 | 337185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 210 | 152386 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 723 | 495473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/01/50 | 133 | 106516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/01/53 | 380 | 323905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% | 10/23/35 | 90 | 94537 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 360 | 211337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 07/15/36 | 300 | 250609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/01/39 | 540 | 422445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/64 | 330 | 307206 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/01/34 | 105 | 103553 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/31 | 1600 | 1106416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/30 | 425 | 301569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/28 | 725 | 663912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 1625 | 1551179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/01/29 | 235 | 190975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/01/30 | 1550 | 720900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/30 | 1000 | 494997 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/01/29(d) | 110 | 73309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 07/01/28 | 410 | 296083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 07/01/26 | 3439 | 3054936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 12/01/28(d) | 1335 | 1156784 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | 11/15/27 | 2150 | 2213630 |
|  Globo Comunicacao e Participacoes SA (Brazil), | Globo Comunicacao e Participacoes SA (Brazil), | Globo Comunicacao e Participacoes SA (Brazil), | Globo Comunicacao e Participacoes SA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/22/30 | 2150 | 2027342 |
|  Gray Media, Inc., | Gray Media, Inc., | Gray Media, Inc., | Gray Media, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/31 | 632 | 472320 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 | 3075 | 3120646 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 1100 | 1373721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/29 | 675 | 891793 |
|  VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/32 | 2075 | 1838969 |
|  |  |  | 28775638 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Aris Mining Corp. (Colombia), | Aris Mining Corp. (Colombia), | Aris Mining Corp. (Colombia), | Aris Mining Corp. (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 10/31/29 | 250 | 255000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 10/01/30 | 444 | 473993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 10/01/31 | 2985 | 3351042 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763% | 04/14/27 | 1000 | 999700 |
|  Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 03/01/29 | 400 | 435210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.154% | 04/29/31 | 420 | 510803 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 | 1680 | 1721674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 | 440 | 448347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 | 150 | 160790 |
|  Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 02/15/28 | 1440 | 1450680 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 | 660 | 678051 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/30/30 | 1080 | 1035279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30(a) | 1550 | 1602663 |
|  |  |  | 13123232 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%(ff) | 05/29/29(oo) | 200 | 247836 |
|  Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/17/28 | 900 | 1080722 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | 2400 | 2804794 |
|  |  |  | 4133352 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 10/08/29 | 250 | 246640 |
|  African Export-Import Bank (The) (Supranational Bank), | African Export-Import Bank (The) (Supranational Bank), | African Export-Import Bank (The) (Supranational Bank), | African Export-Import Bank (The) (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.994% | 09/21/29 | 250 | 227500 |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/13/30 | 1000 | 1210473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/07/28 | 500 | 619323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/16/29 | 600 | 829170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 670 | 685584 |
|  European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 01/30/37 | 300 | 230957 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Multi-National (cont'd.)** | **Multi-National (cont'd.)** | **Multi-National (cont'd.)** | **Multi-National (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.422%(s) | 05/28/37 | 400 | 177889 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 07/15/27 | 600 | 628711 |
|  International Bank for Reconstruction & Development (Supranational Bank), | International Bank for Reconstruction & Development (Supranational Bank), | International Bank for Reconstruction & Development (Supranational Bank), | International Bank for Reconstruction & Development (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.621%(s) | 03/31/27 | 1500 | 1424065 |
|  |  |  | 6280312 |
|  **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
|  Zebra Technologies Corp., | Zebra Technologies Corp., | Zebra Technologies Corp., | Zebra Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/01/32 | 765 | 786600 |
|  **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 810 | 722014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/34 | 150 | 143873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/13/28 | 950 | 974484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/13/33 | 385 | 395555 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 | 35 | 42737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 | 565 | 574832 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 03/22/29(oo) | 1360 | 1590638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(ff) | 12/01/33(oo) | 795 | 812473 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/37 | 222 | 208688 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 | 910 | 932885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 780 | 791683 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 150 | 107997 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 2210 | 2158617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 02/15/28 | 2130 | 2219919 |
|  Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 10/01/30 | 1145 | 1186678 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/30/30 | 735 | 751283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/18/27 | 455 | 461352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/18/34 | 1898 | 1902759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 895 | 830898 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 01/19/36 | 607 | 584693 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 250 | $264095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | 01/13/33 | 258 | 265740 |
|  Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/19/35 | 210 | 214246 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 1900 | 1902501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 1851 | 1859055 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/29 | 1400 | 1382097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/30 | 1038 | 1011002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 1275 | 1233323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 1436 | 1372886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 11/01/33 | 895 | 929272 |
|  KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/14/33 | 2050 | 1769416 |
|  MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 35 | 34965 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | 07/15/30 | 1770 | 2026658 |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/15/28 | 460 | 473000 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 04/15/27 | 1300 | 1328146 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 10/01/29 | 200 | 269039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 1200 | 1625767 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/23/26 | 1375 | 1356094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 01/28/31(a) | 2275 | 2051140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/13/27 | 2325 | 2308725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 6096 | 5659526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | 02/07/33 | 3080 | 3296524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/21/27 | 1100 | 1233394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/21/28 | 9230 | 10607516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 06/02/29 | 3740 | 3865589 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | 04/29/31 | 1220 | 1136442 |
|  Sunoco LP, | Sunoco LP, | Sunoco LP, | Sunoco LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 05/01/29 | 805 | 838377 |
|  Tengizchevroil Finance Co. International Ltd. (Kazakhstan), | Tengizchevroil Finance Co. International Ltd. (Kazakhstan), | Tengizchevroil Finance Co. International Ltd. (Kazakhstan), | Tengizchevroil Finance Co. International Ltd. (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/15/30 | 300 | 264600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%(ff) | 10/25/27(oo) | 1360 | 1530722 |
|  Transocean, Inc., | Transocean, Inc., | Transocean, Inc., | Transocean, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 05/15/29 | 1655 | 1525430 |
|  Valaris Ltd., | Valaris Ltd., | Valaris Ltd., | Valaris Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/30/30 | 930 | 951437 |
|  |  |  | 71980782 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 08/15/30 | 1200 | 1081748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 5625 | 5775644 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 01/15/34 | 90 | 93073 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 3535 | 3615027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 1550 | 1588555 |
|  Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/01/30(a) | 870 | 815301 |
|  Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/28 | 415 | 420746 |
|  |  |  | 13390094 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 150 | 123598 |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 08/01/28 | 550 | 550336 |
|  Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 578 | 475766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 844 | 590800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 2669 | 1676506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 657 | 386809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 3574 | 2521671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 107 | 89773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 450 | 381204 |
|  Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/15/25 | 1050 | 1047162 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | 06/07/32 | 400 | 481310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 11/13/50 | 150 | 87555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 515 | 501705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 11/15/63 | 300 | 324709 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 03/15/31 | 1520 | 1372935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/34 | 100 | 100802 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/20/45 | 140 | 123824 |
|  Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 02/26/29 | 2000 | 2375614 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/30/28 | 650 | 624772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/30/31 | 425 | 368969 |
|  |  |  | 14205820 |
|  **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/29 | 1700 | 1688220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/27 | 426 | 425642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 475 | 490650 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/31/32 | 680 | 609335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 390 | 385767 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 480 | 506717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 685 | 719149 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/37 | 1035 | 1088730 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/08/33 | 1070 | 1108091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 07/15/77 | 290 | 287680 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/01/31 | 875 | 917139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 10/01/54(a) | 240 | 245516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30(oo) | 1684 | 1717269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 11/15/26(oo) | 2610 | 2622937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/47 | 790 | 704372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/34 | 300 | 303932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 270 | 274096 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/01/30 | 815 | $879057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 12/01/33 | 390 | 423130 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 | 320 | 314582 |
|  Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/25/31 | 1400 | 1649253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/29/30 | 1400 | 1694811 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.103% | 08/23/42 | 200 | 199575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 | 925 | 933094 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/27 | 326 | 324385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 675 | 589754 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/24/27 | 780 | 778942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 11/01/28 | 435 | 450714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 500 | 525022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 01/15/31 | 80 | 85522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/28 | 180 | 183936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/30 | 710 | 758749 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/33 | 1095 | 1143518 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/28 | 1412 | 1403775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/31/30 | 1920 | 1885268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/15/29 | 1770 | 1818720 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/35 | 65 | 65258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 | 1265 | 1271359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 03/01/29 | 510 | 536528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/30/34 | 265 | 284924 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/28 | 240 | 240168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/30 | 1875 | 1902074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/15/29 | 317 | 323449 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/15/79 | 480 | 476462 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 40 | 37743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 975 | 903115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 1730 | 1784224 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29(oo) | 8505 | 8289387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 02/01/29 | 2265 | 2468156 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 825 | 793822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/28 | 245 | 243532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/50 | 342 | 288066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 555 | 464314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 01/15/29 | 235 | 246099 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/27 | 589 | 582354 |
|  |  |  | 51338083 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/20/29 | 955 | 1036398 |
|  Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 05/04/28 | 400 | 444078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/20/30 | 200 | 215127 |
|  Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%(cc) | 01/15/28 | 4325 | 4401161 |
|  Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/03/27 | 463 | 530851 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/01/29 | 540 | 513958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/01/28 | 3565 | 3541129 |
|  Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 07/15/27 | 2035 | 2337224 |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/15/31 | 400 | 350790 |
|  P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 01/26/29 | 500 | 554685 |
|  Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | 01/25/28 | 2000 | 282631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/14/27 | 7000 | 991276 |
|  Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 09/14/34 | 300 | 277821 |
|  |  |  | 15477129 |
|  **Real Estate Investment Trusts (REITs) — 0.3%** | **Real Estate Investment Trusts (REITs) — 0.3%** | **Real Estate Investment Trusts (REITs) — 0.3%** | **Real Estate Investment Trusts (REITs) — 0.3%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/36 | 190 | 186244 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/35(a) | 1380 | $1394444 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/27 | 2108 | 2089243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 394 | 382469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/29 | 1075 | 1057495 |
|  Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/15/32 | 1600 | 1598638 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/01/31 | 500 | 421983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/28 | 554 | 512951 |
|  Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/19/29 | 3100 | 3672715 |
|  Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/01/35 | 1135 | 1152027 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 790 | 745101 |
|  Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/03/27 | 800 | 926106 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 01/15/31 | 245 | 223442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/35(a) | 2100 | 2121460 |
|  Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/15/31 | 270 | 229305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/01/35 | 670 | 649209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 08/15/30 | 321 | 331996 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/31 | 675 | 478257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/29 | 280 | 220549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 2262 | 2088493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 100 | 104714 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/01/30 | 1800 | 1850471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/01/28 | 3400 | 3394665 |
|  Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/23/33 | 340 | 431122 |
|  Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/15/33 | 1400 | 1036323 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/20/31 | 4900 | 5749214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/06/30 | 3030 | 3827241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/29 | 800 | 1106144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 12/05/31 | 585 | 823356 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 | 1570 | 1614433 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29(a) | 2725 | 2573787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/27(a) | 1245 | 1224892 |
|  SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/10/27 | 600 | 718806 |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 07/15/26 | 975 | 958610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/15/30 | 1125 | 1161590 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | 02/15/28 | 7617 | 8070494 |
|  VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/15/30(a) | 700 | 704075 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/30 | 10 | 9588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/01/26 | 30 | 29815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 | 130 | 129625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/28 | 435 | 433156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 | 5 | 5069 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/23/32 | 900 | 1091536 |
|  |  |  | 57530853 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/28 | 429 | 417747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 06/15/29 | 785 | 805606 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 12/01/28 | 838 | 859860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 | 2372 | 2494638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 | 7568 | 8960853 |
|  eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/30/28 | 3500 | 4537293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 11/30/28 | 3555 | 3914944 |
|  Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/03/34 | 160 | 158762 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 | 50 | 47934 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/01/29 | 425 | 394673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/01/31 | 1161 | 1039744 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/29 | 1800 | 1717871 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/32(a) | 695 | 713682 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/31 | 1068 | 1010224 |
|  |  |  | 27073831 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | 06/20/27(oo) | 600 | 808510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%(ff) | 12/20/30(oo) | 600 | 828515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 09/05/29 | 330 | 395138 |
|  |  |  | 2032163 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 02/15/28 | 294 | 277296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/15/33 | 1060 | 906881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 02/15/30 | 540 | 538016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 | 1450 | 1313357 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 01/25/37 | 1040 | 1080686 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/15/31 | 890 | 809715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/35 | 366 | 368640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/33 | 120 | 126668 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 | 220 | 230103 |
|  |  |  | 5651362 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 1135 | 1160398 |
|  Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 06/15/28 | 1300 | 1536388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/15/32 | 1700 | 1995346 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 |  | 200 | 182579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 |  | 575 | 574102 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/14/32 |  | 450 | 426404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/12/34 |  | 48 | 49723 |
|  |  |  |  | 5924940 |
|  **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/29 |  | 3970 | 2897231 |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 03/25/26 |  | 720 | 705668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 |  | 147 | 115292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/30/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;850 | 1040106 |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/29(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/29(d) | 11250 | 11566000 |
|  Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 05/17/33 | EUR | 400 | 391772 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/30 |  | 1460 | 1479757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/28 |  | 1675 | 1673976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 |  | 2266 | 2266880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 03/15/31 |  | 975 | 1036260 |
|  Iliad Holding SASU (France), | Iliad Holding SASU (France), | Iliad Holding SASU (France), | Iliad Holding SASU (France), | Iliad Holding SASU (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/28 |  | 200 | 203658 |
|  Intelsat Jackson Holdings SA (Luxembourg), | Intelsat Jackson Holdings SA (Luxembourg), | Intelsat Jackson Holdings SA (Luxembourg), | Intelsat Jackson Holdings SA (Luxembourg), | Intelsat Jackson Holdings SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/15/30 |  | 1085 | 1106700 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/15/30 |  | 13225 | 11501516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/15/31 |  | 805 | 694230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/15/29 |  | 1000 | 934023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | 10/15/32 |  | 2094 | 2117502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 |  | 2220 | 2258739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | 12/15/30 |  | 4419 | 5008590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/15/29 |  | 3976 | 4574833 |
|  Millicom International Cellular SA (Guatemala), | Millicom International Cellular SA (Guatemala), | Millicom International Cellular SA (Guatemala), | Millicom International Cellular SA (Guatemala), | Millicom International Cellular SA (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/25/29 |  | 270 | 270270 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 |  | 1366 | 1383721 |
|  Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 12/01/31 |  | 100 | 116825 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/15/28 | 3320 | 3563861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 | 1218 | 1477650 |
|  Sprint LLC, | Sprint LLC, | Sprint LLC, | Sprint LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 03/01/26 | 25 | 25216 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/15/41 | 55 | 40211 |
|  Turkcell Iletisim Hizmetleri A/S (Turkey), | Turkcell Iletisim Hizmetleri A/S (Turkey), | Turkcell Iletisim Hizmetleri A/S (Turkey), | Turkcell Iletisim Hizmetleri A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/11/28 | 250 | 245625 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | 1300 | 1653645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/15/31 | 2100 | 2565195 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 | 450 | 471303 |
|  |  |  | 63386255 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/05/30 | 1450 | 1868793 |
|  Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(ff) | 07/18/29 (oo) | 500 | 531950 |
|  Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/14/27 | 700 | 841715 |
|  La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 07/18/29 | 500 | 527062 |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/05/34 | 358 | 362904 |
|  Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | 06/20/29 | 100 | 107723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | 12/19/36 | 217 | 213138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 05/25/32 | 600 | 651027 |
|  SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/29/37 | 300 | 279071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/01/35 | CAD 800 | 602625 |
|  Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/02/29 | 1400 | 1587255 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 | 3575 | 3544200 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/01/31 | 175 | 182596 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 495 | 518442 |
|  |  |  | 11818501 |
|  **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29 | 780 | 798696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/28 | 195 | 200333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/24/26 | 490 | 494277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 350 | 364788 |
|  |  |  | 1858094 |
|  **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
|  Aegea Finance Sarl (Brazil), | Aegea Finance Sarl (Brazil), | Aegea Finance Sarl (Brazil), | Aegea Finance Sarl (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/31 | 800 | 846776 |
|  **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,039,233,393) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,039,233,393) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,039,233,393) | 1061416719 |
|  **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.077%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/32 | 1550 | 1547579 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.172%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 968 | 941990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.409%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 4175 | 4075844 |
|  |  |  | 6565413 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.316%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 1449 | 1397833 |
|  **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.314%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/18/30 | 1754 | 1757193 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/02/28 | 184 | 165382 |
|  **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.812%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/18/28 | 198 | 194857 |
|  **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.105%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/31 | 6000 | 7053246 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.780%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/27 | 1354 | 1345003 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.657%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/29 | 8050 | $9440168 |
|  |  |  | 10785171 |
|  **TOTAL FLOATING RATE AND OTHER LOANS** | **TOTAL FLOATING RATE AND OTHER LOANS** | **TOTAL FLOATING RATE AND OTHER LOANS** | **TOTAL FLOATING RATE AND OTHER LOANS** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $26,407,538) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $26,407,538) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $26,407,538) | 27919095 |
|  **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** |
|  **California — 0.0%** | **California — 0.0%** | **California — 0.0%** | **California — 0.0%** |
|  City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.582% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/39 | 225 | 241466 |
|  **Oklahoma — 0.0%** | **Oklahoma — 0.0%** | **Oklahoma — 0.0%** | **Oklahoma — 0.0%** |
|  Oklahoma Development Finance Authority, | Oklahoma Development Finance Authority, | Oklahoma Development Finance Authority, | Oklahoma Development Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.135% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 3964 | 3912932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.623% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/44 | 3285 | 3151685 |
|  |  |  | 7064617 |
|  **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $7,179,204) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $7,179,204) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $7,179,204) | 7306083 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.115%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/66 | 469 | 406808 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/64 | 160 | 141103 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 1052 | 850792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/64 | 430 | 426258 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/50 | 699 | 603594 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.555%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 130 | 140722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.555%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 100 | 106461 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/27/37 | 65 | 63236 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.755%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/34 | 100 | 100920 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/41 | 90 | 90055 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES** |
| (continued) | (continued) | (continued) | (continued) |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/32 | — (r) | 38 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.405%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/41 | 430 | 433473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/41 | 200 | 202238 |
|  Flagstar Mortgage Trust, | Flagstar Mortgage Trust, | Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/48 | 2470 | 2314920 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/43 | 54 | 8224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/49 | 73 | 15020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/50 | 341 | 56551 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.908%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/50 | 576 | 489819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/51 | 804 | 650001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/52 | 831 | 672537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/65 | 306 | 294548 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/50 | 223 | 201143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/50 | 114 | 107645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/50 | 189 | 169818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/50 | 260 | 226023 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.205%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/34 | 153 | 154150 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.786%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/47 | 610 | 575435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/48 | 174 | 162932 |
|  SG Residential Mortgage Trust, | SG Residential Mortgage Trust, | SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.703%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/59 | 2 | 2144 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.027%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/55 | 267 | 252220 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/58 | 49 | 47770 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES** |
| (continued) | (continued) | (continued) | (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap |
|  N/A, Floor 1.000%) | N/A, Floor 1.000%) | N/A, Floor 1.000%) | N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.434%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/59 | 17 | $16952 |
|  UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/51 | 833 | 674133 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.692%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/59 | 71 | 70264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.155%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/66 | 212 | 189509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.218%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/66 | 440 | 380351 |
|  Vista Point Securitization Trust, | Vista Point Securitization Trust, | Vista Point Securitization Trust, | Vista Point Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.475%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/65 | 403 | 387000 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $13,152,513) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $13,152,513) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $13,152,513) | 11684807 |
|  **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** |
|  Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/34 | 1500 | 1747365 |
|  Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/06/31 | 1500 | 1581312 |
|  Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/21/34 | 7520 | 4713257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/21/54 | 6310 | 4086314 |
|  Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/26/35 | 200 | 239608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/28/34 | 200 | 247323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/41 | 500 | 701371 |
|  Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/10/27 | 1600 | 2001950 |
|  Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/29 | 930 | 945698 |
|  Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/22/31 | 400 | 413382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/32 | 500 | 600319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/34 | 700 | 830314 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 4530 | 4488732 |
|  Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/27/33 | 430 | 548939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/27/33 | 720 | 919154 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/13/36 | EUR | 275 | $358640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/05/37 |  | 630 | 615825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/50 | EUR | 50 | 35044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/29 | EUR | 900 | 1125090 |
|  Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 189 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 189 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 189 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 189 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/12/29 | EUR | 820 | 967882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/18/30 | EUR | 28310 | 33706860 |
|  Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/29 | CAD | 600 | 449356 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/27/32(a) |  | 4200 | 3690918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/14/32 | EUR | 573 | 686622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/09/31 | EUR | 200 | 242142 |
|  China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/04/36 | CNH | 500 | 84382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/29/43 | CNH | 18500 | 3288183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/35 | CNH | 5000 | 843536 |
|  China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/30 | EUR | 1460 | 1506336 |
|  City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | CAD | 500 | 369385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/38 | CAD | 700 | 468173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/43 | CAD | 700 | 499371 |
|  City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/53 | CAD | 500 | 340532 |
|  City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/24/39 | CAD | 300 | 178742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/28/35 | CAD | 900 | 606762 |
|  City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/18/52 | CAD | 1500 | 936375 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 |  | 1900 | 1505275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/22/26 | EUR | 2070 | 2441404 |
|  Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/19/31 |  | 1630 | 1677270 |
|  Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/19/29 | EUR | 100 | 111376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/04/33 | EUR | 200 | 205972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/17/31 | EUR | 2205 | 2419615 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/40 | EUR | 2900 | $2498400 |
|  Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/34 | CZK | 211440 | 10596831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/11/32 | CZK | 19140 | 938164 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/32 |  | 4630 | 4271175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/32 |  | 3400 | 3136500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/37 |  | 1177 | 1200687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/03/31 |  | 200 | 209640 |
|  Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/35 |  | 442 | 379659 |
|  Emirate of Dubai Government International Bonds (United Arab Emirates), | Emirate of Dubai Government International Bonds (United Arab Emirates), | Emirate of Dubai Government International Bonds (United Arab Emirates), | Emirate of Dubai Government International Bonds (United Arab Emirates), | Emirate of Dubai Government International Bonds (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/09/50 |  | 295 | 208261 |
|  Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/12/32 | EUR | 255 | 318496 |
|  European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/04/34 | EUR | 2700 | 3254761 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 |  | 540 | 508205 |
|  French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/30 | EUR | 337 | 401120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/49 | EUR | 666 | 677699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/55 | EUR | 494 | 503060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/35 | EUR | 10702 | 14197959 |
|  Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.097% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 |  | 3000 | 2994060 |
|  Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/35 | EUR | 9400 | 9820723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/34 | EUR | 126 | 150814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/54 | EUR | 753 | 882939 |
|  Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/34 | EUR | 125 | 161602 |
|  Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/07/33 | CNH | 4000 | 609998 |
|  Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/24/35 | HUF | 2050490 | 6019351 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/22/28 |  | 200 | 206064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/16/29 |  | 200 | 201500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/52 |  | 200 | $203546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/16/34 | EUR | 1000 | 1187374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/28/32 | EUR | 2290 | 2342258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/29 | EUR | 2300 | 2782111 |
|  Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | EUR | 1000 | 1103053 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/12/33 | EUR | 1100 | 1083567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/37 | EUR | 3000 | 3570531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/14/28 | EUR | 4080 | 4940148 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/18/32 | EUR | 100 | 95984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/18/27 | EUR | 100 | 114665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/06/31 |  | 542 | 580081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/34 | GBP | 200 | 303826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/19/30 |  | 823 | 839781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/12/34 |  | 3800 | 3840375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/12/29 |  | 6070 | 6185709 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | EUR | 8630 | 10605650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | EUR | 560 | 715229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/31 | EUR | 5680 | 5863728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/35 | EUR | 9656 | 11581228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | EUR | 8820 | 10796012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | EUR | 1600 | 1877454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | EUR | 178 | 217737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | EUR | 910 | 806454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/38 | EUR | 10185 | 11498268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | EUR | 65 | 76664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | EUR | 3387 | 4001845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | EUR | 958 | 1150449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29 | EUR | 465 | 566133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | EUR | 8470 | 10338043 |
|  Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/32 | EUR | 875 | 923451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/22/48 | EUR | 2545 | 2336850 |
|  Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/52 | JPY | 219300 | 1023083 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/54 | JPY | 49900 | $297250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/55 | JPY | 979900 | 6241837 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/43 | JPY | 1248450 | 7676130 |
|  Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/34 | EUR | 185 | 186867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/09/28 | EUR | 1670 | 1931521 |
|  Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/18/29 | EUR | 2330 | 2796826 |
|  Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/31 | EUR | 600 | 597249 |
|  Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | EUR | 700 | 778587 |
|  Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/16/29 | EUR | 1200 | 1523096 |
|  Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/29/31 | MXN | 145760 | 7399255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/23/34 | MXN | 110500 | 5377633 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/17/30 | EUR | 2600 | 2757352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/12/36 | EUR | 735 | 671804 |
|  Morocco Government International Bond (Morocco), | Morocco Government International Bond (Morocco), | Morocco Government International Bond (Morocco), | Morocco Government International Bond (Morocco), | Morocco Government International Bond (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 |  | 9700 | 9130125 |
|  Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/28/27 |  | 900 | 938574 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/30 |  | 200 | 180400 |
|  Perusahaan Penerbit SBSN Indonesia III (Indonesia), | Perusahaan Penerbit SBSN Indonesia III (Indonesia), | Perusahaan Penerbit SBSN Indonesia III (Indonesia), | Perusahaan Penerbit SBSN Indonesia III (Indonesia), | Perusahaan Penerbit SBSN Indonesia III (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 |  | 2100 | 2173920 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/11/33 | EUR | 2655 | 2601669 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/03/29 | EUR | 1520 | 1659564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/28/33 | EUR | 1170 | 1160170 |
|  Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | CAD | 500 | 291368 |
|  Province of British Columbia (Canada), | Province of British Columbia (Canada), | Province of British Columbia (Canada), | Province of British Columbia (Canada), | Province of British Columbia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/18/52 | CAD | 1000 | 538783 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/05/50 | CAD | 1500 | $881045 |
|  Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | CAD | 1000 | 631375 |
|  Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/02/52 | CAD | 303 | 156787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/02/33 | CAD | 7906 | 5838968 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/33 | CAD | 9550 | 7010026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/45 | CAD | 102 | 65414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/48 | CAD | 1500 | 944648 |
|  Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/02/48 | CAD | 1000 | 611327 |
|  Queensland Treasury Corp. (Australia), | Queensland Treasury Corp. (Australia), | Queensland Treasury Corp. (Australia), | Queensland Treasury Corp. (Australia), | Queensland Treasury Corp. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/14/33 | AUD | 1000 | 743366 |
|  Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/43 | EUR | 1335 | 1477937 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/34 | EUR | 718 | 947874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/04/28 | GBP | 1436 | 2038558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/29 |  | 400 | 375782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/49 |  | 690 | 494266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/06/51 |  | 998 | 677298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 |  | 567 | 586516 |
|  Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/14/33 | EUR | 1210 | 1489830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/11/34 | EUR | 930 | 1119156 |
|  Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/30 | ZAR | 51505 | 2859402 |
|  Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/29 |  | 1100 | 1057892 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/26/30 | EUR | 35 | 39154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/18/28 | EUR | 1450 | 1774854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/29/35 | EUR | 45 | 44000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/13/30 | EUR | 2000 | 2019407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/29/35 | EUR | 45 | 44000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/09/39 | EUR | 1175 | 1064020 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/30 |  | 4800 | 4046550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/27 | EUR | 1875 | 2198303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/26/33 |  | 2270 | 2385214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/12/34 |  | 1360 | 1370710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/26/28 |  | 880 | 908600 |
|  SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/31 | EUR | 1200 | 1415383 |
|  Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/23/35 | EUR | 400 | 483360 |
|  Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/07/45 | EUR | 53 | 57788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/11/33 | EUR | 300 | 371851 |
|  Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/19/33 |  | 1400 | 1424066 |
|  Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/30 | EUR | 1100 | 1118699 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/50 | EUR | 6300 | 4026943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/40 | EUR | 440 | 371433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/52 | EUR | 600 | 468380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/34 | EUR | 6880 | 8322785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/43 | EUR | 368 | 415380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/33 | EUR | 3200 | 3924217 |
|  Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/06/29 | GBP | 100 | 140233 |
|  Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/17/34 | THB | 276818 | 9339454 |
|  Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/34 | AUD | 1000 | 528787 |
|  Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/03/35 |  | 440 | 415250 |
|  United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/35 | GBP | 14474 | 13691752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/54 | GBP | 10763 | 12799513 |
|  **TOTAL SOVEREIGN BONDS** | **TOTAL SOVEREIGN BONDS** | **TOTAL SOVEREIGN BONDS** | **TOTAL SOVEREIGN BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $396,990,162) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $396,990,162) |  |  | 413452594 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/36 |  | 467 | 417383 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 3885 | $| 3093483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 4251 |  | 3382164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 1066 |  | 848177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 1098 |  | 922080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 280 |  | 234920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 500 |  | 416875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 1206 |  | 1018878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 1 |  | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 1 |  | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 850 |  | 766638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 1 |  | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 2 |  | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 1 |  | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 1 |  | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 223 |  | 223019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 6299 |  | 6111290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/33 | — (r) |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | — (r) |  | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 |  | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 |  | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 |  | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | — (r) |  | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/40 | 2 |  | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 1 |  | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 2 |  | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 2733 |  | 2691365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 | 6949 |  | 6963244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/54 | 7906 |  | 7907640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/32 | — (r) |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 1 |  | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/37 | — (r) |  | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/38 | 1 |  | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/55 | 7766 |  | 7895164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 180 |  | 204084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/54 | 3027 |  | 3144812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31(h) | 1865 |  | 2130800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | — (r) |  | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | — (r) |  | 328 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | — (r) |  | 456 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.525%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 1 |  | 813 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.881%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 1 |  | 757 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.538%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | — (r) |  | 170 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.918%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 1 |  | 556 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.796%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 1 |  | 1141 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.988%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | — (r) | $502 |
|  Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | — (r) | 158 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 615 | 491097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 5919 | 4720902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 1129 | 900026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 4159 | 3312117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 2026 | 1612382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 4088 | 3252397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 3436 | 2733248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 76 | 63871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 5758 | 4857654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 2078 | 1730473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 1935 | 1615003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 1134 | 945059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 5878 | 4935519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 316 | 262656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 761 | 638732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 1434 | 1192392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 1 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 1 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 | 1 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 2 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/44 | 1 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 1629 | 1445865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 946 | 838633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 10090 | 8816766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 2 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 125 | 117038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 1008 | 913653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 5419 | 4907588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 83 | 83031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 152 | 151325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/47 | 354 | 344759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/25 | — (r) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 1 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | 1 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/37 | 1 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/53 | 3065 | 3018378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/53 | 3236 | 3181623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/53 | 4943 | 4857180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/54 | 1271 | 1249500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.311% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/41 | 21 | 21438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/36 | 1 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 1 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 1 | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 1 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 2 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/41 | — (r) | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/53 | 4258 | 4264253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/32 | 2 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 1 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 2 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 16 | 16235 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/34 | 1 | $| 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 1 |  | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 67 |  | 69916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/36 | — (r) |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 1 |  | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | — (r) |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 2 |  | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | — (r) |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | 1 |  | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/38 | 22 |  | 23338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/38 | 1 |  | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/39 | 1 |  | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 634 |  | 647509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/53 | 2547 |  | 2595655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/54 | 3319 |  | 3393686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | 6616 |  | 6771923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 1 |  | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | 1 |  | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | — (r) |  | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 1 |  | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 23 |  | 24211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 1 |  | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 1 |  | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 855 |  | 966233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.768% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/39 | 6 |  | 6449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/31 | — (r) |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | — (r) |  | 23 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 1 |  | 794 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.963%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | — (r) |  | 425 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.530%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | — (r) |  | 471 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.812%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 1 |  | 1256 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.892%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | — (r) |  | 226 |
|  Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.998%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 140 |  | 102038 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/51 | 4398 |  | 3582420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/52 | 2964 |  | 2414435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/49 | 302 |  | 258050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/43 | 1 |  | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/43 | 171 |  | 155216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/44 | 18 |  | 16285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/45 | 1028 |  | 923945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/50 | 128 |  | 113774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/51 | 421 |  | 372535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/51 | 9005 |  | 7974629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/42 | 135 |  | 126039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/43 | 92 |  | 85881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/44 | 1 |  | 888 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 1 | $| 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/47 | 776 |  | 719775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | — (r) |  | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 1 |  | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 2 |  | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/25 | — (r) |  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | 1 |  | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/26 | — (r) |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/40 | 13 |  | 12030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/41 | 14 |  | 13765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/41 | 57 |  | 54915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/47 | 162 |  | 153061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/39 | 1 |  | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/39 | 1 |  | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/40 | 107 |  | 106163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 1 |  | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | — (r) |  | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 2 |  | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/41 | 146 |  | 145050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/41 | 348 |  | 345786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/41 | — (r) |  | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/41 | 11 |  | 10755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/41 | 2 |  | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/41 | 125 |  | 124163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/42 | 1 |  | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/43 | 1 |  | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/44 | 1 |  | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/44 | 1 |  | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/45 | 1 |  | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/46 | 1 |  | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 1 |  | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 1 |  | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/39 | 2 |  | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/39 | 1 |  | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 2 |  | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/48 | 48 |  | 48560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/32 | — (r) |  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/34 | 1 |  | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/48 | 1 |  | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/26 | — (r) |  | 27 |
|  U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 611 |  | 595963 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $150,964,867) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $150,964,867) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $150,964,867) |  | 148907350 |
|  **U.S. TREASURY OBLIGATIONS — 2.8%** | **U.S. TREASURY OBLIGATIONS — 2.8%** | **U.S. TREASURY OBLIGATIONS — 2.8%** | **U.S. TREASURY OBLIGATIONS — 2.8%** | **U.S. TREASURY OBLIGATIONS — 2.8%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/49 | 56970 |  | 36647733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/51(h) | 10500 |  | 6659297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/49 | 22225 |  | 16380520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/42 | 14860 |  | 12470791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/48 | 5040 |  | 3987113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/42 | 29909 |  | 27282616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/44(h)(k) | 126430 |  | 115861242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/53 | 816 |  | 729045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/43(h) | 3285 |  | 3132042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/54 | 10540 |  | 10049231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/44(h) | 8170 |  | 7998941 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43(h) | 20162 | $20139948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 | 160 | 159175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45(h) | 7600 | 7807813 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 10/15/29 | 14691 | 14871909 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/30/29 | 4 | 3928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/30/26 | 885 | 880506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/33 | 12295 | 11855070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/28 | 8725 | 8739314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/31/27 | 22415 | 22468411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/31/30 | 44620 | 45041798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/31/30 | 21615 | 21827773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/27 | 22621 | 22727337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/31/32 | 445 | 449033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/31/32(h) | 12990 | 13101633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/30/26(h)(k) | 104385 | 104931390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/15/34(h) | 160 | 160550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35 | 12265 | 12286080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 12/31/29 | 10280 | 10537000 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.262%(s) | 08/15/41(k) | 11760 | 5335758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.862%(s) | 05/15/41(k) | 38770 | 17844797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 1615 | 566142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.605%(s) | 05/15/44(h)(k) | 26280 | 10177632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.616%(s) | 11/15/40(h) | 5005 | 2368363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.751%(s) | 05/15/43 | 11945 | 4886220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.822%(s) | 11/15/42(h)(k) | 33810 | 14241075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 | 1420 | 445668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 455 | 163542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%(s) | 02/15/39(h) | 1135 | 596451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.007%(s) | 05/15/39(k) | 1130 | 584053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%(s) | 08/15/39(h) | 1125 | 573040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(s) | 11/15/39(h) | 1125 | 564622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.046%(s) | 11/15/43 | 5950 | 2368124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.056%(s) | 02/15/40(k) | 1120 | 553632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%(s) | 05/15/40(h) | 1120 | 545152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.095%(s) | 08/15/40(h) | 1120 | 536817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.111%(s) | 02/15/41 | 1115 | 520494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.156%(s) | 02/15/42(k) | 26110 | 11472043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.158%(s) | 11/15/41 | 1115 | 497532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.183%(s) | 05/15/42 | 1115 | 483047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%(s) | 08/15/42 | 1110 | 473721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.208%(s) | 02/15/43 | 1110 | 461129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(s) | 02/15/45 | 2695 | 1004615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(s) | 02/15/44 | 1115 | 437457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(s) | 08/15/44 | 1115 | 426179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%(s) | 08/15/45 | 7250 | 2635225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(s) | 11/15/44 | 1115 | 420971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.247%(s) | 08/15/43(k) | 26115 | 10528455 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $663,154,402) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $663,154,402) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $663,154,402) | 650899195 |
|  **TOTAL LONG-TERM INVESTMENTS**<br>(cost $18,919,759,221) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $18,919,759,221) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $18,919,759,221) | 21155961315 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 11.2%** | **SHORT-TERM INVESTMENTS — 11.2%** | **SHORT-TERM INVESTMENTS — 11.2%** |
|  **AFFILIATED MUTUAL FUNDS — 10.6%** | **AFFILIATED MUTUAL FUNDS — 10.6%** | **AFFILIATED MUTUAL FUNDS — 10.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wa) | 1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 2290896568 | 2290896568 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $197,686,982; includes $196,881,970 of cash collateral for securities on<br>loan)(b)(wa) | 197825547 | 197687070 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $2,488,583,551) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $2,488,583,551) | 2488583639 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | |
|  **U.S. TREASURY OBLIGATIONS(n) — 0.6%** | **U.S. TREASURY OBLIGATIONS(n) — 0.6%** | **U.S. TREASURY OBLIGATIONS(n) — 0.6%** | **U.S. TREASURY OBLIGATIONS(n) — 0.6%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.133% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/02/25 | 236 | 233422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.213% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/06/25(h) | 284 | 279815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/18/25(h)(k) | 153800 | 152376233 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $152,889,082) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $152,889,082) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $152,889,082) | 152889470 |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $672,817) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $672,817) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $672,817) | 601408 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $2,642,145,450) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $2,642,145,450) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $2,642,145,450) | 2642074517 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.1%** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.1%** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.1%** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $21,561,904,671) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $21,561,904,671) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $21,561,904,671) | 23798035832 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $2,173,648) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $2,173,648) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $2,173,648) | (2680018) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.1%** | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.1%** | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.1%** | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $21,559,731,023) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $21,559,731,023) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $21,559,731,023) | 23795355814 |
|  **Liabilities in excess of other assets(z) — (1.1)%** | **Liabilities in excess of other assets(z) — (1.1)%** | **Liabilities in excess of other assets(z) — (1.1)%** | (247978356) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $23547377458 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $5 and 0.0% of net assets.  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $193,043,203; cash collateral of $196,881,970 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market**<br>**Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  Freedom Mortgage Corp., Sr. Unsec'd. Notes, 144A, 12.000%, 10/01/28 | 09/14/23 | $343000 | $376367 | 0.0% |
|  Freedom Mortgage Holdings LLC, Sr. Unsec'd. Notes, 144A, 8.375%, 04/01/32 | 02/04/25 | 1390000 | 1402743 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $1733000 | $1779110 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $97.00 | 64 | 160 | $11600 |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 127 | 318 | 794 |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 15 | 38 | 94 |
|  3 Month SOFR | Put | 12/12/25 | $96.00 | 64 | 160 | 10800 |
|  **Total Exchange Traded** (cost $30,596) |  |  |  |  |  | $23288 |

---

#### OTC Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs MXN<br> Call | MSI | 07/30/25 | 26.00 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | $331 |
|  Currency Option EUR vs PLN<br> Call | CITI | 07/21/25 | 5.00 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311 | 12 |
|  Currency Option EUR vs TRY<br> Call | JPM | 07/14/25 | 80.00 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | 749 |
|  Currency Option EUR vs TRY<br> Call | JPM | 07/24/25 | 90.00 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319 | 2207 |
|  Currency Option USD vs BRL<br> Call | MSI | 07/02/25 | 6.70 – | 3999 |  |
|  Currency Option USD vs BRL<br> Call | MSI | 07/24/25 | 6.50 – | 2297 | 150 |
|  Currency Option USD vs CLP<br> Call | MSI | 07/07/25 | 1100.00 – | 4023 |  |
|  Currency Option USD vs CNH<br> Call | DB | 09/24/25 | 7.95 – | 45801 | 2448 |
|  Currency Option USD vs COP<br> Call | MSI | 07/10/25 | 5000.00 – | 3792 | 3 |
|  Currency Option USD vs JPY<br> Call | CITI | 07/14/25 | 155.00 – | 3810 | 14 |
|  Currency Option USD vs KRW<br> Call | MSI | 07/10/25 | 1550.00 – | 3798 |  |
|  Currency Option USD vs KRW<br> Call | JPM | 09/25/25 | 1750.00 – | 10718 | 141 |
|  Currency Option USD vs MXN<br> Call | CITI | 07/08/25 | 22.00 – | 4017 | 13 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br> **Put** | **Counterparty** | **Expiration**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike**  | **Contracts** | **Notional**<br>**Amount**<br> **(000)#** | **Notional**<br>**Amount**<br> **(000)#** | **Value** |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 70.00 |  |  | 2003 | $— |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 99.00 |  |  | 1904 | 1123 |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 32.00 |  |  | 7658 | 162 |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 21.00 |  |  | 2003 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.00 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.05 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.05 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437 | 5 |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 4.90 |  |  | 12587 | 1 |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.00 |  |  | 1896 | 3 |
|  Currency Option USD vs CNH | Put | DB | 09/24/25 | 7.00 |  |  | 45801 | 148060 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 25696 | 3395 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 7111 | 940 |
|  Currency Option USD vs KRW | Put | JPM | 09/25/25 | 1331.00 |  |  | 10718 | 160661 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 3830 | 320 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 3830 | 320 |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 16.00 |  |  | 2297 | 48 |
|  **Total OTC Traded** (cost $327,720) |  |  |  |  |  |  |  | $321106 |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  5-Year Interest Rate Swap, 09/29/30 | Call | CITI | 09/25/25 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/ 4.450% |  | 2018 | $13304 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% |  | 7190 | 4 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% |  | 865 | 1 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% |  | 7190 | 68017 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% |  | 865 | 8183 |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 2.05% | 3 Month EURIBOR(Q)/ 1.944% | 2.05%(A) | EUR | 9585 | 5852 |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 3.50% | 3 Month EURIBOR(Q)/ 1.944% | 3.50%(A) | EUR | 9585 | 4 |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.02% | 1 Day TONAR(A)/ 0.477% | 1.02%(A) | JPY | &nbsp;&nbsp;&nbsp;&nbsp;878150 | 609 |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.52% | 1 Day TONAR(A)/ 0.477% | 1.52%(A) | JPY | &nbsp;&nbsp;&nbsp;&nbsp;878150 | 2 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.60% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) |  | 87600 | 96203 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.63% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) |  | 69900 | 64835 |
|  **Total OTC Swaptions** (cost $314,501) | **Total OTC Swaptions** (cost $314,501) | **Total OTC Swaptions** (cost $314,501) | **Total OTC Swaptions** (cost $314,501) |  |  |  |  |  | $257014 |
|  **Total Options Purchased** (cost $672,817) | **Total Options Purchased** (cost $672,817) | **Total Options Purchased** (cost $672,817) | **Total Options Purchased** (cost $672,817) |  |  |  |  |  | $601408 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 69 | 173 | $(43125) |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 72 | 180 | (45000) |
|  3 Month SOFR | Put | 12/12/25 | $95.63 | 64 | 160 | (1200) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 69 | 173 | (29325) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | &nbsp;&nbsp;&nbsp;&nbsp;8 | 20 | (3400) |
|  **Total Exchange Traded** (premiums received $181,342) |  |  |  |  |  | $(122050) |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br> Put** | **Counterparty** | **Expiration<br> Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike**  | **Contracts** | **Notional<br>Amount<br> (000)#** | **Notional<br>Amount<br> (000)#** | **Value** |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 22.35 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | $(32457) |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 4.28 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311 | (10836) |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 48.00 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | (32376) |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 49.50 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319 | (38337) |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 5.70 |  |  | 3999 | (1) |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 5.65 |  |  | 2297 | (7454) |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 940.00 |  |  | 4023 | (13131) |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.25 |  |  | 45801 | (105452) |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 4300.00 |  |  | 3792 | (1884) |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 145.00 |  |  | 3810 | (16989) |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1390.00 |  |  | 3798 | (2306) |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1385.00 |  |  | 10718 | (103058) |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 19.40 |  |  | 4017 | (2168) |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 41.00 |  |  | 2003 | (673) |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 42.00 |  |  | 1904 | (9721) |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 29.15 |  |  | 7658 | (62148) |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 18.20 |  |  | 2003 | (136) |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.14 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.14 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | (74) |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.14 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437 | (1868) |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 6.00 |  |  | 12587 | (1308089) |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.50 |  |  | 1896 | (27190) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 16407 | (284879) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 1915 | (5793) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 1915 | (5793) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 1915 | (13752) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 1915 | (13752) |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 17.70 |  |  | 2297 | (26848) |
|  **Total OTC Traded** (premiums received $1,556,496) |  |  |  |  |  |  |  | $(2127165) |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  5-Year Interest Rate Swap, 09/29/30<br> Call | CITI | 09/25/25 | 3.04% | 1 Day SOFR(A)/ 4.450% | 3.04%(A) | 4035 | $(13103) |
|  10-Year Interest Rate Swap, 09/29/35<br> Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.450% | 3.21%(A) | 14380 | (45218) |
|  10-Year Interest Rate Swap, 09/29/35<br> Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.450% | 3.21%(A) | 1730 | (5440) |
|  CDX.NA.IG.44.V1, 06/20/30<br> Call | JPM | 09/17/25 | 0.53% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 87600 | (137047) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.55% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) |  | 69900 | $(157766) |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 2.20% | 2.20%(A) | 3 Month EURIBOR(Q)/ 1.944% | EUR | 19170 | (5252) |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.27% | 1.27%(A) | 1 Day TONAR(A)/ 0.477% | JPY | 1756300 | (54) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.44.V1(Q) |  | 12000 | (4379) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 07/16/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) |  | 58110 | (4468) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) |  | 87600 | (35591) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.88% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) |  | 69900 | (22485) |
|  **Total OTC Swaptions** (premiums received $435,810) | **Total OTC Swaptions** (premiums received $435,810) | **Total OTC Swaptions** (premiums received $435,810) | **Total OTC Swaptions** (premiums received $435,810) |  |  |  |  |  | $(430803) |
|  **Total Options Written** (premiums received $2,173,648) | **Total Options Written** (premiums received $2,173,648) | **Total Options Written** (premiums received $2,173,648) | **Total Options Written** (premiums received $2,173,648) | **Total Options Written** (premiums received $2,173,648) |  |  |  |  | $(2680018) |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 2191 | 2 Year U.S. Treasury Notes | Sep. 2025 | $455779353 | $1473256 |
| 7110 | 5 Year U.S. Treasury Notes | Sep. 2025 | 774990000 | 8715066 |
| 46 | 10 Year Canadian Government Bonds | Sep. 2025 | 4121168 | 37157 |
| 85 | 10 Year Euro-Bund | Sep. 2025 | 13031366 | (31110) |
| 100 | 10 Year Korea Treasury Bonds | Sep. 2025 | 8775193 | (9736) |
| 82 | 10 Year U.K. Gilt | Sep. 2025 | 10471206 | 145098 |
| 3856 | 10 Year U.S. Treasury Notes | Sep. 2025 | 432354000 | 7509242 |
| 2527 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 288749247 | 5886197 |
| 3275 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 378160156 | 11515698 |
| 5 | 30 Year Euro Buxl | Sep. 2025 | 699349 | (11042) |
| 652 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 77669500 | 2792736 |
| 167 | Euro Schatz Index | Sep. 2025 | 21097968 | (17692) |
| 70 | Euro-BTP Italian Government Bond | Sep. 2025 | 9977237 | 32747 |
| 1684 | Mini MSCI EAFE Index | Sep. 2025 | 225799140 | 1709344 |
| 329 | Russell 2000 E-Mini Index | Sep. 2025 | 36053465 | 1185761 |
| 3243 | S&P 500 E-Mini Index | Sep. 2025 | 1014045563 | 35849195 |
|  |  |  |  | 76781917 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 225 | 3 Month CME SOFR | Sep. 2025 | 53811563 | 10863 |
| 8 | 3 Month CME SOFR | Dec. 2025 | 1919800 | (6015) |
| 8 | 3 Month CME SOFR | Mar. 2026 | 1926600 | (10515) |
| 8 | 3 Month CME SOFR | Jun. 2026 | 1932000 | (14309) |
| 75 | 1 Year Eris SOFR Swap Futures | Sep. 2025 | 7462448 | (5856) |
| 333 | 2 Year U.S. Treasury Notes | Sep. 2025 | 69271805 | (230996) |
| 169 | 5 Year Euro-Bobl | Sep. 2025 | 23426975 | 22597 |
| 464 | 5 Year U.S. Treasury Notes | Sep. 2025 | 50576000 | (416781) |
| 111 | 10 Year Australian Treasury Bonds | Sep. 2025 | 8373470 | (41669) |
| 315 | 10 Year Euro-Bund | Sep. 2025 | 48292711 | 231271 |
| 6 | 10 Year Japanese Government Bonds | Sep. 2025 | 5792299 | (15416) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Positions (cont'd):** | **Short Positions (cont'd):** |  |  |  |
| 122 | 10 Year U.S. Treasury Notes | Sep. 2025 | $13679250 | $(297399) |
| 77 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 8798454 | (34451) |
| 39 | 30 Year Euro Buxl | Sep. 2025 | 5454922 | 119468 |
| 794 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 94585250 | (2290090) |
| 91 | British Pound Currency | Sep. 2025 | 7806094 | (109944) |
| 85 | Canadian Dollar Currency | Sep. 2025 | 6262800 | (36386) |
| 1012 | Euro Currency | Sep. 2025 | 149725400 | (4370346) |
| 92 | Euro-OAT | Sep. 2025 | 13420714 | 70441 |
|  |  |  |  | (7425533) |
|  |  |  |  | $69356384 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 1661 | $1079345 | $1093173 | $13828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 1155 | 756490 | 760317 | 3827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | AUD | 140 | 91594 | 92158 | 564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 138 | 90751 | 91183 | 432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 136 | 87597 | 89863 | 2266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 9689 | 6332198 | 6379218 | 47020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 1291 | 842743 | 850335 | 7592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 205 | 132301 | 134835 | 2534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 142 | 92799 | 93478 | 679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 141 | 92121 | 92631 | 510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 133 | 86899 | 87548 | 649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 133 | 86267 | 87493 | 1226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 98 | 63799 | 64673 | 874 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 144072 | 25288657 | 26504288 | 1215631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | BRL | 121868 | 21982726 | 22236090 | 253364 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | GBP | 69 | 93399 | 94966 | 1567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 1160 | 1574061 | 1591929 | 17868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 580 | 794509 | 795762 | 1253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 580 | 795420 | 795766 | 346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 53 | 71682 | 72621 | 939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 1137 | 1498629 | 1561229 | 62600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 77 | 105031 | 105962 | 931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 2667 | 3607671 | 3662840 | 55169 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | CAD | 1567 | 1106559 | 1152010 | 45451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CAD | 2157 | 1579419 | 1585607 | 6188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CAD | 92 | 67072 | 67690 | 618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 148 | 108637 | 108928 | 291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 117 | 85145 | 86083 | 938 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CLP | 2133913 | 2296999 | 2290143 |  | (6856) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CNH | 5646 | 789710 | 790187 | 477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CNH | 4453 | 621553 | 623164 | 1611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | CNH | 7298 | 1021401 | 1023635 | 2234 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Chinese Renminbi (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 17355 | $2431999 | $2439819 | $7820 | $— |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CZK | 18708 | 858027 | 893425 | 35398 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | DKK | 13011 | 2000904 | 2066409 | 65505 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 10443 | 11888539 | 12320704 | 432165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 6534 | 7391081 | 7708504 | 317423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 1992 | 2219027 | 2349720 | 130693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 1117 | 1289643 | 1317633 | 27990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 499 | 564692 | 588982 | 24290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 1838 | 2100000 | 2168067 | 68067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 3747 | 4238314 | 4420556 | 182242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 3471 | 3999000 | 4094489 | 95489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1920 | 2192000 | 2265669 | 73669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1762 | 2013165 | 2078735 | 65570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 436 | 496759 | 513862 | 17103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 247 | 286936 | 291696 | 4760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 1853 | 2114000 | 2186141 | 72141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 1647 | 1896000 | 1942578 | 46578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 1354 | 1560666 | 1596941 | 36275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1351 | 1561597 | 1594158 | 32561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 18993 | 21577701 | 22407591 | 829890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 3747 | 4250833 | 4420556 | 169723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 1372 | 1587380 | 1618663 | 31283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 217 | 253843 | 255613 | 1770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 186 | 212681 | 219504 | 6823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 153 | 179064 | 180122 | 1058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 5625 | 6521661 | 6660299 | 138638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1771 | 2053531 | 2097151 | 43620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1284 | 1483538 | 1520852 | 37314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1272 | 1472739 | 1505813 | 33074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 879 | 1015168 | 1040702 | 25534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 828 | 964977 | 980549 | 15572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 87 | 100472 | 102898 | 2426 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | HKD | 36099 | 4663626 | 4621156 |  | (42470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 7052 | 902658 | 902745 | 87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 6351 | 820138 | 813020 |  | (7118) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | HUF | 915768 | 2538898 | 2696078 | 157180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | HUF | 106817 | 302357 | 314475 | 12118 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/29/25 | HSBC | INR | 706239 | 8203500 | 8216862 | 13362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | INR | 1606883 | 18709485 | 18680159 |  | (29326) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | 12676917 | 766000 | 782764 | 16764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 450538000 | 27588745 | 27819459 | 230714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 124188147 | 7614000 | 7668270 | 54270 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | ILS | 9039 | 2452065 | 2683649 | 231584 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 826466 | 5852479 | 5754067 |  | (98412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 110559 | 768522 | 769741 | 1219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | JPY | 197236 | 1364000 | 1373211 | 9211 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Japanese Yen (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 229327 | $1579195 | $1596637 | $17442 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 217506 | 1484000 | 1514330 | 30330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 382206 | 2680000 | 2661018 |  | (18982) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 192523 | 1341638 | 1340398 |  | (1240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | JPY | 24956 | 170371 | 174305 | 3934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 1210269 | 8418904 | 8453150 | 34246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 266956 | 1847408 | 1864557 | 17149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 71865 | 494219 | 501942 | 7723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 27823 | 192321 | 194329 | 2008 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | MXN | 32627 | 1702991 | 1734566 | 31575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | MXN | 18725 | 974047 | 995525 | 21478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | 182659 | 9400582 | 9653595 | 253013 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 224789 | 7783000 | 7868821 | 85821 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | NZD | 1064 | 612589 | 648842 | 36253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | NZD | 4002 | 2410403 | 2440938 | 30535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | NZD | 869 | 526771 | 530267 | 3496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 2593 | 1572217 | 1581550 | 9333 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 11515 | 3193800 | 3243472 | 49672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 8375 | 2339070 | 2359049 | 19979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 4435 | 1229613 | 1249187 | 19574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 4171 | 1165054 | 1174806 | 9752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 3789 | 1060919 | 1067110 | 6191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | PEN | 19595 | 5372076 | 5519330 | 147254 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 229355 | 4003335 | 4065727 | 62392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 182686 | 3177250 | 3238426 | 61176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 544454 | 9729349 | 9651424 |  | (77925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 318948 | 5528415 | 5653913 | 125498 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | PLN | 4920 | 1326572 | 1364142 | 37570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | PLN | 12039 | 3175009 | 3338203 | 163194 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | SGD | 1009 | 789158 | 794553 | 5395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | SGD | 5832 | 4492532 | 4604298 | 111766 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 105241 | 5838192 | 5934227 | 96035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | ZAR | 30583 | 1722387 | 1724515 | 2128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | ZAR | 17327 | 974047 | 977046 | 2999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | ZAR | 138390 | 7762429 | 7772353 | 9924 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | KRW | 2465685 | 1793421 | 1828100 | 34679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | KRW | 17213736 | 12673000 | 12784218 | 111218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | KRW | 270047 | 200024 | 200557 | 533 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 14884 | 1572426 | 1575549 | 3123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SEK | 71111 | 7455385 | 7555118 | 99733 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CHF | 1270 | 1569964 | 1605657 | 35693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CHF | 767 | 945254 | 976481 | 31227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 17290 | 21327922 | 22006212 | 678290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 1625 | 2009884 | 2068022 | 58138 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Swiss Franc (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 1119 | $1382798 | $1423611 | $40813 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 19 | 23105 | 23801 | 696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | THB | 25380 | 784413 | 782032 |  | (2381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | THB | 69618 | 2131000 | 2154265 | 23265 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 218879 | 5371598 | 5455462 | 83864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | TRY | 50452 | 1244198 | 1243426 |  | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | UAG | TRY | 140400 | 3429000 | 3457323 | 28323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/30/25 | BARC | TRY | 442560 | 10744104 | 10823537 | 79433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/22/25 | MSI | TRY | 59011 | 1254144 | 1275495 | 21351 |  |
|  |  |  |  | $430627097 | $438735279 | 8393664 | (285482) |
| **Sale**<br> **Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 2144 | $1393973 | $1411481 | $— | $(17508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 1563 | 986657 | 1029249 |  | (42592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 472 | 302138 | 310605 |  | (8467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | AUD | 1953 | 1268696 | 1286116 |  | (17420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 2414 | 1581232 | 1589293 |  | (8061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 1288 | 833131 | 848285 |  | (15154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 458 | 297702 | 301679 |  | (3977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 6178 | 4007031 | 4067935 |  | (60904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 176 | 115209 | 115907 |  | (698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 157 | 102725 | 103474 |  | (749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 112 | 73101 | 73735 |  | (634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 108 | 70173 | 71044 |  | (871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | AUD | 4886 | 3108472 | 3217344 |  | (108872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 826 | 538687 | 543958 |  | (5271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 285 | 182213 | 187973 |  | (5760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 219 | 142462 | 143906 |  | (1444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 52 | 33860 | 34116 |  | (256) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 121868 | 22149734 | 22419486 |  | (269752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | HSBC | BRL | 22204 | 3996000 | 4084803 |  | (88803) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | GBP | 15 | 20060 | 20110 |  | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | GBP | 21 | 28865 | 29195 |  | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 14901 | 19715645 | 20456592 |  | (740947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 5773 | 7637418 | 7924445 |  | (287027) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 16864 | 22811401 | 23150988 |  | (339587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 4560 | 6157979 | 6259780 |  | (101801) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 536 | 723712 | 735685 |  | (11973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 320 | 434362 | 439503 |  | (5141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 8 | 11050 | 11173 |  | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | GBP | 128 | 169633 | 175136 |  | (5503) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 46 | 61900 | 62566 |  | (666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | GBP | 2318 | 3129870 | 3183544 |  | (53674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 5457 | 7368422 | 7494465 |  | (126043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 1549 | 2090364 | 2127169 |  | (36805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 2592 | 3481698 | 3560115 |  | (78417) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  British Pound (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 1370 | $1844564 | $1881341 | $— | $(36777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 589 | 793315 | 808212 |  | (14897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 582 | 783844 | 799835 |  | (15991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 255 | 342502 | 349790 |  | (7288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 110 | 148908 | 151343 |  | (2435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 53 | 70883 | 72238 |  | (1355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 45 | 61075 | 62350 |  | (1275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 638 | 861349 | 876055 |  | (14706) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | CAD | 91 | 65327 | 66590 |  | (1263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | CAD | 6745 | 4737504 | 4957744 |  | (220240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | CAD | 1059 | 763048 | 778492 |  | (15444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 19555 | 14372246 | 14377759 |  | (5513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 1559 | 1148142 | 1146269 | 1873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 58 | 42503 | 42714 |  | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CAD | 52 | 38173 | 38004 | 169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 524 | 383155 | 385464 |  | (2309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 57 | 41786 | 41623 | 163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 18 | 13461 | 13527 |  | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 2 | 1100 | 1103 |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | CAD | 5473 | 4005441 | 4024202 |  | (18761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | CAD | 6383 | 4624329 | 4693244 |  | (68915) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 347285 | 48708989 | 48821843 |  | (112854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 112413 | 15766666 | 15803196 |  | (36530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 4483 | 628000 | 630205 |  | (2205) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 178056 | 8106433 | 8488717 |  | (382284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 3143 | 143105 | 149854 |  | (6749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CZK | 121427 | 5633966 | 5788951 |  | (154985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 94162 | 4197000 | 4489115 |  | (292115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 92409 | 4274674 | 4405560 |  | (130886) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 1280 | 1484323 | 1510293 |  | (25970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 8232 | 9431381 | 9711974 |  | (280593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1158 | 1321170 | 1365857 |  | (44687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 1450 | 1704845 | 1711195 |  | (6350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 1583 | 1772000 | 1867395 |  | (95395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 1456 | 1636000 | 1718264 |  | (82264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 101091 | 111234001 | 119263565 |  | (8029564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 42301 | 48466832 | 49904715 |  | (1437883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 27905 | 30704752 | 32921212 |  | (2216460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 4867 | 5610039 | 5742190 |  | (132151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 4484 | 5207058 | 5289638 |  | (82580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 2873 | 3290970 | 3389936 |  | (98966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 2866 | 3273000 | 3381017 |  | (108017) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 2845 | 3191971 | 3356939 |  | (164968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 37136 | 43620211 | 43811364 |  | (191153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 7814 | 8810000 | 9218230 |  | (408230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 6050 | 6913023 | 7137986 |  | (224963) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 3284 | 3797893 | 3874647 |  | (76754) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 2995 | 3492393 | 3532856 |  | (40463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 89 | 103064 | 105524 |  | (2460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 97014 | 111877069 | 114453318 |  | (2576249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 19057 | 21397390 | 22482661 |  | (1085271) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 2987 | $3394179 | $3524508 | $— | $(130329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 1922 | 2180036 | 2267173 |  | (87137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 433 | 506932 | 510256 |  | (3324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 334 | 383206 | 394546 |  | (11340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 107587 | 123199814 | 126926701 |  | (3726887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 31124 | 35640974 | 36719140 |  | (1078166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 1700 | 1935451 | 2005340 |  | (69889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 737 | 839273 | 869326 |  | (30053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 105313 | 120357166 | 124244408 |  | (3887242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 31124 | 35570307 | 36719141 |  | (1148834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 2890 | 3301054 | 3409455 |  | (108401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 677 | 801015 | 801040 |  | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 4239 | 4864523 | 5018906 |  | (154383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 2713 | 3135154 | 3211858 |  | (76704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1889 | 2182449 | 2237111 |  | (54662) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1525 | 1762506 | 1805627 |  | (43121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1347 | 1554854 | 1595332 |  | (40478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1284 | 1484069 | 1520378 |  | (36309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1283 | 1481418 | 1519194 |  | (37776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1045 | 1211674 | 1237616 |  | (25942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 646 | 747746 | 764452 |  | (16706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 611 | 707648 | 723483 |  | (15835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 4919 | 5633557 | 5824446 |  | (190889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 2193 | 2514566 | 2596365 |  | (81799) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | HUF | 2868089 | 8168761 | 8443832 |  | (275071) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | INR | 861163 | 9887000 | 10011094 |  | (124094) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | IDR | 29592399 | 1807169 | 1827247 |  | (20078) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 89715 | 635298 | 624615 | 10683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 158 | 1102 | 1101 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 1266068 | 8838885 | 8814691 | 24194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 112282 | 784413 | 781738 | 2675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 263838 | 1852000 | 1836910 | 15090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 226544 | 1567679 | 1577259 |  | (9580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | JPY | 258832 | 1829000 | 1802056 | 26944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 227738 | 1573879 | 1585571 |  | (11692) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 403030 | 2798829 | 2805996 |  | (7167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 113005 | 789399 | 786767 | 2632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 5454 | 37976 | 37971 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 159 | 1105 | 1107 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | JPY | 1237 | 8656 | 8614 | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | JPY | 159754 | 1114865 | 1115805 |  | (940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 190897 | 1327924 | 1333326 |  | (5402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 162430 | 1125894 | 1134498 |  | (8604) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | MXN | 94218 | 4940923 | 5009026 |  | (68103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | MXN | 14867 | 780818 | 790380 |  | (9562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | MXN | 47330 | 2474429 | 2516234 |  | (41805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | MXN | 56543 | 2910250 | 2988323 |  | (78073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 56481 | 2910250 | 2985031 |  | (74781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 47929 | 2494500 | 2533044 |  | (38544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | MXN | 39965 | 2085000 | 2112181 |  | (27181) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CA | TWD | 748516 | $25461881 | $26202109 | $— | $(740228) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | NOK | 436 | 42960 | 43238 |  | (278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | NOK | 3679 | 362857 | 365179 |  | (2322) |
|  Romanian Leu, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | RON | 2777 | 634369 | 643204 |  | (8835) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | SGD | 9442 | 7369450 | 7438819 |  | (69369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 19609 | 15364755 | 15510461 |  | (145706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SGD | 17404 | 13622440 | 13766062 |  | (143622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SGD | 8631 | 6709560 | 6826789 |  | (117229) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 51814 | 2916142 | 2921619 |  | (5477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ZAR | 47430 | 2619000 | 2663790 |  | (44790) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 1351754 | 959848 | 1002213 |  | (42365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 1117352 | 827668 | 828423 |  | (755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 32420362 | 24108123 | 24077805 | 30318 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CHF | 7149 | 8822926 | 9035829 |  | (212903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | CHF | 749 | 928021 | 952808 |  | (24787) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | THB | 25523 | 789710 | 786442 | 3268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | THB | 152114 | 4700389 | 4687106 | 13283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | THB | 76723 | 2367282 | 2364057 | 3225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 775234 | 23989172 | 23988986 | 186 |  |
|  |  |  |  | $1226698576 | $1261382129 | 134751 | (34818304) |
|  |  |  |  |  |  | $8528415 | $(35103786) |

---

#### Cross currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  | | | | |
|  07/22/25 | Buy | AUD | 2401 | CHF | 1278 | $— | $(35091) | GSI |
|  07/22/25 | Buy | CHF | 1280 | EUR | 1364 | 7570 |  | GSI |
|  07/22/25 | Buy | EUR | 460 | HUF | 185883 |  | (3983) | MSI |
|  07/22/25 | Buy | EUR | 1328 | SGD | 1949 | 31091 |  | HSBC |
|  07/22/25 | Buy | EUR | 1364 | CHF | 1278 |  | (6255) | BNP |
|  07/22/25 | Buy | EUR | 1373 | JPY | 220183 | 86655 |  | MSI |
|  07/22/25 | Buy | EUR | 2282 | CHF | 2134 |  | (5405) | MSI |
|  07/22/25 | Buy | EUR | 5887 | PLN | 25170 |  | (34214) | CITI |
|  07/22/25 | Buy | GBP | 346 | SGD | 602 | 1169 |  | SSB |
|  07/22/25 | Buy | GBP | 896 | JPY | 174832 | 12460 |  | MSI |
|  07/22/25 | Buy | JPY | 221312 | EUR | 1373 |  | (78796) | CITI |
|  07/22/25 | Buy | JPY | 443046 | EUR | 2746 |  | (154652) | MSI |
|  07/22/25 | Buy | PLN | 18077 | EUR | 4181 | 79605 |  | BNP |
|  07/22/25 | Buy | SEK | 15085 | EUR | 1365 |  | (13501) | GSI |
|  |  |  |  |  |  | $218550 | $(331897) |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination** <br>**Date** | **Fixed**<br> **Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 06/20/30 | 1.000%(Q) | 500 | $79794 | $13 | $79781 | MSI |
|  Dominican Republic | 06/20/30 | 1.000%(Q) | 500 | 17697 | 13 | 17684 | MSI |
|  Emirate of Abu Dhabi | 06/20/30 | 1.000%(Q) | 500 | (14946) | 13 | (14959) | MSI |
|  Federal Republic of Nigeria | 06/20/30 | 1.000%(Q) | 500 | 80081 | 13 | 80068 | MSI |
|  Federation of Malaysia | 06/20/30 | 1.000%(Q) | 750 | (18642) | 20 | (18662) | MSI |
|  Federative Republic of Brazil | 06/20/30 | 1.000%(Q) | 2250 | 46855 | 59 | 46796 | MSI |
|  Kingdom of Bahrain | 06/20/30 | 1.000%(Q) | 500 | 22408 | 13 | 22395 | MSI |
|  Kingdom of Morocco | 06/20/30 | 1.000%(Q) | 500 | (820) | 13 | (833) | MSI |
|  Kingdom of Saudi Arabia | 06/20/30 | 1.000%(Q) | 1250 | (18310) | 33 | (18343) | MSI |
|  People's Republic of China | 06/20/30 | 1.000%(Q) | 2250 | (50944) | 59 | (51003) | MSI |
|  Republic of Argentina | 06/20/30 | 1.000%(Q) | 500 | 128804 | 13 | 128791 | MSI |
|  Republic of Chile | 06/20/30 | 1.000%(Q) | 1500 | (32401) | 39 | (32440) | MSI |
|  Republic of Colombia | 06/20/30 | 1.000%(Q) | 1750 | 89789 | 46 | 89743 | MSI |
|  Republic of Indonesia | 06/20/30 | 1.000%(Q) | 2000 | (20667) | 53 | (20720) | MSI |
|  Republic of Ivory Coast | 06/20/30 | 1.000%(Q) | 500 | 59823 | 13 | 59810 | MSI |
|  Republic of Panama | 06/20/30 | 1.000%(Q) | 500 | 19251 | 13 | 19238 | MSI |
|  Republic of Peru | 06/20/30 | 1.000%(Q) | 750 | (6434) | 20 | (6454) | MSI |
|  Republic of Philippines | 06/20/30 | 1.000%(Q) | 750 | (12557) | 20 | (12577) | MSI |
|  Republic of South Africa | 06/20/30 | 1.000%(Q) | 2250 | 84846 | 59 | 84787 | MSI |
|  Republic of Turkey | 06/20/30 | 1.000%(Q) | 2250 | 178877 | 59 | 178818 | MSI |
|  Sultanate of Oman | 06/20/30 | 1.000%(Q) | 500 | (401) | 13 | (414) | MSI |
|  United Mexican States | 06/20/30 | 1.000%(Q) | 2250 | 6716 | 59 | 6657 | MSI |
|  |  |  |  | $638819 | $656 | $638163 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** |  |
|  CDX.EM.43.V1 | 06/20/30 | 1.000%(Q) | 25000 | 1.565% | $(612069) | $(5391) | $(606678) | MSI |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> (Received) | **Unrealized**<br> **Appreciation**<br> (Depreciation) | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  China Development Bank | 06/20/29 | 1.000%(Q) |  | 795 | $(18339) | $(6460) | $(11879) | JPM |
|  Industrial & Commercial Bank of China Ltd. | 06/20/29 | 1.000%(Q) |  | 795 | (18019) | (5636) | (12383) | JPM |
|  Israel Electric Corp. Ltd. | 03/20/32 | 1.000%(Q) |  | 800 | 18946 | 31958 | (13012) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 9700 | (119440) | (81144) | (38296) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 485 | (5972) | 6449 | (12421) | BNP |
|  Petroleos Mexicanos | 06/20/28 | 1.000%(Q) |  | 6100 | 426316 | 461644 | (35328) | BARC |
|  Petroleos Mexicanos | 06/20/28 | 1.000%(Q) |  | 1430 | 99940 | 109667 | (9727) | BARC |
|  Republic of Italy | 12/20/27 | 1.000%(Q) | EUR | 700 | (19277) | (12846) | (6431) | BARC |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 2000 | 23066 | 41697 | (18631) | GSI |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 1600 | 18454 | 108619 | (90165) | JPM |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) | 1200 | $13840 | $79725 | $(65885) | MSI |
|  |  |  |  | $419515 | $733673 | $(314158) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed** <br> **Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**June 30,**<br>**2025(4)** | **Fair**<br> **Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |  |
|  Kingdom of Norway | 12/20/25 | —%(Q) | 900 | 0.042% | $(178) | $(210) |  | $32 | BARC |
|  People's Republic of China | 06/20/29 | 1.000%(Q) | 1590 | 0.424% | 34425 | 15702 |  | 18723 | JPM |
|  Republic of Estonia | 12/20/26 | 1.000%(Q) | 250 | 0.266% | 2722 | 697 |  | 2025 | JPM |
|  Republic of France | 06/20/34 | 0.250%(Q) | 855 | 0.608% | (23046) | (16908) |  | (6138) | CITI |
|  Republic of France | 12/20/34 | 0.250%(Q) | 20000 | 0.631% | (598612) | (572972) |  | (25640) | BOA |
|  Republic of France | 12/20/34 | 0.250%(Q) | 2655 | 0.631% | (79466) | (60268) |  | (19198) | BOA |
|  Republic of Italy | 12/20/34 | 1.000%(Q) | 470 | 0.924% | 2931 | (2767) |  | 5698 | CITI |
|  Republic of Italy | 12/20/34 | 1.000%(Q) | 470 | 0.924% | 2931 | (2767) |  | 5698 | CITI |
|  |  |  |  |  | $(658293) | $(639493) |  | $(18800) |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** |  |  |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000%(Q) | 44580 | $(2190867) | $(3421491) | $(1230624) |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 267673 | (5482968) | (6010103) | (527135) |
|  |  |  |  | $(7673835) | $(9431594) | $(1757759) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>June 30,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 136250 | 0.510% | $2842808 | $3059242 | $216434 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed** <br> **Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br> **Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500%(M) | 2250 \* | $(32828) | $(28597) |  | $(4231) | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500%(M) | 2000 \* | (29153) | (49441) |  | 20288 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500%(M) | 6400 \* | 5838 | 7592 |  | (1754) | GSI |
|  |  |  |  | $(56143) | $(70446) |  | $14303 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating<br>Rate** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
|  AUD | 815 | 12/03/27 | 2.600%(S) | 6 Month BBSW(2)(S)/ 3.775% | $(14949) | $(10497) | $4452 |
|  AUD | 3735 | 12/03/30 | 2.750%(S) | 6 Month BBSW(2)(S)/ 3.775% | (124200) | (112064) | 12136 |
|  AUD | 1785 | 12/03/31 | 2.750%(S) | 6 Month BBSW(2)(S)/ 3.775% | 119319 | (69487) | (188806) |
|  AUD | 2860 | 12/03/32 | 2.850%(S) | 6 Month BBSW(2)(S)/ 3.775% | (139675) | (126368) | 13307 |
|  AUD | 3690 | 12/03/33 | 2.800%(S) | 6 Month BBSW(1)(S)/ 3.775% | 280176 | 206584 | (73592) |
|  AUD | 7285 | 12/03/34 | 2.850%(S) | 6 Month BBSW(2)(S)/ 3.775% | (515630) | (457993) | 57637 |
|  AUD | 160 | 12/03/38 | 2.900%(S) | 6 Month BBSW(2)(S)/ 3.775% | (16053) | (15097) | 956 |
|  AUD | 530 | 12/03/52 | 2.900%(S) | 6 Month BBSW(2)(S)/ 3.775% | (50100) | (85123) | (35023) |
|  CAD | 3505 | 12/03/26 | 2.550%(S) | 1 Day CORRA(2)(S)/ 2.750% | 863 | (9115) | (9978) |
|  CAD | 4265 | 12/03/27 | 3.650%(S) | 1 Day CORRA(2)(S)/ 2.750% | 55259 | 87391 | 32132 |
|  CAD | 775 | 12/03/28 | 3.550%(S) | 1 Day CORRA(2)(S)/ 2.750% | (2505) | 19328 | 21833 |
|  CAD | 2890 | 12/03/29 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.750% | 56642 | 82243 | 25601 |
|  CAD | 1215 | 12/03/30 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.750% | (4371) | 38912 | 43283 |
|  CAD | 2030 | 12/03/34 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.750% | 60971 | 70740 | 9769 |
|  CHF | 1500 | 08/10/31 | (0.220)%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | (67207) | (67207) |
|  CHF | 1495 | 03/20/34 | 1.258%(A) | 1 Day SARON(1)(A)/ (0.032)% | (117193) | (140600) | (23407) |
|  CHF | 250 | 05/08/34 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.032)% | 18497 | 44239 | 25742 |
|  CHF | 730 | 12/13/34 | 0.371%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | (10128) | (10128) |
|  CHF | 2850 | 05/08/35 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.032)% | 518375 | 534598 | 16223 |
|  CLP | 278800 | 08/12/26 | 3.620%(S) | 1 Day CLOIS(2)(S)/ 5.000% |  | (4678) | (4678) |
|  CNH | 30000 | 03/04/26 | 1.765%(Q) | 7 Day China Fixing Repo Rates(1)(Q)/ 2.300% |  | (4999) | (4999) |
|  CNH | 109540 | 08/20/26 | 2.440%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | (132) | 168808 | 168940 |
|  CNH | 60000 | 12/06/27 | 2.820%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 276536 | 276536 |
|  CNH | 6425 | 04/26/28 | 2.790%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 34352 | 34352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating<br>Rate** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  CNH | 35760 | 05/11/28 | 2.600%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | $66015 | $163925 | $97910 |
|  CNH | 13300 | 06/01/28 | 2.473%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 54314 | 54314 |
|  CNH | 519630 | 05/10/29 | 2.650%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 3116517 | 3278958 | 162441 |
|  CNH | 26210 | 05/15/29 | 2.027%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 3073 | 76920 | 73847 |
|  CNH | 17000 | 11/11/29 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 7399 | 1230 | (6169) |
|  CNH | 5000 | 12/12/29 | 1.496%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 436 | 436 |
|  CNH | 163000 | 06/11/30 | 1.447%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | (40172) | (40172) |
|  COP | 5000000 | 05/16/29 | 8.100%(Q) | 1 Day COOIS(2)(Q)/ 8.729% | (10099) | (18694) | (8595) |
|  COP | 952000 | 08/12/31 | 5.910%(Q) | 1 Day COOIS(2)(Q)/ 8.729% |  | (32650) | (32650) |
|  CZK | 25000 | 08/12/26 | 2.062%(A) | 6 Month PRIBOR(2)(S)/ 3.480% |  | (13832) | (13832) |
|  DKK | 4500 | 04/08/32 | 1.581%(A) | 6 Month CIBOR(2)(S)/ 2.110% | (22623) | (44874) | (22251) |
|  DKK | 3000 | 07/10/34 | 3.200%(A) | 6 Month CIBOR(2)(S)/ 2.110% | 28176 | 28113 | (63) |
|  DKK | 1700 | 07/10/35 | 3.200%(A) | 6 Month CIBOR(2)(S)/ 2.110% | 7780 | 15660 | 7880 |
|  EUR | 3520 | 04/23/26 | 3.076%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (50757) | (50757) |
|  EUR | 1495 | 10/11/29 | 2.101%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (6512) | (6512) |
|  EUR | 9605 | 05/11/31 | 2.650%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (237919) | (325677) | (87758) |
|  EUR | 11050 | 05/11/32 | 2.600%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (347011) | (319754) | 27257 |
|  EUR | 2870 | 03/20/33 | 2.996%(A) | 6 Month EURIBOR(2)(S)/ 2.049% |  | 127933 | 127933 |
|  EUR | 65 | 03/20/34 | 2.560%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 214 | 1260 | 1046 |
|  EUR | 6885 | 05/11/34 | 2.650%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 179712 | 186542 | 6830 |
|  EUR | 2055 | 03/20/38 | 2.982%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | (70484) | (70484) |
|  EUR | 950 | 11/24/41 | 0.565%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 212973 | 212973 |
|  EUR | 950 | 11/24/41 | 0.600%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (213250) | (213250) |
|  EUR | 2303 | 11/25/41 | 0.629%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 503324 | 503324 |
|  EUR | 2303 | 11/25/41 | 0.663%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (504297) | (504297) |
|  EUR | 1355 | 02/17/42 | 0.536%(A) | 6 Month EURIBOR(2)(S)/ 2.049% |  | (500220) | (500220) |
|  EUR | 1140 | 03/22/42 | 1.257%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 185642 | 185642 |
|  EUR | 1140 | 03/22/42 | 1.310%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (184416) | (184416) |
|  EUR | 1720 | 02/24/43 | 2.910%(A) | 6 Month EURIBOR(1)(S)/ 2.049% | 1426 | (29171) | (30597) |
|  EUR | 1720 | 02/24/43 | 2.960%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% | (793) | 57906 | 58699 |
|  EUR | 1000 | 05/11/44 | 1.150%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (236231) | (274810) | (38579) |
|  EUR | 4615 | 05/11/45 | 2.700%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 92504 | 7495 | (85009) |
|  EUR | 2640 | 11/28/54 | 1.468%(A) | 6 Month EURIBOR(1)(S)/ 2.049% | (1876) | 181779 | 183655 |
|  GBP | 1770 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | (64763) | 68850 | 133613 |
|  GBP | 5720 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | (79241) | 222500 | 301741 |
|  GBP | 6520 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 4.217% | 336565 | 449929 | 113364 |
|  GBP | 2690 | 05/08/27 | 1.050%(A) | 1 Day SONIA(2)(A)/ 4.217% | (185819) | (185630) | 189 |
|  GBP | 4685 | 05/08/28 | 1.100%(A) | 1 Day SONIA(1)(A)/ 4.217% | 722360 | 456905 | (265455) |
|  GBP | 4165 | 05/08/28 | 4.100%(A) | 1 Day SONIA(2)(A)/ 4.217% | (14499) | 76200 | 90699 |
|  GBP | 425 | 05/08/29 | 1.100%(A) | 1 Day SONIA(1)(A)/ 4.217% | 70730 | 54480 | (16250) |
|  GBP | 2315 | 05/08/30 | 3.950%(A) | 1 Day SONIA(2)(A)/ 4.217% | 23320 | 40017 | 16697 |
|  GBP | 1350 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | (104023) | 254265 | 358288 |
|  GBP | 600 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | (13825) | 113006 | 126831 |
|  GBP | 2145 | 05/08/32 | 3.850%(A) | 1 Day SONIA(2)(A)/ 4.217% | (30755) | 11188 | 41943 |
|  GBP | 3585 | 05/08/33 | 1.150%(A) | 1 Day SONIA(2)(A)/ 4.217% | (655499) | (911944) | (256445) |
|  GBP | 1165 | 05/08/34 | 1.200%(A) | 1 Day SONIA(1)(A)/ 4.217% | 320937 | 329024 | 8087 |
|  GBP | 2320 | 05/08/35 | 3.900%(A) | 1 Day SONIA(2)(A)/ 4.217% | (40350) | (23163) | 17187 |
|  GBP | 365 | 05/08/37 | 1.200%(A) | 1 Day SONIA(1)(A)/ 4.217% | 147752 | 138568 | (9184) |
|  GBP | 450 | 05/08/38 | 1.200%(A) | 1 Day SONIA(2)(A)/ 4.217% | (120148) | (184901) | (64753) |
|  GBP | 3090 | 05/08/40 | 3.950%(A) | 1 Day SONIA(2)(A)/ 4.217% | (124464) | (146093) | (21629) |
|  GBP | 365 | 05/08/41 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | 47030 | (178031) | (225061) |
|  GBP | 1110 | 05/08/43 | 1.250%(A) | 1 Day SONIA(1)(A)/ 4.217% | 420545 | 596239 | 175694 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating<br>Rate** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  GBP | 5675 | 05/08/46 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | $206512 | $(3413317) | $(3619829) |
|  GBP | 900 | 05/08/48 | 1.250%(A) | 1 Day SONIA(1)(A)/ 4.217% | 385636 | 574390 | 188754 |
|  GBP | 775 | 05/08/50 | 3.900%(A) | 1 Day SONIA(2)(A)/ 4.217% | (89153) | (89276) | (123) |
|  GBP | 505 | 05/08/54 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | (291143) | (364816) | (73673) |
|  GBP | 380 | 05/08/54 | 3.900%(A) | 1 Day SONIA(2)(A)/ 4.217% | (7981) | (47400) | (39419) |
|  GBP | 2220 | 05/08/55 | 3.900%(A) | 1 Day SONIA(2)(A)/ 4.217% | (179354) | (280113) | (100759) |
|  HUF | 70000 | 08/10/31 | 2.748%(A) | 6 Month BUBOR(2)(S)/ 6.500% |  | (36081) | (36081) |
|  ILS | 1600 | 07/08/30 | 3.950%(A) | 1 Day SHIR(2)(A)/ 4.500% | 518 | 3024 | 2506 |
|  ILS | 2115 | 07/08/34 | 4.000%(A) | 1 Day SHIR(2)(A)/ 4.500% | (6011) | 1198 | 7209 |
|  JPY | 349000 | 07/08/26 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | 3250 | (25275) | (28525) |
|  JPY | 1560000 | 07/08/26 | 0.400%(A) | 1 Day TONAR(2)(A)/ 0.477% | (18603) | (15649) | 2954 |
|  JPY | 1410000 | 07/08/27 | 0.500%(A) | 1 Day TONAR(2)(A)/ 0.477% | (61598) | (28447) | 33151 |
|  JPY | 857000 | 04/11/28 | 0.609%(A) | 1 Day TONAR(1)(A)/ 0.477% |  | 26539 | 26539 |
|  JPY | 237600 | 07/31/28 | 0.268%(A) | 1 Day TONAR(2)(A)/ 0.477% |  | (27851) | (27851) |
|  JPY | 320000 | 07/08/29 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (51894) | (87258) | (35364) |
|  JPY | 1505000 | 07/08/29 | 0.650%(A) | 1 Day TONAR(2)(A)/ 0.477% | (41228) | (49999) | (8771) |
|  JPY | 180000 | 07/08/30 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.477% | 59416 | 64673 | 5257 |
|  JPY | 720000 | 07/08/30 | 0.750%(A) | 1 Day TONAR(2)(A)/ 0.477% | (47976) | (16056) | 31920 |
|  JPY | 745000 | 07/08/31 | 0.000%(A) | 1 Day TONAR(2)(A)/ 0.477% | 8530 | (305030) | (313560) |
|  JPY | 5000 | 07/08/31 | 0.800%(A) | 1 Day TONAR(1)(A)/ 0.477% | 154 | 152 | (2) |
|  JPY | 561000 | 07/08/32 | 0.050%(A) | 1 Day TONAR(2)(A)/ 0.477% | (163002) | (257946) | (94944) |
|  JPY | 400000 | 07/08/32 | 0.900%(A) | 1 Day TONAR(2)(A)/ 0.477% | (30257) | (5412) | 24845 |
|  JPY | 205000 | 07/08/34 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.477% | (99189) | (132580) | (33391) |
|  JPY | 1626000 | 07/08/34 | 1.050%(A) | 1 Day TONAR(2)(A)/ 0.477% | 38521 | (6852) | (45373) |
|  JPY | 345000 | 07/08/35 | 1.100%(A) | 1 Day TONAR(2)(A)/ 0.477% | (35380) | (7033) | 28347 |
|  JPY | 81000 | 07/08/37 | 0.150%(A) | 1 Day TONAR(2)(A)/ 0.477% | (45776) | (77089) | (31313) |
|  JPY | 130000 | 07/08/38 | 0.200%(A) | 1 Day TONAR(2)(A)/ 0.477% | (100090) | (135070) | (34980) |
|  JPY | 539865 | 07/08/39 | 1.350%(A) | 1 Day TONAR(2)(A)/ 0.477% | 21538 | (38946) | (60484) |
|  JPY | 515000 | 07/08/40 | 1.400%(A) | 1 Day TONAR(2)(A)/ 0.477% | (90808) | (50461) | 40347 |
|  JPY | 553500 | 07/08/41 | 0.250%(A) | 1 Day TONAR(2)(A)/ 0.477% | 19138 | (781306) | (800444) |
|  JPY | 52000 | 09/02/41 | 0.227%(A) | 1 Day TONAR(2)(A)/ 0.477% |  | (75921) | (75921) |
|  JPY | 470000 | 07/08/44 | 1.550%(A) | 1 Day TONAR(2)(A)/ 0.477% | (3379) | (118455) | (115076) |
|  JPY | 170000 | 07/08/45 | 1.600%(A) | 1 Day TONAR(2)(A)/ 0.477% | (59511) | (44228) | 15283 |
|  JPY | 330000 | 07/08/46 | 0.350%(A) | 1 Day TONAR(2)(A)/ 0.477% | 38937 | (647894) | (686831) |
|  JPY | 50000 | 07/08/48 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | (39904) | (103142) | (63238) |
|  JPY | 170000 | 07/08/49 | 1.700%(A) | 1 Day TONAR(2)(A)/ 0.477% | (1829) | (64240) | (62411) |
|  JPY | 150000 | 07/08/50 | 1.700%(A) | 1 Day TONAR(2)(A)/ 0.477% | (75722) | (65107) | 10615 |
|  JPY | 223500 | 07/08/51 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | 23290 | (532177) | (555467) |
|  JPY | 36000 | 09/02/51 | 0.393%(A) | 1 Day TONAR(2)(A)/ 0.477% |  | (89476) | (89476) |
|  JPY | 45300 | 07/31/53 | 1.102%(A) | 1 Day TONAR(1)(A)/ 0.477% |  | 70059 | 70059 |
|  JPY | 625000 | 07/08/54 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.477% | (17549) | (345308) | (327759) |
|  JPY | 155000 | 07/08/55 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.477% | (100072) | (92507) | 7565 |
|  KRW | 270000 | 04/19/28 | 3.135%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | 4163 | 4163 |
|  KRW | 5400000 | 08/13/31 | 1.630%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | (195864) | (195864) |
|  KRW | 790215 | 03/10/33 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | (10392) | 24614 | 35006 |
|  KRW | 125000 | 11/24/33 | 3.610%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | 7426 | 7426 |
|  KRW | 2360990 | 03/10/34 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | 1399 | 78661 | 77262 |
|  KRW | 13405000 | 03/10/35 | 3.200%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | 443995 | 514202 | 70207 |
|  MXN | 13200 | 12/08/25 | 8.945%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 196 | 2362 | 2166 |
|  MXN | 4110 | 12/30/25 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 122 | 264 | 142 |
|  MXN | 13200 | 04/19/32 | 8.945%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% |  | 28630 | 28630 |
|  MXN | 4110 | 05/09/34 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% |  | 1406 | 1406 |
|  MXN | 24000 | 12/06/34 | 9.100%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 52288 | 88943 | 36655 |
|  NOK | 2085 | 08/10/31 | 1.460%(A) | 6 Month NIBOR(2)(S)/ 4.370% |  | (26513) | (26513) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating<br>Rate** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  NZD | 795 | 08/10/31 | 1.876%(S) | 3 Month BBR(2)(Q)/ 3.290% | $— | $(47552) | $(47552) |
|  NZD | 1000 | 05/08/35 | 4.400%(S) | 3 Month BBR(2)(Q)/ 3.290% | 18580 | 17626 | (954) |
|  PLN | 26000 | 05/11/27 | 4.400%(A) | 6 Month WIBOR(2)(S)/ 5.040% | (74188) | 3370 | 77558 |
|  PLN | 880 | 05/11/29 | 4.350%(A) | 6 Month WIBOR(2)(S)/ 5.040% | 346 | 1262 | 916 |
|  PLN | 1000 | 11/09/31 | 2.845%(A) | 6 Month WIBOR(2)(S)/ 5.040% |  | (18819) | (18819) |
|  SEK | 23000 | 07/10/27 | 3.600%(A) | 3 Month STIBOR(2)(Q)/ 2.127% | 54800 | 155268 | 100468 |
|  SEK | 7600 | 08/10/31 | 0.530%(A) | 3 Month STIBOR(2)(Q)/ 2.127% |  | (78303) | (78303) |
|  SGD | 1200 | 07/29/31 | 1.120%(S) | 1 Day SORA(2)(S)/ 1.560% | (3118) | (37590) | (34472) |
|  SGD | 1070 | 09/10/34 | 2.450%(S) | 1 Day SORA(2)(S)/ 1.560% | (15077) | 37348 | 52425 |
|  THB | 38500 | 08/17/31 | 1.320%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | (1828) | (1828) |
|  THB | 20100 | 04/18/34 | 2.895%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 72687 | 72687 |
|  THB | 17500 | 04/22/34 | 2.818%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 59745 | 59745 |
|  THB | 109455 | 09/10/34 | 2.350%(Q) | 1 Day THOR(2)(Q)/ 1.739% | 39503 | 238625 | 199122 |
|  THB | 12200 | 12/16/34 | 2.173%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 20732 | 20732 |
|  THB | 42110 | 09/10/35 | 2.400%(Q) | 1 Day THOR(2)(Q)/ 1.739% | 88074 | 100995 | 12921 |
|  TWD | 62800 | 02/17/28 | 1.390%(Q) | 3 Month TAIBOR(1)(Q)/ 1.678% |  | 6920 | 6920 |
|  | 136525 | 08/19/25 | 4.395%(T) | 1 Day SOFR(2)(T)/ 4.450% | 1877 | (306379) | (308256) |
|  | 88635 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (198205) | (198205) |
|  | 7165 | 11/12/25 | 4.200%(T) | 1 Day SOFR(1)(T)/ 4.450% | 2497 | 14863 | 12366 |
|  | 3850 | 04/23/26 | 4.861%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 30126 | 30126 |
|  | 2780 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 4.450% | 26822 | 19990 | (6832) |
|  | 116965 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 4.450% | 542760 | 841067 | 298307 |
|  | 127025 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (838029) | (838029) |
|  | 16320 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% | 3019 | (206131) | (209150) |
|  | 6390 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (80709) | (80709) |
|  | 64660 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.450% | 15012 | 1142766 | 1127754 |
|  | 40240 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.450% | (42786) | (1238229) | (1195443) |
|  | 800 | 02/22/32 | 3.989%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (21329) | (21329) |
|  | 2850 | 03/28/32 | 3.841%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (50854) | (50854) |
|  | 980 | 12/10/34 | 3.911%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 16520 | 16520 |
|  | 4710 | 08/15/39 | 3.771%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | (84886) | (84886) |
|  | 3090 | 05/11/40 | 4.100%(A) | 1 Day SOFR(1)(A)/ 4.450% | 59380 | (74531) | (133911) |
|  | 3405 | 05/11/45 | 4.000%(A) | 1 Day SOFR(2)(A)/ 4.450% | (144448) | 14426 | 158874 |
|  | 1415 | 05/11/49 | 1.350%(A) | 1 Day SOFR(2)(A)/ 4.450% | (552235) | (580276) | (28041) |
|  | 34290 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.450% | (242467) | (951783) | (709316) |
|  | 17090 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.450% | (262895) | (474365) | (211470) |
|  | 14071 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 45558 | 45558 |
|  | 420 | 04/30/54 | 4.027%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (7268) | (7268) |
|  | 805 | 05/10/54 | 3.850%(A) | 1 Day SOFR(2)(A)/ 4.450% | (4587) | (10754) | (6167) |
|  | 4960 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | 2264076 | 2226868 | (37208) |
|  | 1305 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | 572115 | 585900 | 13785 |
|  | 11215 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 74732 | 259143 | 184411 |
|  | 63140 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 923405 | 1458968 | 535563 |
|  | 853 | 12/15/54 | 3.638%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 39787 | 39787 |
|  | 30360 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.450% | 235350 | 1164159 | 928809 |
|  | 11865 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.450% | 189270 | 454965 | 265695 |
|  | 31800 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 4.450% | (582624) | (1148697) | (566073) |
|  | 1590 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 4.450% | (31409) | (57435) | (26026) |
|  | 2655 | 05/11/55 | 3.850%(A) | 1 Day SOFR(1)(A)/ 4.450% | 129594 | 30887 | (98707) |
|  | 37365 | 05/11/55 | 3.850%(A) | 1 Day SOFR(1)(A)/ 4.450% | 1347796 | 434679 | (913117) |
|  | 870 | 05/10/74 | 3.420%(A) | 1 Day SOFR(1)(A)/ 4.450% | 9031 | 47470 | 38439 |
|  | 1320 | 05/11/74 | 1.950%(A) | 1 Day SOFR(1)(A)/ 4.450% | 5948 | 50333 | 44385 |
|  |  |  |  |  | $7711203 | $(23664) | $(7734867) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating<br>Rate** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |
|  BRL | 14979 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(110281) | $— |  | $(110281) | GSI |
|  BRL | 14979 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 133957 |  |  | 133957 | GSI |
|  CNH | 2100 | 07/31/30 | 2.515%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 15147 |  |  | 15147 | MSI |
|  CNH | 2100 | 11/24/30 | 2.495%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 15553 |  |  | 15553 | MSI |
|  MYR | 8100 | 08/12/26 | 2.605%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | (15878) | (36) |  | (15842) | HSBC |
|  MYR | 13000 | 12/19/29 | 3.560%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 50076 | 12 |  | 50064 | MSI |
|  MYR | 2185 | 11/23/30 | 3.880%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 17491 | (2) |  | 17493 | MSI |
|  MYR | 1855 | 02/28/32 | 3.625%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 9426 |  |  | 9426 | JPM |
|  MYR | 900 | 07/12/32 | 3.650%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 4865 | (6) |  | 4871 | GSI |
|  |  |  |  |  | $120356 | $(32) |  | $120388 |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month U.S. Treasury Bill +8bps(Q)/ 4.315% | BOA | 03/31/26 | 33399 | $(3966) | $— | $(3966) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -40bps(T)/ 3.930% | GSI | 09/19/25 | (27481) | 84622 |  | 84622 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +24bps(T)/ 4.570% | JPM | 08/13/25 | 913 | 9825 |  | 9825 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +17bps(T)/ 4.500% | JPM | 08/29/25 | 20445 | 434828 |  | 434828 |
|  U.S. Treasury Bond(T) | 1 Day USOIS -30bps(T)/ 4.030% | JPM | 09/03/25 | 19215 | 499147 |  | 499147 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +23bps(T)/ 4.560% | JPM | 11/06/25 | 30140 | 255063 |  | 255063 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Total return swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing<br>Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** |  |  |  |  |  |
|  U.S. Treasury Bond(T) | 1 Day USOIS +19.5bps(T)/ 4.525% | CITI | 12/12/25 | 83815 | $1192655 | $— | $1192655 |
|  |  |  |  |  | $2472174 | $— | $2472174 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
| OTC Swap Agreements | $864418 | $(845451) | $3589683 | $(1284291) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $26736898 |
|  GSI | 2425000 |  |
|  MLC |  | 33473457 |
|  MSC |  | 148908633 |
|  **Total** | $2425000 | $209118988 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $2327840270 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 4137512084 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 6863787 |  |  |
|  Common Stocks | 5948206373 | 2130191778 | 5 |
|  Preferred Stocks | 119766 | 7442736 |  |
|  Unaffiliated Exchange-Traded Funds | 2841369331 |  |  |
|  Warrants |  | 11118 |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 11192986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 1325833205 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Asset-Backed Securities (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans | $— | $2806687 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 1520164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 2240368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 1127969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 69833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 140025 |  |
|  Commercial Mortgage-Backed Securities |  | 89886987 |  |
|  Corporate Bonds |  | 1061416719 |  |
|  Floating Rate and Other Loans |  | 27919095 |  |
|  Municipal Bonds |  | 7306083 |  |
|  Residential Mortgage-Backed Securities |  | 11684807 |  |
|  Sovereign Bonds |  | 413452594 |  |
|  U.S. Government Agency Obligations |  | 148907350 |  |
|  U.S. Treasury Obligations |  | 650899195 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 2488583639 |  |  |
|  U.S. Treasury Obligations |  | 152889470 |  |
|  Options Purchased | 23288 | 578120 |  |
|  **Total** | $**17750518538** | $**6047517289** | $**5** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(122050)** | $**(2557968)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $77306137 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 8528415 |  |
|  OTC Cross Currency Exchange Contracts |  | 218550 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 814941 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 216434 |  |
|  OTC Credit Default Swap Agreements |  | 649409 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 8933706 |  |
|  OTC Interest Rate Swap Agreements |  | 246515 |  |
|  OTC Total Return Swap Agreements |  | 2476140 |  |
|  **Total** | $**77306137** | $**22084110** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(7949753) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (35103786) |  |
|  OTC Cross Currency Exchange Contracts |  | (331897) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (788191) |  |
|  Centrally Cleared Credit Default Swap Agreements |  | (1757759) |  |
|  OTC Credit Default Swap Agreements |  | (944330) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (16668573) |  |
|  OTC Interest Rate Swap Agreements |  | (126159) |  |
|  OTC Total Return Swap Agreement |  | (3966) |  |
|  **Total** | $**(7949753)** | $**(55724661)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan) | 38.1 |
|  Unaffiliated Exchange-Traded Funds | 12.1 |
|  Collateralized Loan Obligations | 5.6 |
|  U.S. Treasury Obligations | 3.4 |
|  Banks | 3.4 |
|  Semiconductors & Semiconductor Equipment | 3 |
|  Software | 2.9 |
|  Sovereign Bonds | 1.8 |
|  Interactive Media & Services | 1.5 |
|  Pharmaceuticals | 1.5 |
|  Insurance | 1.4 |
|  Technology Hardware, Storage & Peripherals | 1.4 |
|  Capital Markets | 1.2 |
|  Oil, Gas & Consumable Fuels | 1.1 |
|  Aerospace & Defense | 1.1 |
|  Broadline Retail | 1 |
|  Financial Services | 1 |
|  Entertainment | 0.8 |
|  Automobiles | 0.7 |
|  Machinery | 0.7 |
|  Hotels, Restaurants & Leisure | 0.7 |
|  U.S. Government Agency Obligations | 0.6 |
|  Consumer Staples Distribution & Retail | 0.6 |
|  Health Care Equipment & Supplies | 0.6 |
|  Specialty Retail | 0.6 |
|  Biotechnology | 0.6 |
|  Electrical Equipment | 0.6 |
|  Health Care Providers & Services | 0.5 |
|  Electric Utilities | 0.5 |
|  IT Services | 0.4 |
|  Chemicals | 0.4 |
|  Commercial Mortgage-Backed Securities | 0.4 |
|  Electric | 0.4 |
|  Multi-Utilities | 0.4 |
|  Ground Transportation | 0.4 |
|  Food Products | 0.4 |
|  Textiles, Apparel & Luxury Goods | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Telecommunications | 0.4 |
|  Building Products | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Beverages | 0.3 |
|  Oil & Gas | 0.3 |
|  Metals & Mining | 0.3 |
|  Communications Equipment | 0.3 |
|  Industrial Conglomerates | 0.3 |
|  Consumer Finance | 0.3 |
|  Tobacco | 0.3 |
|  Real Estate Investment Trusts (REITs) | 0.3 |
|  Media | 0.2 |
|  Household Products | 0.2 |
|  Professional Services | 0.2 |
|  Specialized REITs | 0.2 |
|  Pipelines | 0.2 |
|  Electronic Equipment, Instruments & Components | 0.2 |

---

---

| | |
|:---|:---|
|  Life Sciences Tools & Services | 0.2% |
|  Construction Materials | 0.2 |
|  Personal Care Products | 0.2 |
|  Commercial Services | 0.2 |
|  Construction & Engineering | 0.2 |
|  Household Durables | 0.1 |
|  Retail | 0.1 |
|  Industrial REITs | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Foods | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Healthcare-Services | 0.1 |
|  Automobile Components | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Passenger Airlines | 0.1 |
|  Real Estate | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Building Materials | 0.1 |
|  Healthcare-Products | 0.1 |
|  Retail REITs | 0.1 |
|  Packaging & Containers | 0.1 |
|  Home Builders | 0.1 |
|  Mining | 0.1 |
|  Containers & Packaging | 0.1 |
|  Transportation | 0.1 |
|  Residential REITs | 0.1 |
|  Residential Mortgage-Backed Securities | 0.1 |
|  Gas Utilities | 0.1 |
|  Marine Transportation | 0.0 \* |
|  Water Utilities | 0.0 \* |
|  Health Care REITs | 0.0 \* |
|  Leisure Time | 0.0 \* |
|  Computers | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Lodging | 0.0 \* |
|  Electrical Components & Equipment | 0.0 \* |
|  Municipal Bonds | 0.0 \* |
|  Transportation Infrastructure | 0.0 \* |
|  Investment Companies | 0.0 \* |
|  Engineering & Construction | 0.0 \* |
|  Diversified REITs | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Diversified Consumer Services | 0.0 \* |
|  Semiconductors | 0.0 \* |
|  Airlines | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Agriculture | 0.0 \* |
|  Electronics | 0.0 \* |
|  Machinery-Diversified | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Internet | 0.0 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 \* |
|  Consumer Loans | 0.0 \* |
|  Gas | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Distribution/Wholesale | 0.0 \* |
|  Home Equity Loans | 0.0 \* |
|  Housewares | 0.0 \* |
|  Apparel | 0.0 \* |
|  Savings & Loans | 0.0 \* |
|  Coal | 0.0 \* |
|  Office REITs | 0.0 \* |
|  Trucking & Leasing | 0.0 \* |
|  Credit Cards | 0.0 \* |
|  Other | 0.0 \* |

---

---

| | |
|:---|:---|
|  Environmental Control | 0.0 |
|  Distributors | 0.0 |
|  Water | 0.0 |
|  Office/Business Equipment | 0.0 |
|  Options Purchased | 0.0 |
|  Energy-Alternate Sources | 0.0 |
|  Student Loans | 0.0 |
|  | 101.1 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.1) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of<br>Assets and<br> Liabilities Location**  | **Fair<br>Value** |
| Commodity contracts |  | $— | Unrealized depreciation on OTC swap agreements | $3966 |
| Credit contracts | Due from/to broker-variation margin swaps | 216434 \* | Due from/to broker-variation margin swaps | 1757759 \* |
| Credit contracts | Premiums paid for OTC swap agreements | 864406 | Premiums received for OTC swap agreements | 845407 |
| Credit contracts | Unaffiliated investments | 161038 | Options written outstanding, at value | 361736 |
| Credit contracts | Unrealized appreciation on OTC swap agreements | 867032 | Unrealized depreciation on OTC swap agreements | 1154202 |
| Equity contracts | Due from/to broker-variation margin futures | 38744300 \* |  |  |
| Foreign exchange contracts |  |  | Due from/to broker-variation margin futures | 4516676 \* |
| Foreign exchange contracts | Unaffiliated investments | 321106 | Options written outstanding, at value | 2127165 |
| Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 218550 | Unrealized depreciation on OTC cross currency exchange contracts | 331897 |
| Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 8528415 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 35103786 |
| Interest rate contracts | Due from/to broker-variation margin futures | 38561837 \* | Due from/to broker-variation margin futures | 3433077 \* |
| Interest rate contracts | Due from/to broker-variation margin swaps | 8933706 \* | Due from/to broker-variation margin swaps | 16668573 \* |
| Interest rate contracts | Premiums paid for OTC swap agreements | 12 | Premiums received for OTC swap agreements | 44 |
| Interest rate contracts | Unaffiliated investments | 119264 | Options written outstanding, at value | 191117 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and<br> Liabilities Location**  | **Fair**<br>**Value** |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | $2722651 | Unrealized depreciation on OTC swap agreements | $126123 |
|  |  | $100258751 |  | $66621528 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $(1466999) |
|  Credit contracts | (205242) | 810929 |  |  | (92528) |
|  Equity contracts |  |  | (18183344) |  |  |
|  Foreign exchange contracts | (447073) | 3063196 | (12190877) | (39610664) |  |
|  Interest rate contracts | 34962 | 109596 | (10035796) |  | (4007606) |
|  **Total** | $(617353) | $3983721 | $(40410017) | $(39610664) | $(5567133) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $(3966) |
|  Credit contracts | (29660) | (36108) |  |  | (1979610) |
|  Equity contracts |  |  | 82914583 |  |  |
|  Foreign exchange contracts | (48947) | (660266) | (6045074) | (39075085) |  |
|  Interest rate contracts | (75941) | 221085 | 57835953 |  | 2046115 |
|  **Total** | $(154548) | $(475289) | $134705462 | $(39075085) | $62539 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $540307 |
|  Options Written (2) | 740078008 |
|  Futures Contracts - Long Positions (2) | 3812436531 |
|  Futures Contracts - Short Positions (2) | 506319993 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 364509088 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 1008823887 |
|  Cross Currency Exchange Contracts (4) | 15962028 |
|  Interest Rate Swap Agreements (2) | 1721302077 |
|  Credit Default Swap Agreements - Buy Protection (2) | 148694171 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Credit Default Swap Agreements - Sell Protection (2) | $416282412 |
|  Total Return Swap Agreements (2) | 176881298 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
| Securities on Loan | $193043203 | $(193043203) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BARC(4) | $1765092 | $(295406) | $1469686 | $(1414874) | $54812 |
|  BARC(6) | 27991 | (28351) | (360) |  | (360) |
|  BNP(4) | 87927 | (12421) | 75506 | (75506) |  |
|  BNP(6) | 102152 | (106387) | (4235) |  | (4235) |
|  BOA(3) |  | (3966) | (3966) | 3966 |  |
|  BOA(4) | 200846 | (901857) | (701011) | 701011 |  |
|  CA(4) |  | (740228) | (740228) |  | (740228) |
|  CITI(4) | 1921328 | (799602) | 1121726 | (667892) | 453834 |
|  CITI(5) | 523165 | (96422) | 426743 |  | 426743 |
|  CITI(6) | 39844 | (540160) | (500316) |  | (500316) |
|  DB(4) | 372371 | (1330693) | (958322) | 958322 |  |
|  GSI(4) | 1772064 | (775342) | 996722 | (940324) | 56398 |
|  GSI(5) | 4021 | (214051) | (210030) | 135250 | (74780) |
|  GSI(6) | 254104 | (495817) | (241713) |  | (241713) |
|  HSBC(4) | 967114 | (11199096) | (10231982) | 10202024 | (29958) |
|  HSBC(6) | 35520 | (2066734) | (2031214) |  | (2031214) |
|  JPM(4) | 1690191 | (2126533) | (436342) | 436342 |  |
|  MSI(4) | 2406612 | (4181745) | (1775133) | 1392488 | (382645) |
|  MSI(5) | 1323561 | (686846) | 636715 |  | 636715 |
|  MSI(6) | 177357 | (2747734) | (2570377) |  | (2570377) |
|  SSB(4) |  | (4923756) | (4923756) | 4077088 | (846668) |
|  SSB(6) | 1169 |  | 1169 |  | 1169 |
|  TD(4) |  | (5213392) | (5213392) | 4907855 | (305537) |
|  UAG(4) | 51588 | (29326) | 22262 |  | 22262 |
|  WBC(5) | 55169 | (607528) | (552359) |  | (552359) |
|  | $13779186 | $(40123393) | $(26344207) | $19715750 | $(6628457) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) PGIM Fixed Income

(5) Putnam

(6) J.P. Morgan

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

<br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $193,043,203: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $13,242,728,673) | $14837236052.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $8,319,175,998) | 8960799780.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $17,202,947) | 17291783.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 64084965.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 51659295.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 20307153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 11322291.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 11062342.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 8528415.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 3589683.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 2425000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 864418.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 291853.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 218550.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 73680.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 12565.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 23989767825.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 196881970.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 187799707.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 35103786.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 6636087.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 5045079.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 3790194.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $2,173,648) | 2680018.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 1284291.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 1019574.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 851041.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 845451.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 331897.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian | 114793.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 5523.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 442390367.0 |
|  **NET ASSETS** | $23547377458.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $23547377458.0 |
|  Net asset value and redemption price per share, $23,547,377,458 / 789,632,030 outstanding shares of beneficial interest | $29.82 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $102995350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $4,314,656 foreign withholding tax, of which $461,574 is reimbursable by an affiliate) | 100737777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 51351637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $193,294) | 228564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 255313328 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 67659228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 28943156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 849510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 99285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 78748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 63007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 9856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 134655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 97841965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7424485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (2907424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 87510056 |
|  **NET INVESTMENT INCOME (LOSS)** | 167803272 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $204,001,435) (net of foreign capital gains taxes $5,551) | 564276661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (40410017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (39610664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 3983721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (5567133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (674889) |
|  | 481997679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $47,047,620) (net of change in foreign capital gains taxes $328,835) | 634292353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 134705462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (39075085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (475289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 62539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 2635597 |
|  | 732145577 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 1214143256 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1381946528 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $167803272 | $190589245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 481997679 | 2116140773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 732145577 | (1428605767) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1381946528 | 878124251 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [12,434,496 and 7,023,556 shares, respectively] | 347264780 | 189730642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 479,609,664 shares, respectively] |  | 13889495857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [96,140,451 and 81,571,823 shares, respectively] | (2655850548) | (2207710530) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (2308585768) | 11871515969 |
|  **TOTAL INCREASE (DECREASE)** | (926639240) | 12749640220 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 24474016698 | 11724376478 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $23547377458 | $24474016698 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

<br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $28.02 | $25.04 | $21.63 | $25.83 | $22.89 | $20.48 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.20 | 0.41 | 0.40 | 0.24 | 0.02 | (0.01) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.60 | 2.57 | 3.01 | (4.44) | 2.92 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.80 | 2.98 | 3.41 | (4.20) | 2.94 | 2.41 |
|  Net Asset Value, end of period | $29.82 | $28.02 | $25.04 | $21.63 | $25.83 | $22.89 |
|  **Total Return<sup>(b)</sup>** | 6.42% | 11.90% | 15.77% | (16.26)% | 12.84% | 11.77% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $23547 | $24474 | $11724 | $10950 | $11348 | $11217 |
|  Average net assets (in millions) | $23346 | $12682 | $11270 | $9397 | $11379 | $10268 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.76 %<sup>(d)</sup> | 0.77% | 0.79% | 0.78% | 0.46% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.85 %<sup>(d)</sup> | 0.89% | 0.89% | 0.89% | 0.57% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.45 %<sup>(d)</sup> | 1.50% | 1.72% | 1.06% | 0.09% | (0.06)% |
|  Portfolio turnover rate<sup>(e)</sup> | 33% | 138% | 76% | 76% | 83% | 45% |

---

(a) Calculated based on average shares outstanding during the period

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized

(c) Does not include expenses of the underlying funds in which the Portfolio invests

(d) Annualized

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 87.6%** | **LONG-TERM INVESTMENTS — 87.6%** | **LONG-TERM INVESTMENTS — 87.6%** |
|  **AFFILIATED MUTUAL FUNDS — 17.3%** | **AFFILIATED MUTUAL FUNDS — 17.3%** | **AFFILIATED MUTUAL FUNDS — 17.3%** |
|  **Domestic Equity — 7.3%** | **Domestic Equity — 7.3%** | **Domestic Equity — 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 1735705 | $174941745 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 2722337 | 149891880 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 889746 | 69684880 |
|  |  | 394518505 |
|  **Fixed Income — 10.0%** | **Fixed Income — 10.0%** | **Fixed Income — 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 45537160 | 524132708 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 2101356 | 15823210 |
|  |  | 539955918 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $809,106,532)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $809,106,532)(wa) | 934474423 |
|  **COMMON STOCKS — 41.7%** | **COMMON STOCKS — 41.7%** | **COMMON STOCKS — 41.7%** |
|  **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 26564 | 5557209 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 3400 | 293556 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 66924 | 1736871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 28329 | 5935775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 1000 | 488550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA (France) | 645 | 228054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 1247 | 555456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 39905 | 2270994 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 8100 | 2362446 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 23085 | 5941848 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 9400 | 3083200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 21124 | 3931810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA (Norway) | 46578 | 1806385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 13360 | 753863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\* | 7804 | 672471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 8800 | 4075632 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 278 | 123502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 6712 | 3355866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 3583 | 7587714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 341026 | 4519497 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 5500 | 803110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 11424 | 638754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 20372 | 6643802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 296400 | 1817432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 6930 | 2046253 |
|  |  | 67230050 |
|  **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 46232 | 2141460 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 5808 | 1393074 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 14000 | 3182340 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 12000 | 1211280 |
|  |  | 7928154 |
|  **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 37500 | 479715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 27600 | 1882872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 71448 | 2657452 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Automobile Components (cont'd.)** | **Automobile Components (cont'd.)** | **Automobile Components (cont'd.)** | **Automobile Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG (Germany) | 6205 | $| 541559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 5600 |  | 531888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 55900 |  | 1198687 |
|  |  |  | 7292173 |
|  **Automobiles — 0.8%** | **Automobiles — 0.8%** | **Automobiles — 0.8%** | **Automobiles — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 171926 |  | 2676893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 8069 |  | 3953091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 98200 |  | 1065470 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 73200 |  | 3602172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 210800 |  | 2032714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 36600 |  | 463647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 21673 |  | 804442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 55180 |  | 3214796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 123661 |  | 1238605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 113600 |  | 1369588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 49674 |  | 15779443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 255200 |  | 4395307 |
|  |  |  | 40596168 |
|  **Banks — 3.0%** | **Banks — 3.0%** | **Banks — 3.0%** | **Banks — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 41215 |  | 1125415 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 485670 |  | 4008163 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 143691 |  | 2755532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 208712 |  | 3213803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 492160 |  | 4075517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 91180 |  | 1751392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 47479 |  | 883373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 104400 |  | 4940208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 1350992 |  | 6242624 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 81910 |  | 7347467 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 403000 |  | 1754357 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 525521 |  | 4553540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 21600 |  | 1838592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 57300 |  | 1339674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 10069 |  | 317305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 54563 |  | 6640769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 45792 |  | 866306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 38219 |  | 1561010 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 40910 |  | 1444208 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | 83569 |  | 2311065 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 5662 |  | 571749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. (Hong Kong) | 12000 |  | 180074 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 940021 |  | 11370674 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. (India), ADR(a) | 39148 |  | 1316939 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 313964 |  | 6881365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 675118 |  | 3888956 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 48160 |  | 13962066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom) | 2315303 |  | 2434584 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 3764 |  | 730178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 580600 |  | 7915664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 59700 |  | 1657268 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 56177 | $| 1455984 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 401887 |  | 2822434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 168481 |  | 2499872 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 194659 |  | 2670721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 56300 |  | 721953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 3144 |  | 347129 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 35481 |  | 6614368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) | 3300 |  | 363693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 197900 |  | 1827769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock) | 9087 |  | 158391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 33721 |  | 1928983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 90643 |  | 1500010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 190600 |  | 4799491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. (Japan) | 13200 |  | 351086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 92645 |  | 1240265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 57224 |  | 1515654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 84200 |  | 3619758 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 102875 |  | 4655094 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 56533 |  | 3792425 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (Singapore) | 18100 |  | 512297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 101444 |  | 8127693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 35869 |  | 799395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 3598 |  | 446080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 13500 |  | 701190 |
|  |  |  | 163351572 |
|  **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 48830 |  | 3359522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan) | 110300 |  | 1474395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 2200 |  | 419782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S (Denmark) (Class B Stock) | 926 |  | 131199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 76400 |  | 5405300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom) | 24530 |  | 2274422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 27546 |  | 1439076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 73149 |  | 1844533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 30400 |  | 1005024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 14100 |  | 883224 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 4900 |  | 646996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 3250 |  | 324192 |
|  |  |  | 19207665 |
|  **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 42956 |  | 7973493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 900 |  | 293481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 20978 |  | 5857267 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 3623 | $| 2005631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 2749 |  | 1515304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 8200 |  | 1029838 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 8700 |  | 478239 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 13457 |  | 2125676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 62000 |  | 2732650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 6755 |  | 1402800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 40600 |  | 4501322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 1537 |  | 806925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Sweden)\* | 19426 |  | 591233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 4284 |  | 1907237 |
|  |  |  | 33221096 |
|  **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 17270 |  | 1958591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 201154 |  | 44131176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 52800 |  | 1581888 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 6400 |  | 476544 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 1843 |  | 4816920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 14466 |  | 2470706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 25500 |  | 877075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 68430 |  | 3839368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. (Australia) | 3756 |  | 209612 |
|  |  |  | 60361880 |
|  **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. (Japan) | 20300 |  | 595515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 3774 |  | 117989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 71853 |  | 5258921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 39587 |  | 4650493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. (Japan) | 1700 |  | 199552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Switzerland) | 2073 |  | 1632580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 46800 |  | 645840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 25375 |  | 2680108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 11700 |  | 1608984 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 23554 |  | 1104030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 7223 |  | 3159412 |
|  |  |  | 21653424 |
|  **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 48507 |  | 2745118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 4264 |  | 2275825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 19921 |  | 1614713 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. (Australia) | 6500 |  | 298451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 49900 |  | 4546389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 3894 |  | 582464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 10200 |  | 930648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 78000 |  | 553958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 83451 |  | 2473941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (Germany) | 1791 |  | 585101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (Netherlands), 144A | 14625 |  | 2505877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR | 11886 |  | 1468991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 6073 |  | 4298166 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 70808 | $| 3808519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 3324 |  | 598154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 20100 |  | 3687747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 137900 |  | 2174683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 70200 |  | 2726568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 6324 |  | 428988 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 3300 |  | 737022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 13776 |  | 1940487 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 1100 |  | 634414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 36000 |  | 3219120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 329500 |  | 2171307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 176 |  | 230265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 19900 |  | 3052063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 39500 |  | 3698385 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 10300 |  | 5431087 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 38700 |  | 1348507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 106400 |  | 1245862 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. (Canada) | 23641 |  | 1002062 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 123614 |  | 4196914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 11200 |  | 501648 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 49473 |  | 999355 |
|  |  |  | 68712799 |
|  **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 15246 |  | 3143742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 289800 |  | 2063019 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE (Germany) | 3413 |  | 168805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 12000 |  | 663960 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG (Switzerland) | 1870 |  | 198940 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 42600 |  | 2921934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 11700 |  | 3152448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 5985 |  | 123642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 83 |  | 402511 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 34253 |  | 1021265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 6500 |  | 3049670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 110900 |  | 582893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. (Japan) | 24500 |  | 473131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 9590 |  | 688532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 15300 |  | 307377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 73763 |  | 947151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 39700 |  | 1310973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA (Belgium) | 8672 |  | 300371 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | 12402 |  | 295323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 22541 |  | 831823 |
|  |  |  | 22647510 |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 92617 |  | 1430358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 6700 |  | 1493229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 35700 |  | 541920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 32956 |  | 493428 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 16400 |  | 445540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 28000 |  | 2826600 |
|  |  |  | 7231075 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 33200 | $3396692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 133961 | 9294214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 344997 | 1790061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)(a) | 185722 | 1587055 |
|  |  | 16068022 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain)(a) | 10957 | 761595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 20486 | 926474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 11136 | 1564756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 19812 | 1056826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 10500 | 273858 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 3600 | 613548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 33500 | 780369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 30712 | 4529110 |
|  |  | 10506536 |
|  **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 19971 | 996222 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (XLON) | 28830 | 2661289 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (NYSE) | 30000 | 2754000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 7212 | 1698403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 24071 | 1787492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 9104 | 2374505 |
|  |  | 12271911 |
|  **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 11775 | 3755989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 23200 | 4936032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 44500 | 2969930 |
|  |  | 11661951 |
|  **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 27975 | 394622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 124930 | 1713055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 6928 | 6858304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 20100 | 1990704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 116839 | 308412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Finland) (Class B Stock) | 34367 | 847634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 41692 | 1741327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 10000 | 717300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 35995 | 175189 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 77100 | 1585988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. (Japan) | 34400 | 553679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 28600 | 2821390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 730613 | 4028252 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 33400 | 2572134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 104276 | 10196107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. (Australia) | 20120 | 412134 |
|  |  | 36916231 |
|  **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 24627 | 2536088 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 2335 | $502840 |
|  **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 39200 | 332024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 1300 | 533026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 2900 | 548100 |
|  |  | 1413150 |
|  **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 9052 | 573934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc.(a) | 115416 | 3682925 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 161166 | 514534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 697264 | 1011701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 227303 | 803316 |
|  |  | 6586410 |
|  **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 256100 | 7411534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 195263 | 7147329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 5800 | 322373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 394290 | 1923422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA (France) | 165972 | 2527453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA (Norway) | 37136 | 578289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 285672 | 1027512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 940613 | 2999259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 30600 | 1324062 |
|  |  | 25261233 |
|  **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 20100 | 2085576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 53100 | 657082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 410022 | 3891398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 8326 | 692057 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 12000 | 483120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 243074 | 4676265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 95100 | 1127869 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 40501 | 2811580 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 24800 | 3982384 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 38100 | 1690878 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 42835 | 597120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 59896 | 5500250 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC (United Kingdom) | 41173 | 1036742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 102486 | 1053655 |
|  |  | 30285976 |
|  **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 85882 | 5146809 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 1797 | 325185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 12576 | 4489506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 5200 | 693316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 20823 | 958939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 19500 | 1025806 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 10488 | 5549725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 2628 | 376356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 7666 | 1027463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 64600 | 1389480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. (Japan) | 26100 | 507204 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| COMMON STOCKS (continued) | COMMON STOCKS (continued) | COMMON STOCKS (continued) | COMMON STOCKS (continued) |
| **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 27000 | $| 1977750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 8900 |  | 2956313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 18653 |  | 5008049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 45336 |  | 5298913 |
|  |  |  | 36730814 |
|  **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 18000 |  | 1777500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 34529 |  | 1815880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 54670 |  | 2402972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 7891 |  | 3155045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 41000 |  | 492425 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 48500 |  | 566119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 29000 |  | 1070100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. (Japan) | 8900 |  | 237753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 8500 |  | 2621060 |
|  |  |  | 14138854 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 83749 |  | 3210937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 77600 |  | 2622880 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 11426 |  | 393511 |
|  |  |  | 6227328 |
|  **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. (Japan) | 8000 |  | 273212 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA (Germany) | 7222 |  | 898061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. (Japan) | 13100 |  | 2071133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 9308 |  | 12464622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 36151 |  | 3471575 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp. (Class A Stock)\* | 20341 |  | 2139873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 32461 |  | 5191812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 10424 |  | 7998752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV (Netherlands) | 14420 |  | 467793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 77739 |  | 9640413 |
|  |  |  | 44617246 |
|  **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 1522 |  | 2795210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 3503 |  | 496971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 17925 |  | 308905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 27800 |  | 13504406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 17909 |  | 556263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 4900 |  | 496762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 18000 |  | 1440720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 5270 |  | 191582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 46779 |  | 1386220 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 307271 |  | 1086117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 25605 |  | 14388474 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 68000 |  | 1534534 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 50000 |  | 3716000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA (Belgium) | 840 |  | 277829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 29912 |  | 1324802 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock)(a) | 32742 | $| 11625047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. (Australia) | 23526 |  | 650389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise PLC (United Kingdom) (Class A Stock)\* | 41475 |  | 592487 |
|  |  |  | 56372718 |
|  **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. (Japan) | 52800 |  | 1432103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Switzerland) | 9 |  | 151683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 126100 |  | 2581267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 10917 |  | 893265 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 23700 |  | 1227897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 26400 |  | 798600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 19200 |  | 2603904 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV (Netherlands) | 41776 |  | 1193314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 17500 |  | 451850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock)(a) | 19960 |  | 1346103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 88559 |  | 8805100 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 1726000 |  | 1663505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. (China) | 353600 |  | 798174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan) | 65500 |  | 1466221 |
|  |  |  | 25412986 |
|  **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 19600 |  | 1660316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 29900 |  | 766933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 130156 |  | 787924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 33600 |  | 1117607 |
|  |  |  | 4332780 |
|  **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 53000 |  | 1184793 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 40899 |  | 1334534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 3300 |  | 524700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. (Japan) | 74185 |  | 863267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 77039 |  | 7187739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 21200 |  | 4877696 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 43278 |  | 989382 |
|  |  |  | 16962111 |
|  **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 54014 |  | 7346444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 4912 |  | 435611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 13900 |  | 420892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 16500 |  | 1772265 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 18200 |  | 289016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 24000 |  | 2094960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 16607 |  | 1298834 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 8850 |  | 2430144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 58183 |  | 1277974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge AB (Sweden) (Class B Stock) | 12180 |  | 244705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 27500 |  | 3265958 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 1600 |  | 858144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 9200 |  | 2890456 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 5000 | $| 2717050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 26306 |  | 2293094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. (Japan) | 31500 |  | 374167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A | 7307 |  | 405643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 58642 |  | 898058 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 7600 |  | 1825672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 5809 |  | 2298215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 24500 |  | 449621 |
|  |  |  | 35886923 |
|  **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 19900 |  | 3343200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 38800 |  | 2106064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 12400 |  | 4099192 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 39604 |  | 2731884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 16556 |  | 2030262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 27711 |  | 1592140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 9756 |  | 490949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 4700 |  | 1149056 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 2800 |  | 2051784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 69236 |  | 1222098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 11600 |  | 2041600 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 10118 |  | 3156513 |
|  |  |  | 26014742 |
|  **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc.(a) | 135788 |  | 4988851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc.(a) | 192664 |  | 1335162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc.(a) | 134517 |  | 2133440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc.(a) | 106000 |  | 1856060 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 29552 |  | 2072186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 103413 |  | 15897680 |
|  |  |  | 28283379 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. (Australia) | 4770 |  | 892632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 2800 |  | 806344 |
|  |  |  | 1698976 |
|  **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties,<br>Inc.(a) | 15203 |  | 1500080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 191130 |  | 1659008 |
|  |  |  | 3159088 |
|  **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA (France) | 2519 |  | 132017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 14340 |  | 1211487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 18019 |  | 772020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 1180 |  | 6831303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 24806 |  | 1392857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 163064 |  | 5523305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 16800 |  | 3661896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE (South Korea), 144A\* | 10025 |  | 272101 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 1900 |  | 468369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc. (Class A Stock)\* | 4735 |  | 323732 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 22185 | $| 274775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 292212 |  | 899954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (Sweden), 144A | 7090 |  | 563110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 10800 |  | 1821744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 183000 |  | 815741 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 8822 |  | 1008665 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\* | 12352 |  | 1210743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 5770 |  | 1576421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp.(a) | 10200 |  | 737562 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 12905 |  | 3770454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. (Japan) | 52000 |  | 1197652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 4400 |  | 1377816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 7810 |  | 480678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 21900 |  | 3245142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. (Japan) | 5000 |  | 302632 |
|  |  |  | 39872176 |
|  **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC (United Kingdom) | 58967 |  | 369251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 523045 |  | 1322925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 4200 |  | 464562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 128900 |  | 1379143 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 8100 |  | 854226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 37000 |  | 814345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 257100 |  | 6684684 |
|  |  |  | 11889136 |
|  **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 32600 |  | 2963340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 57098 |  | 1580979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 4310 |  | 312584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 12300 |  | 1585716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 30364 |  | 4837592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 34815 |  | 2371842 |
|  |  |  | 13652053 |
|  **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 20000 |  | 640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 28444 |  | 1188624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 13420 |  | 2600930 |
|  |  |  | 4429554 |
|  **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 28202 |  | 4293473 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 85500 |  | 526482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 123500 |  | 3589448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. (Singapore) | 30000 |  | 175187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB (Sweden) (Class B Stock) | 4381 |  | 177548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 56700 |  | 1026876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 36950 |  | 9490910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC (United Kingdom) | 45170 |  | 1393239 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Industrial Conglomerates (cont'd.)** | **Industrial Conglomerates (cont'd.)** | **Industrial Conglomerates (cont'd.)** | **Industrial Conglomerates (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 30000 | $| 257163 |
|  |  |  | 20930326 |
|  **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 17700 |  | 294351 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc.(a) | 75518 |  | 3634681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group (Australia) | 23130 |  | 521457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 137628 |  | 14467455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 140310 |  | 1313463 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 79390 |  | 2880269 |
|  |  |  | 23111676 |
|  **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 31973 |  | 1435798 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 411800 |  | 3730267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 12220 |  | 4959286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 16100 |  | 3241091 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 39800 |  | 3406482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 8103 |  | 2593932 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 38161 |  | 2535630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC (United Kingdom) | 39507 |  | 335878 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 168935 |  | 8295560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 5277 |  | 547858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 2700 |  | 299349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 22689 |  | 6573457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 122300 |  | 929799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Canada) | 602 |  | 1086628 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 6900 |  | 423591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE (Germany) | 1811 |  | 570670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. (Australia) | 100816 |  | 599353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. (Japan) | 121500 |  | 1125359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 6300 |  | 406602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 475 |  | 948746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 25233 |  | 5516943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Private Ltd. (Australia) | 147555 |  | 490015 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 66495 |  | 5347528 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 21500 |  | 480646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 8684 |  | 5638821 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 20825 |  | 1385677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 131331 |  | 1188169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 38833 |  | 834361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 13110 |  | 3498535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 199478 |  | 2496717 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 310864 |  | 4787034 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Bermuda) | 1437 |  | 349047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ (Finland) (Class A Stock) | 53525 |  | 576063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 32100 |  | 967327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 8216 |  | 117092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Switzerland) | 114 |  | 115410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 8989 |  | 1554981 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 16273 | $| 2109660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 32800 |  | 1390099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 5061 |  | 1354020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 65176 |  | 1290796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 6800 |  | 549168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 5273 |  | 3689640 |
|  |  |  | 89773085 |
|  **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 154264 |  | 27185945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 85200 |  | 15113628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\* | 13139 |  | 180661 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 33700 |  | 124104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 55254 |  | 40782425 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 5601 |  | 886968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 11195 |  | 1545456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 11985 |  | 772261 |
|  |  |  | 86591448 |
|  **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 6600 |  | 1972674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 3483 |  | 596416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 47100 |  | 3675213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 44200 |  | 1072265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 4000 |  | 1616880 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 8360 |  | 2464361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 32000 |  | 1342720 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 102000 |  | 2975855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 5700 |  | 227985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 23400 |  | 909911 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. (Japan) | 66100 |  | 1991440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\*(a) | 18665 |  | 2153008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 21100 |  | 4721547 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 21600 |  | 723809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 4800 |  | 596928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel)\* | 2000 |  | 316920 |
|  |  |  | 27357932 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 10200 |  | 365560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 12159 |  | 897577 |
|  |  |  | 1263137 |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 23200 |  | 4582928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 4925 |  | 350981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 3139 |  | 2244898 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 24572 |  | 1183870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 2369 |  | 566813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2100 |  | 851466 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 5500 |  | 1203400 |
|  |  |  | 10984356 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB (Sweden) | 11329 | $477162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 29195 | 2773233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 101107 | 2359932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 51387 | 731370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 3746 | 1454235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 13900 | 2639471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 3600 | 1179000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 10017 | 5093544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 9000 | 1649070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 15306 | 293455 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 26600 | 722118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 14900 | 780015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 18847 | 434046 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 8743 | 612885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 62600 | 2065396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 8483 | 558866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 22200 | 683715 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 64900 | 949081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 91100 | 2279722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 7400 | 732748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.(a) | 4856 | 3391770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 9100 | 934206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 27382 | 628755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 920 | 334224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) (Part. Cert.) | 2586 | 962949 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 1700 | 609216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 30787 | 866273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 70792 | 1673124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 357300 | 623524 |
|  |  | 38493105 |
|  **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class A Stock) | 126 | 232465 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class B Stock) | 396 | 736440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 24800 | 351219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 4300 | 487663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 20100 | 671335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 20100 | 723097 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 270000 | 865618 |
|  |  | 4067837 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\* | 2300 | 940263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 111900 | 3993711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 10961 | 1237988 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 158431 | 1115511 |
|  |  | 7287473 |
|  **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd.<br>(Canada)(a) | 9806 | 1166227 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 18857 | $| 555865 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 29974 |  | 951804 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 198475 |  | 4774832 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. (Australia) | 75450 |  | 1149747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 23517 |  | 734893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 64139 |  | 333927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 136673 |  | 1373869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 72900 |  | 3160215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 540853 |  | 2107511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 127881 |  | 960692 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 40000 |  | 465306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 19800 |  | 1153548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 62300 |  | 1178214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 60162 |  | 743129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 4300 |  | 557022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 13207 |  | 934927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 47873 |  | 2786406 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 129850 |  | 248130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa)\* | 2279 |  | 100105 |
|  |  |  | 25436369 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 30400 |  | 343216 |
|  **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 16663 |  | 612199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 4700 |  | 471645 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 12200 |  | 1616012 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 238883 |  | 4401572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 139285 |  | 3273588 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 233096 |  | 3421538 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 57832 |  | 2332943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. (Singapore) | 139700 |  | 752576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 12800 |  | 969856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 64814 |  | 2313981 |
|  |  |  | 20165910 |
|  **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.(a) | 7814 |  | 527211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 13677 |  | 410720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus (Australia) | 27420 |  | 120345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 324090 |  | 888007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. (Class A Stock) | 167679 |  | 1222380 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp.(a) | 67529 |  | 4180045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 10400 |  | 397696 |
|  |  |  | 7746404 |
|  **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 45013 |  | 949017 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 303161 |  | 1510438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 145722 |  | 1982911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 8570 |  | 2086966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp.(a) | 36758 |  | 5263378 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 19600 |  | 1758904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 45500 |  | 1447355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 29353 |  | 1331043 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 218200 | $| 1081581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 43418 |  | 701380 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 30900 |  | 3695949 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 10200 |  | 594864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 62948 |  | 1589692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 7084 |  | 828403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 127734 |  | 13769725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan)(a) | 42100 |  | 590965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 5200 |  | 863772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 16300 |  | 1944590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 15672 |  | 229225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 396021 |  | 13816996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 37390 |  | 2632630 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 97035 |  | 5931037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 9400 |  | 1263548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 64241 |  | 4034977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 22128 |  | 341809 |
|  |  |  | 70241155 |
|  **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 409296 |  | 1928285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 497406 |  | 3513961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 10800 |  | 306349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. (Singapore) | 122300 |  | 670786 |
|  |  |  | 6419381 |
|  **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 9721 |  | 4164024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 83442 |  | 5092153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 40339 |  | 2462186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR | 54100 |  | 3309297 |
|  |  |  | 15027660 |
|  **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 111600 |  | 1092670 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 59791 |  | 8321064 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 27400 |  | 1914712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 41531 |  | 1251216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 87100 |  | 4031859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 14900 |  | 778046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. (Japan) | 28200 |  | 653341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 128776 |  | 1838921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 15072 |  | 11749076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 20848 |  | 3030376 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 166358 |  | 3171860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 71704 |  | 368532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 36127 |  | 985871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA (France) | 2412 |  | 287312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 25900 |  | 3956225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 74800 |  | 5921168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (Germany) | 1510 |  | 195784 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 76437 | $| 9277702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 86820 |  | 6016109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 19120 |  | 1438465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 16200 |  | 803185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 140900 |  | 3415416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA (Italy) | 1948 |  | 122441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 31901 |  | 10413121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 10429 |  | 571544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 73751 |  | 7140108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 28580 |  | 1380700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 14400 |  | 259233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 85100 |  | 2627293 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 9698 |  | 1908157 |
|  |  |  | 94921507 |
|  **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 15700 |  | 4841880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 83800 |  | 360340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 57329 |  | 1503974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 7200 |  | 380556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 2200 |  | 570614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 30890 |  | 1592882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 8400 |  | 369684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 2300 |  | 302335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 3400 |  | 616046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 48500 |  | 2852122 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 27638 |  | 1497915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 4323 |  | 419882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 1500 |  | 467250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV (Netherlands) | 2656 |  | 444184 |
|  |  |  | 16219664 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 3600 |  | 392106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 25300 |  | 869379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. (Hong Kong) | 108000 |  | 379296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. (Hong Kong) | 40500 |  | 233817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 5800 |  | 391500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 12200 |  | 3120516 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc. (China), ADR | 41835 |  | 742153 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 1640 |  | 145979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 24600 |  | 461179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 110400 |  | 1068791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 10900 |  | 420951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 13000 |  | 149800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Switzerland) | 2254 |  | 338380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 11151 |  | 395341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 4700 |  | 329235 |
|  |  |  | 9438423 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 30491 | $1099810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 24477 | 2758313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 69901 | 4717619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 26956 | 7639330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc.(a) | 9932 | 1470035 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 8998 | 367388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 182178 | 2712631 |
|  |  | 20765126 |
|  **Retail REITs — 0.5%** | **Retail REITs — 0.5%** | **Retail REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp.(a) | 85878 | 6274247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 141342 | 3680546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 71535 | 1633144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 22378 | 884810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 23874 | 386281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 27203 | 1567165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 21653 | 1542343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 449623 | 1056037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 46983 | 7552987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 68586 | 1279815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 359680 | 587165 |
|  |  | 26444540 |
|  **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 5100 | 723690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 25200 | 1868102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 20500 | 4879410 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV (Netherlands) | 880 | 564500 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XAMS) | 13617 | 10911804 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 1182 | 947243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 116378 | 32079596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Japan) | 2900 | 859106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 45273 | 1931892 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 1400 | 1254036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 44928 | 4373291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 2900 | 388776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 6100 | 472140 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. (Taiwan) | 24331 | 1042551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 4600 | 323702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 18401 | 2267923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 3247 | 920471 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 537693 | 84950117 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands)(a) | 12948 | 2829009 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 28000 | 4459280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan) | 52800 | 653212 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 10100 | 821245 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 53697 | 1646457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 32599 | 7383347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 7100 | 638432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 12400 | 2574488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 13900 | 2661982 |
|  |  | 174425802 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 11072 | $4283535 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 12590 | 4407507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 4900 | 995141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 11300 | 3498141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 2798 | 862204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\* | 1900 | 420375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 457 | 1675706 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 10419 | 4239283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (France) | 9170 | 332336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 4721 | 367719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 49100 | 1443540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 10650 | 8388259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 177279 | 88180347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 2100 | 660408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 3490 | 591601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 15200 | 1161888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 52743 | 11531202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 2500 | 297976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 26600 | 3626112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 30254 | 519546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 26700 | 7280823 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 42870 | 13108766 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 3900 | 4009512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 21400 | 477434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (New Zealand)\* | 17742 | 2099398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 29000 | 2261420 |
|  |  | 166720179 |
|  **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 2300 | 508346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 17600 | 1808048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 55349 | 9648991 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 80801 | 4707466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 15161 | 12060121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 20210 | 2979762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 13729 | 640870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 79765 | 8181496 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust(a) | 62139 | 1987827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 20279 | 5950264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc.(a) | 143987 | 5216649 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 78491 | 2558807 |
|  |  | 56248647 |
|  **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 300 | 1113669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 17526 | 954660 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 18000 | 1209780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 2300 | 775008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 4000 | 1371456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 7700 | 1010086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 22500 | 490725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 17600 | 6452864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 36315 | 1894436 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 901269 | $| 1099075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 316883 |  | 1265503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 34909 |  | 7745260 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 25186 |  | 3110219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 4400 |  | 2058408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (Germany), 144A\* | 12159 |  | 401215 |
|  |  |  | 30952364 |
|  **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 330223 |  | 67751853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. (Japan) | 10800 |  | 313240 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 26000 |  | 563045 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 20900 |  | 511214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 6249 |  | 566688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc. (Class A Stock)\* | 5700 |  | 328206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 34520 |  | 1526530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 455809 |  | 3508698 |
|  |  |  | 75069474 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 11547 |  | 2695415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 67000 |  | 2596920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 137400 |  | 3503753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 18723 |  | 2273026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 20775 |  | 3931313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 1418 |  | 3844008 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 7775 |  | 4069279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 45970 |  | 2622199 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 18945 |  | 986087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 4905 |  | 864238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 4820 |  | 1322030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 3400 |  | 298554 |
|  |  |  | 29006822 |
|  **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 12500 |  | 732875 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 34999 |  | 1664075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 82282 |  | 3250976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc.<br>(Japan)(a) | 31100 |  | 916188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 40400 |  | 7358052 |
|  |  |  | 13922166 |
|  **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB (Sweden) (Class B Stock) | 14658 |  | 499714 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 11400 |  | 1333800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 12863 |  | 824854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 6718 |  | 405431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 6584 |  | 1441718 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 62000 |  | 3246631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 48800 |  | 983722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 271400 |  | 5423083 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A83

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 63300 | 1290053 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. (Japan) | 19900 | 391749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 84000 | 2167765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 104400 | 2364790 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc.(a) | 1200 | 904080 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 1500 | 1560360 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 15100 | 2796520 |
|  |  | 25634270 |
|  **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 64418 | 1719560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 44886 | 866481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV (Mexico), ADR | 1376 | 315957 |
|  |  | 2901998 |
|  **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 6000 | 834660 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 89129 | 1399572 |
|  |  | 2234232 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 149100 | 2560134 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 19500 | 1417768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 41515 | 606012 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 15700 | 3740682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 1381786 | 1479135 |
|  |  | 9803731 |
|  **TOTAL COMMON STOCKS**<br>(cost $1,866,164,495) | **TOTAL COMMON STOCKS**<br>(cost $1,866,164,495) | 2253074193 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 2309 | 191753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 6635 | 701409 |
|  |  | 893162 |
|  **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo) | 15000 | 325800 |
|  **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 11539 | 906776 |
|  **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 4238 | 1079409 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $3,231,300) | **TOTAL PREFERRED STOCKS**<br> (cost $3,231,300) | 3205147 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 10.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 10.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 10.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF(a) | 2452000 | 84765640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF(a) | 2626300 | 176014626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Real Estate ETF(a) | 607100 | 14242566 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares 0-3 Month Treasury Bond ETF | 539000 | 54271910 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Shares** | **Value** |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF(a) | 117300 | 9792204 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 152255 | 94535130 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF(a) | 276937 | 27472150 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Gold Trust\*(a) | &nbsp;&nbsp;&nbsp;&nbsp; iShares Gold Trust\*(a) | 219500 | 13688020 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 55700 | 4492205 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF(a) | 116612 | 10800603 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 82302 | 7356976 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares TIPS Bond ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; iShares TIPS Bond ETF(a) | 9911 | 1090606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 320692 | 65636032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF(a) | 228426 | 20343620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $554,198,279) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $554,198,279) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $554,198,279) | 584502288 |
|  **UNAFFILIATED FUNDS — 4.0%** | **UNAFFILIATED FUNDS — 4.0%** | **UNAFFILIATED FUNDS — 4.0%** | **UNAFFILIATED FUNDS — 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AQR Diversified Arbitrage Fund, (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; AQR Diversified Arbitrage Fund, (Institutional Shares) | 2583908 | 32738120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calamos Market Neutral Income Fund, (R6 Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Calamos Market Neutral Income Fund, (R6 Shares) | 1781019 | 27374267 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Hedged Equity Fund, (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Hedged Equity Fund, (Institutional Shares) | 987984 | 32702282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merger Fund (The), (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Merger Fund (The), (Institutional Shares) | 2927436 | 51932714 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO TRENDS Managed Futures Strategy Fund, (Institutional Shares)\* | &nbsp;&nbsp;&nbsp;&nbsp; PIMCO TRENDS Managed Futures Strategy Fund, (Institutional Shares)\* | 1086890 | 10434140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Market Neutral Income Fund, (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Victory Market Neutral Income Fund, (Institutional Shares) | 5917964 | 51782181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus AlphaSimplex Managed Futures Strategy Fund, (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Virtus AlphaSimplex Managed Futures Strategy Fund, (Institutional Shares) | 1195437 | 8607147 |
|  **TOTAL UNAFFILIATED FUNDS**<br> (cost $211,905,120) | **TOTAL UNAFFILIATED FUNDS**<br> (cost $211,905,120) | **TOTAL UNAFFILIATED FUNDS**<br> (cost $211,905,120) | 215570851 |
|  |  | **Units** |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 24576 | 5456 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |  |
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Maturity<br>Date** | **Principal<br>Amount**<br>**(000)#** |  |
|  **ASSET-BACKED SECURITIES — 2.9%** | **ASSET-BACKED SECURITIES — 2.9%** | **ASSET-BACKED SECURITIES — 2.9%** | **ASSET-BACKED SECURITIES — 2.9%** |
|  **Collateralized Loan Obligations — 2.9%** | **Collateralized Loan Obligations — 2.9%** | **Collateralized Loan Obligations — 2.9%** | **Collateralized Loan Obligations — 2.9%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.649%(c) | 07/21/37 | 9000 | 9028081 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.686%(c) | 07/15/37 | 4750 | 4769336 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A84

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.667%(c) | 04/15/38 | EUR | 250 | $293899 |
|  Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.334%(c) | 04/15/39 | EUR | 250 | 294272 |
|  Atlas Senior Loan Fund Ltd. (Cayman Islands), | Atlas Senior Loan Fund Ltd. (Cayman Islands), | Atlas Senior Loan Fund Ltd. (Cayman Islands), | Atlas Senior Loan Fund Ltd. (Cayman Islands), | Atlas Senior Loan Fund Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.969%(c) | 01/18/35 |  | 5000 | 4989784 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.609%(c) | 01/20/38 |  | 2350 | 2358096 |
|  Bastille Euro CLO DAC (Ireland), | Bastille Euro CLO DAC (Ireland), | Bastille Euro CLO DAC (Ireland), | Bastille Euro CLO DAC (Ireland), | Bastille Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.429%(c) | 01/15/39 | EUR | 3050 | 3613208 |
|  Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.688%(c) | 10/15/34 |  | 2025 | 2028295 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 |  | 2750 | 2752732 |
|  CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.455%(c) | 03/31/38 |  | 4000 | 4001095 |
|  Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.721%(c) | 07/20/34 |  | 8750 | 8754700 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%(c) | 08/26/32 | EUR | 4137 | 4865384 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%(c) | 04/17/37 |  | 7250 | 7276101 |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.699%(c) | 07/20/37 |  | 3000 | 3011921 |
|  Harvest CLO DAC (Ireland), | Harvest CLO DAC (Ireland), | Harvest CLO DAC (Ireland), | Harvest CLO DAC (Ireland), | Harvest CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.608%(c) | 07/25/37 | EUR | 1500 | 1778057 |
|  Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.058%(c) | 04/25/34 | EUR | 3125 | 3671893 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.915%(c) | 03/25/38 |  | 4000 | $4005034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%(c) | 04/18/37 |  | 7250 | 7279160 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.343%(c) | 04/15/38 | EUR | 4250 | 5006288 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(c) | 10/12/30 |  | 776 | 776437 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(c) | 04/20/31 |  | 336 | 336143 |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.879%(c) | 01/15/38 | EUR | 4000 | 4712835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(c) | 10/15/39 | EUR | 5000 | 5880915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.294%(c) | 07/15/38 | EUR | 250 | 294579 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.636%(c) | 09/06/37 |  | 5500 | 5522502 |
|  Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.422%(c) | 07/25/31 |  | 1800 | 1801379 |
|  RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.529%(c) | 04/15/40 | EUR | 250 | 294339 |
|  Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669%(c) | 07/18/37 |  | 8000 | 8025987 |
|  Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.152%(c) | 01/20/36 |  | 7000 | 7032291 |
|  Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.059%(c) | 01/20/37 |  | 3000 | 3011936 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.811%(c) | 02/20/30 | EUR | 4788 | 5629776 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A85

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.886%(c) | 07/18/34 | EUR | 4725 | $5556419 |
|  TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.723%(c) | 07/25/34 |  | 2000 | 2002396 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.139%(c) | 01/20/36 |  | 7500 | 7534069 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%(c) | 01/20/37 |  | 5250 | 5247215 |
|  Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.619%(c) | 07/20/37 |  | 9000 | 9026673 |
|  Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.651%(c) | 07/20/32 |  | 2346 | 2348902 |
|  |  |  |  | 154812129 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/30 |  | 280 | 263193 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $152,397,443) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $152,397,443) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $152,397,443) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $152,397,443) | 155075322 |
|  **CORPORATE BONDS — 2.2%** | **CORPORATE BONDS — 2.2%** | **CORPORATE BONDS — 2.2%** | **CORPORATE BONDS — 2.2%** | **CORPORATE BONDS — 2.2%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 |  | 225 | 225904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/33 |  | 240 | 248700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 |  | 125 | 130985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 04/15/27 |  | 268 | 269686 |
|  General Electric Co., | General Electric Co., | General Electric Co., | General Electric Co., | General Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 09/19/35 | EUR | 100 | 123025 |
|  |  |  |  | 998300 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |  |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 |  | 155 | 160574 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |  |
|  American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 |  | 607 | 591437 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29 |  | 325 | 324343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** |  |  |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 |  | 565 | 560984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 |  | 140 | 135933 |
|  |  |  |  | 1612697 |
|  **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 |  | 1185 | 911546 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 |  | 200 | 187560 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 |  | 495 | 500399 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/01/27 |  | 195 | 195896 |
|  |  |  |  | 1795401 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 |  | 50 | 51884 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/27 |  | 650 | 650441 |
|  IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/29 | EUR | 100 | 122927 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 |  | 160 | 164990 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 |  | 1525 | 1507962 |
|  |  |  |  | 2498204 |
|  **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
|  Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/23/29 | EUR | 500 | 608876 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%(ff) | 03/19/29 (oo) |  | 200 | 220000 |
|  Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(ff) | 09/13/30 | EUR | 100 | 123581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/08/29 | EUR | 100 | 127229 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | 05/21/33 (oo) |  | 200 | 232428 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 |  | 845 | 743801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | 01/24/31 |  | 340 | 348507 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A86

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 |  | 80 | $73189 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/10/30 (oo) | EUR | 200 | 241137 |
|  Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 02/04/33 | EUR | 600 | 707832 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.090%(ff) | 11/06/29 | GBP | 100 | 145981 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 08/16/29 (oo) |  | 400 | 420000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 |  | 720 | 733520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 |  | 200 | 207810 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 |  | 400 | 423009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.003%(ff) | 10/19/34 |  | 465 | 510437 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%(ff) | 01/16/30 (oo) | EUR | 200 | 258183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%(ff) | 06/15/35 |  | 200 | 208842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 |  | 200 | 219162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | 03/15/30 |  | 200 | 206629 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 |  | 400 | 403796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 |  | 1000 | 1038619 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 |  | 150 | 132883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 |  | 135 | 132267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%(ff) | 03/31/31 |  | 375 | 370908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 |  | 155 | 154235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 |  | 95 | 96896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 |  | 10 | 10222 |
|  Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 07/16/32 | EUR | 1000 | 1208106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | 10/16/34 | EUR | 100 | 122724 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.316%(ff) | 10/03/29 |  | 250 | 262381 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 |  | 640 | 663174 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | 09/11/30 |  | 150 | 150911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.819%(ff) | 11/20/29 |  | 150 | 159833 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(ff) | 02/13/31 | EUR | 1200 | $1414951 |
|  Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 10/01/28 (x) |  | 100 | 107533 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(ff) | 08/10/26 (oo) |  | 365 | 357433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 |  | 355 | 356040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | 10/23/35 |  | 412 | 407025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 |  | 135 | 137163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | 01/28/31 |  | 95 | 97198 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(ff) | 03/04/30 |  | 215 | 221146 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/30/28 (oo) | EUR | 200 | 244707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(ff) | 09/16/32 | EUR | 1100 | 1319403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 |  | 275 | 297725 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 |  | 200 | 201969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/20/28 | GBP | 100 | 139605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.151%(ff) | 03/19/34 | GBP | 200 | 282739 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%(ff) | 03/06/35 |  | 13 | 13867 |
|  Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(ff) | 03/25/26 (oo) |  | 200 | 196900 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 09/27/31 (oo) |  | 200 | 195500 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 |  | 1265 | 1267613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 |  | 75 | 76906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 |  | 55 | 55962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 |  | 49 | 50213 |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 02/05/31 | EUR | 750 | 899603 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 12/29/25 (oo) |  | 200 | 199340 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 |  | 85 | 85208 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A87

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 09/11/30 |  | 200 | 199461 |
|  Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/12/31 | EUR | 750 | 898057 |
|  Sberbank of Russia Via SB Capital SA (Russia), | Sberbank of Russia Via SB Capital SA (Russia), | Sberbank of Russia Via SB Capital SA (Russia), | Sberbank of Russia Via SB Capital SA (Russia), | Sberbank of Russia Via SB Capital SA (Russia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010% | 05/23/23 (d) |  | 1000 | 50000 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | 04/13/33 |  | 200 | 206970 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30 |  | 200 | 201478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.018%(ff) | 02/08/30 |  | 200 | 214776 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666% | 09/08/31 | EUR | 500 | 614802 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(ff) | 01/24/35 |  | 35 | 36266 |
|  TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | 03/05/29 | EUR | 200 | 241711 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 |  | 25 | 25963 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/28 (oo) |  | 200 | 218000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 03/01/29 | EUR | 1200 | 1591444 |
|  UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 06/21/31 | EUR | 720 | 861168 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 12/03/31 (oo) | EUR | 400 | 495403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%(ff) | 01/17/29 | EUR | 100 | 123685 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 |  | 415 | 416703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 |  | 95 | 97454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | 01/23/35 |  | 65 | 66679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 |  | 36 | 37177 |
|  |  |  |  | 26890054 |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 |  | 230 | 200733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 |  | 27 | 26249 |
|  |  |  |  | 226982 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/11/31 | EUR | 100 | $122248 |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 |  | 700 | 699287 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 1000 | 1000 | 930694 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 |  | 355 | 365269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 |  | 105 | 108311 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 |  | 775 | 733507 |
|  |  |  |  | 2959316 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Ashland, Inc., | Ashland, Inc., | Ashland, Inc., | Ashland, Inc., | Ashland, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/01/31 |  | 450 | 399638 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 |  | 50 | 44470 |
|  INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 03/15/29 | EUR | 100 | 116841 |
|  |  |  |  | 560949 |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/27 |  | 975 | 951347 |
|  Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/28/36 | EUR | 100 | 120622 |
|  Belron UK Finance PLC (United Kingdom), | Belron UK Finance PLC (United Kingdom), | Belron UK Finance PLC (United Kingdom), | Belron UK Finance PLC (United Kingdom), | Belron UK Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/29 |  | 205 | 206538 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 |  | 155 | 156966 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/17/31 | EUR | 300 | 370293 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/33 |  | 90 | 94322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 |  | 200 | 209399 |
|  Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/24/34 | EUR | 100 | 119426 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A88

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |  |
|  Service Corp. International, | Service Corp. International, | Service Corp. International, | Service Corp. International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/32 | 180 | 181980 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 25 | 22966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/31 | 375 | 352532 |
|  |  |  | 2786391 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/15/30 | 775 | 731607 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 210 | 229865 |
|  |  |  | 961472 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/29/28 | 285 | 271445 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., | &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., | &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., | &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 50 | 51795 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/27 | 50 | 48650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/28 | 145 | 145544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 75 | 75452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 640 | 651197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/29 | 370 | 380360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 110 | 112616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 260 | 270200 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32 (x) | 180 | 181650 |
|  Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 12/15/30 | 75 | 75468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/28 | 670 | 669229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/27 | 225 | 225245 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 09/15/28 | 400 | 383252 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/31 | 175 | 171632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 12/15/29 | 250 | 265780 |
|  REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/01/26 | 200 | 194300 |
|  |  |  | 4173815 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal<br>Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 01/15/26 |  | 50 | $49050 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 12/01/52 |  | 10 | 10282 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 |  | 500 | 493392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 |  | 925 | 914671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 |  | 700 | 699347 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/01/39 |  | 40 | 42748 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 01/15/54 |  | 6 | 5777 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 |  | 2 | 1956 |
|  Edison International, | Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 06/15/53 (a) |  | 95 | 91855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 03/09/26 (oo) |  | 115 | 108155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/29 (a) |  | 145 | 143401 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%(ff) | 12/01/27 (oo) | EUR | 200 | 228273 |
|  Emera, Inc. (Canada), | Emera, Inc. (Canada), | Emera, Inc. (Canada), | Emera, Inc. (Canada), | Emera, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/76 |  | 60 | 60450 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/52 |  | 200 | 183378 |
|  Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/01/54 |  | 20 | 19868 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 |  | 95 | 98302 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/15/55 |  | 6 | 6015 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 |  | 15 | 14326 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 |  | 280 | 267769 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 |  | 70 | 65077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 |  | 235 | 237619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 |  | 55 | 56388 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A89

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 |  | 110 | 96458 |
|  National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.530% | 09/20/28 | EUR | 300 | 361349 |
|  National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 09/01/28 | EUR | 200 | 218269 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 |  | 95 | 97175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 |  | 100 | 103884 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 |  | 550 | 552805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 |  | 100 | 94364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 |  | 1175 | 1081790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | 03/15/28 (oo) |  | 150 | 166173 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 |  | 50 | 39624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/15/34 |  | 405 | 404906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 |  | 255 | 257815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 |  | 55 | 56684 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 |  | 36 | 34145 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 |  | 50 | 46637 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 |  | 24 | 23292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/35 |  | 49 | 48122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/01/55 |  | 15 | 13724 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | 12/15/26 (oo) |  | 1275 | 1290347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | 10/15/26 (oo) |  | 1375 | 1407511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | 01/15/29 (oo) |  | 450 | 487979 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/15/32 |  | 130 | 135922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 |  | 30 | 29609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 |  | 55 | 55995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 |  | 90 | 93500 |
|  |  |  |  | 10996178 |
|  **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  Ferrovial SE, | Ferrovial SE, | Ferrovial SE, | Ferrovial SE, | Ferrovial SE, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/13/30 | EUR | 100 | 125216 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** |  |
|  Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/14/36 | EUR | 100 | 101221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/11/35 | EUR | 100 | 124215 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/15/29 |  | 1025 | 969758 |
|  |  |  |  | 1320410 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 |  | 450 | 429511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 |  | 225 | 233122 |
|  CCM Merger, Inc., | CCM Merger, Inc., | CCM Merger, Inc., | CCM Merger, Inc., | CCM Merger, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/01/26 |  | 275 | 275144 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 |  | 375 | 362548 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/27 |  | 300 | 299079 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 |  | 225 | 226484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31 |  | 150 | 159826 |
|  |  |  |  | 1985714 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 |  | 140 | 146292 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
|  Gtd. Notes, 144A | Gtd. Notes, 144A | Gtd. Notes, 144A | Gtd. Notes, 144A | Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/29 |  | 200 | 189608 |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 |  | 650 | 591495 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | GBP | 1380 | 1778234 |
|  Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/16/27 | GBP | 1200 | 1638285 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 11/15/53 |  | 45 | 50615 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 |  | 300 | 299594 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 |  | 350 | 333711 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Foods (cont'd.)** | **Foods (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 825 | 772194 |
|  Mars, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 100 | 101177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 | 20 | 20018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 265 | 264335 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/30 | 75 | 72140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/33 | 365 | 368432 |
|  |  |  | 6479838 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 | 190 | 198007 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 | 35 | 36708 |
|  |  |  | 234715 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
|  Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.539% | 02/01/32 (a) | 395 | 344567 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 700 | 672097 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | 415 | 430770 |
|  |  |  | 1447434 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 725 | 694779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/01/32 | 235 | 243687 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/30 | 310 | 293112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/51 | 60 | 39754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/52 | 70 | 56260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/49 | 5 | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/15/34 | 205 | 206560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/54 | 35 | 34015 |
|  LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/15/29 | 550 | 513090 |
|  Select Medical Corp., | Select Medical Corp., | Select Medical Corp., | Select Medical Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 12/01/32 (a) | 175 | 176057 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 200 | 193793 |
|  |  |  | 2455551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |  |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 1407 | 1407 | 1491328 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/15/30 (a) |  | 985 | 883161 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/01/28 |  | 325 | 322885 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 |  | 925 | 889156 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 |  | 105 | 104396 |
|  |  |  |  | 2199598 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/30 (a) |  | 125 | 121559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 |  | 65 | 62177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 |  | 130 | 136898 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/32 |  | 475 | 436053 |
|  |  |  |  | 756687 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 |  | 126 | 129529 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 |  | 55 | 53621 |
|  Netflix, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/29 | EUR | 100 | 125746 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/15/54 |  | 15 | 14017 |
|  |  |  |  | 322913 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 03/10/27 | EUR | 200 | 226702 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 |  | 205 | 201866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 (a) |  | 145 | 136083 |
|  |  |  |  | 337949 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |  |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/15/26 | 99 | 99124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 25 | 25125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 200 | 204250 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 275 | 278790 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/31/26 | 275 | 275976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/30/31 | 265 | 266590 |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/15/27 | 400 | 398700 |
|  |  |  | 1548555 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/31 | 570 | 546455 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 700 | 702893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 09/15/29 | 535 | 544157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/15/32 | 300 | 304834 |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/26 | 375 | 374133 |
|  |  |  | 2472472 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 75 | 78555 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 250 | 263894 |
|  |  |  | 342449 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/01/31 | 250 | 233293 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 110 | 101370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 120 | 87078 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 100 | 58705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/33 | 90 | 89744 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/01/29 (d) | 175 | 116628 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 07/01/28 |  | 300 | 216646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 07/01/26 |  | 225 | 199872 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | 11/15/27 | 1400 | 1400 | 1441434 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 |  | 390 | 395789 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | GBP | 500 | 624418 |
|  |  |  |  | 3564977 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 03/01/29 | EUR | 100 | 108802 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 |  | 205 | 210085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 |  | 385 | 392304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/06/28 |  | 110 | 115039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 |  | 20 | 21439 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 |  | 80 | 82188 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/15/26 |  | 425 | 418044 |
|  |  |  |  | 1347901 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%(ff) | 05/29/29 (oo) | EUR | 100 | 123918 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 |  | 105 | 107442 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/13/28 |  | 150 | 153866 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 |  | 53 | 64716 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(ff) | 12/01/33 (oo) |  | 245 | 250385 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 |  | 125 | 128143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 |  | 75 | 76123 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 |  | 30 | 21599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 |  | 40 | 38213 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A92

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 | 35 | 32578 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 210 | 205117 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 500 | 500658 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/45 | 24 | 18322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/01/31 | 1200 | 1321546 |
|  Parkland Corp. (Canada), | Parkland Corp. (Canada), | Parkland Corp. (Canada), | Parkland Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 08/15/32 | 210 | 214696 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 04/15/27 | 375 | 383119 |
|  Petroleos de Venezuela SA (Venezuela), | Petroleos de Venezuela SA (Venezuela), | Petroleos de Venezuela SA (Venezuela), | Petroleos de Venezuela SA (Venezuela), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/16/24 (d) | 5400 | 677700 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 (a) | 255 | 236742 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 75 | 81789 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% | 09/10/54 | 10 | 9330 |
|  Transocean, Inc., | Transocean, Inc., | Transocean, Inc., | Transocean, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 02/01/27 | 88 | 86689 |
|  |  |  | 4501331 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 08/15/30 | 550 | 495801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 450 | 462051 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 01/15/34 | 60 | 62049 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 510 | 521546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 200 | 204975 |
|  |  |  | 1746422 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 180 | 148317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 08/01/28 | 250 | 250153 |
|  Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 25 | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 225 | 157500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 150 | 94221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 175 | 103031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 450 | 317502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 100 | 83900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 100 | 84712 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 300 | 292256 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 03/15/31 | 115 | 103873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 12/15/29 | 235 | 238594 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/30/28 | 200 | 192238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/30/31 (a) | 200 | 173632 |
|  |  |  | 2260507 |
|  **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/29 | 675 | 670323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 135 | 139448 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 580 | 573705 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 20 | 21113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 75 | 78739 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 07/15/77 | 50 | 49600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(ff) | 01/15/84 | 40 | 44550 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 10/01/54 (a) | 50 | 51149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30 (oo) | 1225 | 1249201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 11/15/26 (oo) | 800 | 803965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/34 | 65 | 65852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 40 | 40607 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 | 35 | 34407 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A93

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal<br>Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |  |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 |  | 285 | 287494 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/30 |  | 115 | 122896 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/27 |  | 150 | 150317 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/15/79 |  | 95 | 94300 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 |  | 70 | 66049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 |  | 45 | 41682 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29 (oo) | 1605 | 1605 | 1564311 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 |  | 95 | 79477 |
|  |  |  |  | 6229185 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., | Five Point Operating Co. LP/Five Point Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%(cc) | 01/15/28 |  | 750 | 763207 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/01/28 | 1185 | 1185 | 1177066 |
|  Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 12/14/29 | EUR | 100 | 105729 |
|  |  |  |  | 2046002 |
|  **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** |
|  Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/15/32 | EUR | 800 | 799319 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 |  | 50 | 52357 |
|  Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 02/06/35 | EUR | 100 | 92263 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/06/30 | EUR | 500 | 631558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/06/34 | EUR | 200 | 256953 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 |  | 390 | 401038 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29 (a) |  | 725 | 684769 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal<br>Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | 02/15/28 | 1020 $ | 1020 $ | 1080728 |
|  WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 04/15/28 | EUR | 100 | 112929 |
|  |  |  |  | 4111914 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 06/15/29 |  | 190 | 194988 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 12/01/28 |  | 236 | 242525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 |  | 950 | 999044 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 |  | 450 | 431408 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/29 |  | 425 | 405608 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/32 (a) |  | 200 | 205376 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/01/27 |  | 500 | 500090 |
|  |  |  |  | 2979039 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | 06/20/27 (oo) | GBP | 200 | 269503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/28/27 | EUR | 100 | 116959 |
|  |  |  |  | 386462 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 |  | 445 | 403065 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/15/31 |  | 90 | 81881 |
|  Sr. Unsec'd. Notes | Sr. Unsec'd. Notes | Sr. Unsec'd. Notes | Sr. Unsec'd. Notes | Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/35 |  | 171 | 172233 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 |  | 40 | 41837 |
|  |  |  |  | 699016 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 |  | 165 | 168692 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A94

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |  |  |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 |  | 40 | 29512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 |  | 40 | 36516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 |  | 185 | 184711 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/12/34 |  | 16 | 16574 |
|  |  |  |  | 436005 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | 11/30/29 (d) |  | 200 | 205618 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/01/29 |  | 475 | 481320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/28 |  | 475 | 474709 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/30 |  | 500 | 452558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/15/29 |  | 50 | 46701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 |  | 280 | 284886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | 12/15/30 |  | 425 | 481737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/15/29 |  | 1601 | 1842648 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/15/28 |  | 900 | 966107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 |  | 500 | 606589 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | GBP | 530 | 674178 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 |  | 140 | 146627 |
|  |  |  |  | 6663678 |
|  **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 |  | 445 | 441166 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/01/31 |  | 75 | 78255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/01/32 |  | 135 | 141394 |
|  |  |  |  | 660815 |
|  **TOTAL CORPORATE BONDS**<br> (cost $118,001,093) | **TOTAL CORPORATE BONDS**<br> (cost $118,001,093) | **TOTAL CORPORATE BONDS**<br> (cost $118,001,093) |  | 118253554 |
|  **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.077%(c) | 01/28/32 |  | 200 | 199688 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** |  |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.422%(c) | 11/17/28 |  | 300 | $292875 |
|  |  |  |  | 492563 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 01/02/28 |  | 90 | 81159 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  EG Finco Ltd. (United Kingdom), | EG Finco Ltd. (United Kingdom), | EG Finco Ltd. (United Kingdom), | EG Finco Ltd. (United Kingdom), | EG Finco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.454%(c) | 02/07/28 | EUR | 2158 | 2546398 |
|  **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
|  Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 1.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.780%(c) | 05/25/27 |  | 913 | 906768 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $3,699,951) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $3,699,951) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $3,699,951) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $3,699,951) | 4026888 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.0%** |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(ff) | 07/25/65 |  | 102 | 98183 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $98,183) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $98,183) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $98,183) |  |  |
|  **SOVEREIGN BONDS — 1.6%** | **SOVEREIGN BONDS — 1.6%** | **SOVEREIGN BONDS — 1.6%** | **SOVEREIGN BONDS — 1.6%** | **SOVEREIGN BONDS — 1.6%** |
|  Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/21/34 | AUD | 2013 | 1261674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/21/54 | AUD | 1940 | 1256331 |
|  Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/20/29 |  | 200 | 203376 |
|  Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 187 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 187 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 187 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 187 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 04/13/28 | EUR | 580 | 688609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 04/18/30 | EUR | 7165 | 8530895 |
|  Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/10/26 | EUR | 3200 | 3777169 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 01/27/32 |  | 900 | 790911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/14/32 | EUR | 121 | 144993 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 04/22/32 |  | 400 | 316900 |
|  Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/19/31 |  | 350 | 360150 |
|  Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/14/34 | CZK | 47290 | 2370054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A95

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/11/32 | CZK | 37680 | $1846917 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 09/23/32 |  | 450 | 415125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/37 |  | 236 | 240750 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/30 |  | 200 | 188224 |
|  French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 05/25/35 | EUR | 621 | 727372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/25/35 | EUR | 2255 | 2991494 |
|  Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/24/35 | HUF | 433790 | 1273420 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/25/29 | EUR | 500 | 604807 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/12/34 |  | 800 | 808500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/19/35 |  | 1114 | 1132903 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 07/01/30 | EUR | 11444 | 13655009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/35 | EUR | 1626 | 1950194 |
|  Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 03/20/52 | JPY | 45800 | 213667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/20/55 | JPY | 295800 | 1884208 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/20/43 | JPY | 375250 | 2307235 |
|  Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.124% | 03/18/29 | EUR | 500 | 600177 |
|  Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 05/29/31 | MXN | 59210 | 3005694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/23/34 | MXN | 21000 | 1021994 |
|  Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 07/15/27 | EUR | 6769 | 7791929 |
|  Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/02/33 | CAD | 2100 | 1550953 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/01/33 | CAD | 6017 | 4416683 |
|  Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 01/31/30 | ZAR | 11305 | 627619 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |  |
|  Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 09/30/29 |  | 200 | 192344 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 07/30/33 | EUR | 1648 | 1859820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/31/34 | EUR | 1249 | 1510924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 10/31/33 | EUR | 665 | 815501 |
|  Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/17/34 | THB | 81691 | 2756141 |
|  United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/31/35 | GBP | 7400 | 7000015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/31/54 | GBP | 2561 | 3045903 |
|  Venezuela Government International Bond (Venezuela), | Venezuela Government International Bond (Venezuela), | Venezuela Government International Bond (Venezuela), | Venezuela Government International Bond (Venezuela), | Venezuela Government International Bond (Venezuela), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/13/24 (d) |  | 800 | 128400 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $82,654,947) | **TOTAL SOVEREIGN BONDS**<br> (cost $82,654,947) | **TOTAL SOVEREIGN BONDS**<br> (cost $82,654,947) | **TOTAL SOVEREIGN BONDS**<br> (cost $82,654,947) | 86264984 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/50 |  | 1651 | 1602002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/53 |  | 2141 | 2145479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 |  | 1559 | 1559055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/55 |  | 1723 | 1751676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/01/54 |  | 929 | 965627 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 |  | 1163 | 980909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 |  | 1811 | 1518726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 |  | 1969 | 1650516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/52 |  | 2834 | 2478965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 |  | 2176 | 1970471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 |  | 1793 | 1763409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/53 |  | 1086 | 1067370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 |  | 842 | 844066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/53 |  | 1905 | 1940839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 |  | 693 | 710108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/54 |  | 1453 | 1486753 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/51 |  | 2211 | 1958135 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $26,261,245) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $26,261,245) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $26,261,245) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $26,261,245) | 26394106 |
|  **U.S. TREASURY OBLIGATIONS — 6.5%** | **U.S. TREASURY OBLIGATIONS — 6.5%** | **U.S. TREASURY OBLIGATIONS — 6.5%** | **U.S. TREASURY OBLIGATIONS — 6.5%** | **U.S. TREASURY OBLIGATIONS — 6.5%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 (h) |  | 7000 | 5790312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/54 |  | 2651 | 2527563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 |  | 3072 | 3007484 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 07/15/26 |  | 6725 | 6665638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 04/15/27 |  | 9561 | 9360772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 01/15/30 |  | 15997 | 15094750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 01/15/31 |  | 7013 | 6495693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 01/15/32 |  | 9264 | 8395017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/15/51 |  | 3141 | 1710619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/15/52 |  | 1077 | 575439 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 07/15/29 | 5857 | $5622471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 02/15/50 | 2552 | 1480977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 01/15/27 | 657 | 648357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 01/15/28 | 19335 | 18970938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/15/32 | 3724 | 3473187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 02/15/43 | 6049 | 4492286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 02/15/42 | 5061 | 3929148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 02/15/45 | 405 | 295358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 01/15/29 | 4153 | 4088890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 02/15/47 | 1269 | 919282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 02/15/46 | 4632 | 3510445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 02/15/48 | 2059 | 1513994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 01/15/33 | 8599 | 8215082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 04/15/28 | 3856 | 3848168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 07/15/33 | 7800 | 7573474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 02/15/44 | 1074 | 901473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/15/53 | 5224 | 4139692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 10/15/29 | 3084 | 3121966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/15/30 | 6087 | 6130083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/15/28 | 1087 | 1100749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/15/34 | 9799 | 9714901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 07/15/34 | 4969 | 4974638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 04/15/29 | 13810 | 14178492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 01/15/35 | 8986 | 9134337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 02/15/41 | 791 | 774071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 02/15/54 | 455 | 416306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 01/15/27 | 11183 | 11368556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 02/15/55 | 1266 | 1224211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/15/29 | 3602 | 3747924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/29 | 3922 | 4281735 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 01/31/28 | 37000 | 34326172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 02/28/27 | 81500 | 78013965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/28/30 | 11448 | 11561384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/31/32 | 525 | 529758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/31/30 | 14620 | 14911258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/15/34 | 795 | 797733 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(s) | 08/15/40 (k) | 3270 | 1567313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.419%(s) | 05/15/44 (k) | 3460 | 1339977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.202%(s) | 05/15/43 (k) | 7310 | 2990227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%(s) | 08/15/43 | 560 | 225768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.349%(s) | 02/15/43 | 330 | 137092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 470 | 164760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%(s) | 11/15/42 | 220 | 92666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.608%(s) | 11/15/48 | 60 | 18618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.652%(s) | 05/15/49 | 525 | 158710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663%(s) | 02/15/50 | 840 | 245215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.667%(s) | 02/15/39 (k) | 4070 | 2138817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.775%(s) | 11/15/41 | 590 | 263268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.778%(s) | 02/15/42 | 855 | 375664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 | 380 | 119263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.924%(s) | 02/15/49 | 170 | 52115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 125 | 44929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%(s) | 11/15/43 | 752 | 299299 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(s) | 02/15/45 | 230 | $85737 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $361,679,334) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $361,679,334) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $361,679,334) | 353874186 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $4,189,397,922) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $4,189,397,922) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $4,189,397,922) | 4734819581 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS — 14.9%** | **SHORT-TERM INVESTMENTS — 14.9%** | **SHORT-TERM INVESTMENTS — 14.9%** | **SHORT-TERM INVESTMENTS — 14.9%** |
|  **AFFILIATED MUTUAL FUNDS — 8.6%** | **AFFILIATED MUTUAL FUNDS — 8.6%** | **AFFILIATED MUTUAL FUNDS — 8.6%** | **AFFILIATED MUTUAL FUNDS — 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) . | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) . | 314056039 | 314056039 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(7-day effective yield 4.532%)<br>(cost $150,739,284; includes<br>$150,265,732 of cash collateral for<br>securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(7-day effective yield 4.532%)<br>(cost $150,739,284; includes<br>$150,265,732 of cash collateral for<br>securities on loan)(b)(wa) | 150850105 | 150744510 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $464,795,323) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $464,795,323) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $464,795,323) | 464800549 |
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** |  |
|  **U.S. TREASURY OBLIGATIONS(n) — 5.0%** | **U.S. TREASURY OBLIGATIONS(n) — 5.0%** | **U.S. TREASURY OBLIGATIONS(n) — 5.0%** | **U.S. TREASURY OBLIGATIONS(n) — 5.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.230% | 07/08/25 | 64500 | 64448015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.254% | 09/02/25 (k) | 90000 | 89327818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | 09/18/25 (h)(k) | 18000 | 17833369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.361% | 08/12/25 (k) | 68000 | 67658718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.782% | 07/10/25 | 29000 | 28969610 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $268,243,332) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $268,243,332) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $268,243,332) | 268237530 |
|  **OPTIONS PURCHASED\*~ — 1.3%** | **OPTIONS PURCHASED\*~ — 1.3%** | **OPTIONS PURCHASED\*~ — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $58,220,940) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $58,220,940) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $58,220,940) | 71103317 |
|  **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $791,259,595) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $791,259,595) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $791,259,595) | 804141396 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN — 102.5%** | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN — 102.5%** | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN — 102.5%** | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN — 102.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,980,657,517) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,980,657,517) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,980,657,517) | 5538960977 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $266,543) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $266,543) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $266,543) | (329779) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 102.5%** | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 102.5%** | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 102.5%** | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 102.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,980,390,974) |  |  | 5538631198 |
|  **Liabilities in excess of other assets(z) — (2.5)%** | **Liabilities in excess of other assets(z) — (2.5)%** | **Liabilities in excess of other assets(z) — (2.5)%** | (135142714) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $5403488484 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $148,451,850; cash collateral of $150,265,732 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Freedom Mortgage Corp., Sr. Unsec'd. Notes, 144A, 12.000%, 10/01/28 | 09/14/23 | $98000 | $107533 | 0.0% |
|  Freedom Mortgage Holdings LLC, Sr. Unsec'd. Notes, 144A, 8.375%, 04/01/32 | 02/04/25 | 180000 | 181650 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $278000 | $289183 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional <br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 16 | 40 | $100 |
|  MSCI EAFE ETF Index (FLEX) | Call | 02/08/29 | $75.00 | 11700 | 1170 | 26697429 |
|  Russell 2000 Index (FLEX) | Call | 02/08/29 | $1980.00 | 60 | 6 | 3366285 |
|  S&P 500 Index (FLEX) | Call | 06/11/29 | $5450.00 | 120 | 12 | 20914306 |
|  S&P 500 Index (FLEX) | Call | 01/31/30 | $6100.00 | 135 | 14 | 20056629 |
|  **Total Exchange Traded** (cost $58,142,825) |  |  |  |  |  | $71034749 |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional <br>Amount<br>(000)#** | **Notional <br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 26.00 – | EUR | 403 | $41 |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 5.00 – | EUR | 408 | 2 |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 80.00 – | EUR | 405 | 92 |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 90.00 – | EUR | 408 | 271 |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 6.70 – |  | 520 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 6.50 – |  | 282 | 18 |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 1100.00 – |  | 523 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.95 |  |  | 5634 | $301 |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000.00 |  |  | 467 |  |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 155.00 |  |  | 469 | 2 |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1550.00 |  |  | 468 |  |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1750.00 |  |  | 1317 | 17 |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 22.00 |  |  | 522 | 2 |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 70.00 |  |  | 260 |  |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 99.00 |  |  | 234 | 138 |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 32.00 |  |  | 941 | 20 |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 21.00 |  |  | 260 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.00 |  | EUR | 458 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.05 |  | EUR | 227 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.05 |  | EUR | 546 | 1 |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 4.90 |  |  | 1571 |  |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.00 |  |  | 234 |  |
|  Currency Option USD vs CNH | Put | DB | 09/24/25 | 7.00 |  |  | 5634 | 18213 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 3557 | 470 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 985 | 130 |
|  Currency Option USD vs KRW | Put | JPM | 09/25/25 | 1331.00 |  |  | 1317 | 19742 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 470 | 39 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 470 | 39 |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 16.00 |  |  | 282 | 6 |
|  **Total OTC Traded** (cost $40,309) |  |  |  |  |  |  |  | $39544 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% | 915 | $8656 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% | 915 | 1 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.60% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) | 10800 | 11861 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.63% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) | 9170 | 8506 |
|  **Total OTC Swaptions** (cost $37,806) | **Total OTC Swaptions** (cost $37,806) | **Total OTC Swaptions** (cost $37,806) | **Total OTC Swaptions** (cost $37,806) |  |  |  |  | $29024 |
|  **Total Options Purchased** (cost $58,220,940) | **Total Options Purchased** (cost $58,220,940) | **Total Options Purchased** (cost $58,220,940) | **Total Options Purchased** (cost $58,220,940) |  |  |  |  | $71103317 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 9 | 23 | $(5625) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 9 | 23 | (3825) |
|  **Total Exchange Traded** (premiums received $16,669) |  |  |  |  |  | $(9450) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A99

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 22.35 |  | EUR | 403 | $(3988) |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 4.28 |  | EUR | 408 | (1335) |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 48.00 |  | EUR | 405 | (3992) |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 49.50 |  | EUR | 408 | (4713) |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 5.70 |  |  | 520 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 5.65 |  |  | 282 | (915) |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 940.00 |  |  | 523 | (1707) |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.25 |  |  | 5634 | (12972) |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300.00 |  |  | 467 | (232) |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 145.00 |  |  | 469 | (2091) |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1390.00 |  |  | 468 | (284) |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1385.00 |  |  | 1317 | (12664) |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 19.40 |  |  | 522 | (282) |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 41.00 |  |  | 260 | (87) |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 42.00 |  |  | 234 | (1195) |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 29.15 |  |  | 941 | (7637) |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 18.20 |  |  | 260 | (18) |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.14 |  | EUR | 458 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.14 |  | EUR | 227 | (10) |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.14 |  | EUR | 546 | (230) |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 6.00 |  |  | 1571 | (163264) |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.50 |  |  | 234 | (3356) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 2272 | (39449) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 235 | (711) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 235 | (711) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 235 | (1688) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 235 | (1688) |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 17.70 |  |  | 282 | (3296) |
|  **Total OTC Traded** (premiums received $195,689) |  |  |  |  |  |  |  | $(268515) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.450% | 3.21%(A) | 1830 | $(5755) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.53% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) | 10800 | (16896) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.55% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) | 9170 | (20697) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.44.V1(Q) | 1500 | (547) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 07/16/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 7560 | (581) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 10800 | (4388) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.88% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 9170 | (2950) |
|  **Total OTC Swaptions** (premiums received $54,185) | **Total OTC Swaptions** (premiums received $54,185) | **Total OTC Swaptions** (premiums received $54,185) | **Total OTC Swaptions** (premiums received $54,185) |  |  |  |  | $(51814) |
|  **Total Options Written** (premiums received $266,543) | **Total Options Written** (premiums received $266,543) | **Total Options Written** (premiums received $266,543) | **Total Options Written** (premiums received $266,543) |  |  |  |  | $(329779) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A100

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Financial Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration <br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 408 | 2 Year U.S. Treasury Notes | Sep. 2025 | $84873563 | $248075 |
| 1340 | 5 Year U.S. Treasury Notes | Sep. 2025 | 146060000 | 1678938 |
| 31 | 10 Year Korean Treasury Bonds | Sep. 2025 | 2720310 | (3016) |
| 18 | 10 Year U.K. Gilt | Sep. 2025 | 2298557 | 31269 |
| 849 | 10 Year U.S. Treasury Notes | Sep. 2025 | 95194125 | 1642355 |
| 303 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 34622486 | 706099 |
| 480 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 55425000 | 1750544 |
| 115 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 13699375 | 299238 |
| 30 | Euro-BTP Italian Government Bond | Sep. 2025 | 4275958 | 14112 |
| 99 | Mini MSCI EAFE Index | Sep. 2025 | 13274415 | 100535 |
| 36 | Russell 2000 E-Mini Index | Sep. 2025 | 3945060 | 100016 |
| 386 | S&P 500 E-Mini Index | Sep. 2025 | 120697375 | 4257298 |
| 34 | Short Euro-BTP | Sep. 2025 | 4323230 | (6408) |
|  |  |  |  | 10819055 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 148 | 5 Year Euro-Bobl | Sep. 2025 | 20515931 | 6309 |
| 34 | 10 Year Australian Treasury Bonds | Sep. 2025 | 2564847 | (12763) |
| 6 | 10 Year Canadian Government Bonds | Sep. 2025 | 537544 | (2585) |
| 38 | 10 Year Euro-Bund | Sep. 2025 | 5825787 | 22336 |
| 1 | 10 Year Japanese Government Bonds | Sep. 2025 | 965383 | (2569) |
| 43 | 10 Year U.S. Treasury Notes | Sep. 2025 | 4821375 | (96578) |
| 16 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 1828250 | (7031) |
| 3 | 30 Year Euro Buxl | Sep. 2025 | 419609 | 4382 |
| 43 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 5122375 | (133835) |
| 87 | Euro Schatz Index | Sep. 2025 | 10991157 | 10637 |
| 19 | Euro-OAT | Sep. 2025 | 2771669 | 14548 |
|  |  |  |  | (197149) |
|  |  |  |  | $10621906 |

---

#### Commodity Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration <br>Date** | **Current<br>Notional<br>Amount** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 143 | Brent Crude | Sep. 2025 | $9543820 | $984247 |
| 22 | Coffee 'C' | Sep. 2025 | 2475825 | (444320) |
| 48 | Copper | Sep. 2025 | 6099000 | 100435 |
| 457 | Corn | Sep. 2025 | 9351362 | (440732) |
| 38 | Cotton No. 2 | Dec. 2025 | 1294470 | 6375 |
| 49 | Gasoline RBOB | Sep. 2025 | 4202848 | 93005 |
| 74 | Gold 100 OZ | Aug. 2025 | 24476980 | (326250) |
| 88 | Hard Red Winter Wheat | Sep. 2025 | 2317700 | (120803) |
| 30 | Lean Hogs | Aug. 2025 | 1290000 | 4632 |
| 58 | Live Cattle | Aug. 2025 | 4961900 | 65831 |
| 27 | LME Lead | Jul. 2025 | 1368853 | 46911 |
| 26 | LME Lead | Sep. 2025 | 1329491 | 38530 |
| 54 | LME Nickel | Jul. 2025 | 4879375 | (49131) |
| 52 | LME Nickel | Sep. 2025 | 4741099 | (95706) |
| 118 | LME PRI Aluminum | Jul. 2025 | 7663510 | 430769 |
| 111 | LME PRI Aluminum | Sep. 2025 | 7215166 | 318621 |
| 95 | LME Zinc | Jul. 2025 | 6529421 | 121695 |
| 71 | LME Zinc | Sep. 2025 | 4886007 | 112648 |
| 57 | Low Sulphur Gas Oil | Sep. 2025 | 3722100 | 248962 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A101

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Commodity Futures contracts outstanding at June 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration <br>Date** | **Current<br>Notional<br>Amount** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 317 | Natural Gas | Sep. 2025 | $11063300 | $(822349) |
| 158 | No. 2 Soft Red Winter Wheat | Sep. 2025 | 4252175 | (155238) |
| 47 | NY Harbor ULSD | Sep. 2025 | 4445053 | 347136 |
| 45 | Silver | Sep. 2025 | 8138700 | 117868 |
| 165 | Soybean | Nov. 2025 | 8472750 | 8650 |
| 154 | Soybean Meal | Dec. 2025 | 4455220 | (302860) |
| 81 | Soybean Oil | Dec. 2025 | 2563650 | 254710 |
| 70 | Sugar #11 (World) | Oct. 2025 | 1270080 | (57144) |
| 163 | WTI Crude | Sep. 2025 | 10407550 | 394924 |
|  |  |  |  | 881416 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 27 | LME Lead | Jul. 2025 | 1368853 | (37915) |
| 54 | LME Nickel | Jul. 2025 | 4879375 | 94527 |
| 118 | LME PRI Aluminum | Jul. 2025 | 7663510 | (523824) |
| 1 | LME PRI Aluminum | Sep. 2025 | 65002 | (2998) |
| 95 | LME Zinc | Jul. 2025 | 6529421 | (226599) |
|  |  |  |  | (696809) |
|  |  |  |  | $184607 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 791 | $511362 | $520813 | $9451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 570 | 368412 | 375452 | 7040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 32 | 20907 | 21118 | 211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | AUD | 631 | 411823 | 415557 | 3734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 42 | 26831 | 27525 | 694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 42 | 27798 | 27930 | 132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 2981 | 1948465 | 1962934 | 14469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 43 | 28217 | 28373 | 156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 42 | 27526 | 27900 | 374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 40 | 26010 | 26508 | 498 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 20286 | 3560818 | 3731987 | 171169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | BRL | 16133 | 2910032 | 2943572 | 33540 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | GBP | 3791 | 5157704 | 5204100 | 46396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | GBP | 15 | 19895 | 20042 | 147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | GBP | 15 | 20502 | 20846 | 344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 357 | 484381 | 489879 | 5498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 178 | 244514 | 244900 | 386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 178 | 244799 | 244906 | 107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 219 | 289767 | 300430 | 10663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 1041 | 1407575 | 1429100 | 21525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 866 | 1171408 | 1189726 | 18318 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | CAD | 110 | 80214 | 80701 | 487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CAD | 664 | 486075 | 487979 | 1904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CAD | 45 | 32604 | 32904 | 300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 45 | 32975 | 33063 | 88 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A102

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CLP | 261978 | $282000 | $281158 | $— | $(842) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CNH | 901 | 125857 | 126090 | 233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CNH | 1738 | 243037 | 243184 | 147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CNH | 960 | 133951 | 134298 | 347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | CNH | 3239 | 453355 | 454347 | 992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 5325 | 746136 | 748535 | 2399 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CZK | 4056 | 187077 | 193376 | 6299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CZK | 4844 | 223062 | 230952 | 7890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CZK | 7544 | 345981 | 360255 | 14274 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | DKK | 5432 | 835366 | 862716 | 27350 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | MSI | EUR | 21590 | 25061574 | 25435183 | 373609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 19 | 22346 | 22931 | 585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 229 | 262000 | 270492 | 8492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 468 | 529365 | 552127 | 22762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 451 | 520000 | 532417 | 12417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 240 | 274000 | 283209 | 9209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 229 | 261643 | 270165 | 8522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 231 | 264000 | 273009 | 9009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 203 | 234000 | 239749 | 5749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 417 | 480301 | 491465 | 11164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 57 | 66114 | 67236 | 1122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 2466 | 2801233 | 2908970 | 107737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 468 | 530929 | 552127 | 21198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 422 | 488462 | 498088 | 9626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 200 | 231023 | 235952 | 4929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 154 | 176606 | 181887 | 5281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 2627 | 3045753 | 3110500 | 64747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1861 | 2130357 | 2203009 | 72652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 607 | 700880 | 718509 | 17629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 583 | 675049 | 690209 | 15160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 434 | 502629 | 513306 | 10677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 415 | 478881 | 490926 | 12045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 50 | 58156 | 59560 | 1404 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 19376 | 2502040 | 2480382 |  | (21658) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | HUF | 34505 | 95525 | 101586 | 6061 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/29/25 | HSBC | INR | 97798 | 1136000 | 1137850 | 1850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | INR | 263216 | 3064718 | 3059914 |  | (4804) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | 1555653 | 94000 | 96057 | 2057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 57592607 | 3526690 | 3556182 | 29492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 16147395 | 990000 | 997056 | 7056 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | ILS | 4277 | 1160530 | 1269840 | 109310 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | JPY | 25884 | 179000 | 180209 | 1209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 70577 | 486009 | 491377 | 5368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 66769 | 464161 | 464865 | 704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 28287 | 193000 | 196944 | 3944 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A103

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Japanese Yen (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 47776 | $335000 | $332627 | $— | $(2373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SCB | JPY | 105890 | 749322 | 737236 |  | (12086) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | JPY | 60397 | 412381 | 421846 | 9465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 541688 | 3768107 | 3783435 | 15328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 170898 | 1204444 | 1193641 |  | (10803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 118738 | 821703 | 829331 | 7628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 12366 | 85476 | 86369 | 893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 7580 | 51741 | 52944 | 1203 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | MXN | 980 | 51111 | 52075 | 964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | MXN | 19880 | 1037633 | 1056901 | 19268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | MXN | 4110 | 213811 | 218526 | 4715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | 22126 | 1138744 | 1169393 | 30649 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | TWD | 8869 | 302013 | 310450 | 8437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 20997 | 727000 | 735016 | 8016 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | NZD | 472 | 282528 | 287616 | 5088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | NZD | 944 | 568674 | 575878 | 7204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | NZD | 657 | 398047 | 400715 | 2668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 798 | 483796 | 486668 | 2872 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | NOK | 534 | 52601 | 52965 | 364 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1108 | 309357 | 312000 | 2643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 587 | 162624 | 165213 | 2589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 552 | 154086 | 155376 | 1290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 466 | 130620 | 131382 | 762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | PEN | 2258 | 619079 | 636049 | 16970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | PEN | 1522 | 422400 | 428660 | 6260 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 28243 | 492975 | 500658 | 7683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 22496 | 391250 | 398783 | 7533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 91455 | 1634288 | 1621199 |  | (13089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 39276 | 680775 | 696229 | 15454 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | PLN | 1033 | 278488 | 286375 | 7887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | PLN | 763 | 204010 | 211641 | 7631 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | SGD | 310 | 242845 | 244505 | 1660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | SGD | 2888 | 2224852 | 2280202 | 55350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | SGD | 382 | 297952 | 301939 | 3987 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 22861 | 1268198 | 1289059 | 20861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | ZAR | 20468 | 1152407 | 1154116 | 1709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | ZAR | 3804 | 213811 | 214469 | 658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | ZAR | 19632 | 1101173 | 1102581 | 1408 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | KRW | 1056976 | 768793 | 783659 | 14866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | KRW | 504783 | 373333 | 374890 | 1557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | KRW | 2122117 | 1561000 | 1576044 | 15044 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 4581 | 484014 | 484975 | 961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | SEK | 565 | 59697 | 59854 | 157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | SEK | 29958 | 3140797 | 3182909 | 42112 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A104

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Swedish Krona (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SEK | 3252 | $340904 | $345464 | $4560 | $— |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CHF | 391 | 483121 | 494105 | 10984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CHF | 7816 | 9631058 | 9947712 | 316654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 738 | 912538 | 938934 | 26396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 644 | 794656 | 819928 | 25272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 508 | 627668 | 646193 | 18525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 103 | 126798 | 131224 | 4426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 37 | 46210 | 47602 | 1392 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | THB | 7812 | 241429 | 240696 |  | (733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | THB | 9971 | 305909 | 307239 | 1330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 9695 | 298105 | 300003 | 1898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | THB | 8592 | 263000 | 265871 | 2871 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 61466 | 1508469 | 1532020 | 23551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | TRY | 15524 | 382849 | 382611 |  | (238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | HSBC | TRY | 9506 | 232000 | 234082 | 2082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | UAG | TRY | 17258 | 421500 | 424981 | 3481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/30/25 | BARC | TRY | 21479 | 521437 | 525292 | 3855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/22/25 | MSI | TRY | 18159 | 385920 | 392490 | 6570 |  |
|  |  |  |  | $125379937 | $127509290 | 2195979 | (66626) |
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 923 | $600176 | $607714 | $— | $(7538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 440 | 287802 | 289801 |  | (1999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 276 | 174206 | 181833 |  | (7627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 583 | 373112 | 383944 |  | (10832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | AUD | 601 | 390504 | 395866 |  | (5362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 743 | 486678 | 489159 |  | (2481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 713 | 460959 | 469344 |  | (8385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 141 | 91634 | 92858 |  | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 54 | 35289 | 35503 |  | (214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 17 | 11285 | 11437 |  | (152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 8 | 5329 | 5395 |  | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 1900 | 1229710 | 1251017 |  | (21307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 212 | 137529 | 139483 |  | (1954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 67 | 43637 | 44079 |  | (442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 64 | 40576 | 41859 |  | (1283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 33 | 21669 | 22044 |  | (375) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | DB | BRL | 1259 | 223137 | 231560 |  | (8423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 16133 | 2932140 | 2967849 |  | (35709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | HSBC | BRL | 2895 | 521000 | 532578 |  | (11578) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | BOA | GBP | 3791 | 5116999 | 5204100 |  | (87101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | GBP | 5 | 6906 | 6983 |  | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 4011 | 5416838 | 5506387 |  | (89549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 3886 | 5256782 | 5335038 |  | (78256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 104 | 141396 | 143070 |  | (1674) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A105

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  British Pound (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 1 | $1095 | $1114 | $— | $(19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 1 | 1101 | 1112 |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | GBP | 3791 | 5158433 | 5204971 |  | (46538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | GBP | 737 | 1000299 | 1011879 |  | (11580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | GBP | 331 | 449316 | 454851 |  | (5535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 3485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786646 |  | (80502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 686 | 925407 | 941701 |  | (16294) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 1135 | 1524007 | 1558331 |  | (34324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 602 | 810186 | 826340 |  | (16154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 221 | 297240 | 302822 |  | (5582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 221 | 297710 | 303783 |  | (6073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 110 | 148189 | 151342 |  | (3153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 49 | 66076 | 67156 |  | (1080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 23 | 31399 | 31999 |  | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 20 | 27040 | 27605 |  | (565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | —\* | 135 | 137 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 343 | 463284 | 471194 |  | (7910) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | CAD | 2716 | 1907468 | 1996063 |  | (88595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | GSI | CAD | 49 | 34064 | 35647 |  | (1583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | CAD | 6 | 4246 | 4275 |  | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 4612 | 3389858 | 3391158 |  | (1300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CAD | 27 | 19995 | 19905 | 90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 3977 | 2908034 | 2923923 |  | (15889) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 50448 | 7075690 | 7092084 |  | (16394) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 36761 | 1673628 | 1752553 |  | (78925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CZK | 27746 | 1287371 | 1322785 |  | (35414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 33250 | 1534092 | 1585155 |  | (51063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 22497 | 1040580 | 1072539 |  | (31959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 12250 | 546000 | 584002 |  | (38002) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | BNY | EUR | 21590 | 24484087 | 25435183 |  | (951096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 2533 | 2902187 | 2988530 |  | (86343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 10 | 11597 | 11806 |  | (209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 206 | 231000 | 243436 |  | (12436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 25916 | 29686879 | 30574829 |  | (887950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 4088 | 4498017 | 4822712 |  | (324695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 469 | 539264 | 553100 |  | (13836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 359 | 410000 | 423531 |  | (13531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 265 | 305949 | 312437 |  | (6488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 26 | 29917 | 30694 |  | (777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1 | 1102 | 1127 |  | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 885 | 998000 | 1044244 |  | (46244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 25447 | 29346043 | 30021809 |  | (675766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 2161 | 2426392 | 2549458 |  | (123066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 118 | 138225 | 139131 |  | (906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 3799 | 4350126 | 4481721 |  | (131595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 3513 | 4015071 | 4144748 |  | (129677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | MSI | EUR | 21590 | 25116661 | 25493638 |  | (376977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | MSI | EUR | 3457 | 4062020 | 4081593 |  | (19573) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | EUR | 1919 | 2201372 | 2272752 |  | (71380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 423 | 500501 | 500517 |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 331 | 379606 | 391935 |  | (12329) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A106

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1905 | $2190769 | $2255346 | $— | $(64577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1125 | 1299832 | 1331634 |  | (31802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 838 | 967795 | 992035 |  | (24240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 664 | 767809 | 786594 |  | (18785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 545 | 629170 | 645214 |  | (16044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 544 | 628150 | 644503 |  | (16353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 542 | 626106 | 641424 |  | (15318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 444 | 514602 | 525620 |  | (11018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 286 | 331598 | 339007 |  | (7409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 271 | 314098 | 321126 |  | (7028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 2209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615903 |  | (85733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 1050 | 1204474 | 1243656 |  | (39182) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | HUF | 605386 | 1724233 | 1782294 |  | (58061) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | INR | 32315 | 375271 | 375660 |  | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | INR | 106088 | 1218000 | 1233287 |  | (15287) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | IDR | 6052624 | 369626 | 373733 |  | (4107) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 264336 | 1845426 | 1840375 | 5051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 34559 | 241429 | 240606 | 823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 69711 | 482400 | 485348 |  | (2948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 33051 | 232000 | 230110 | 1890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | JPY | 32266 | 228000 | 224641 | 3359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 70105 | 484491 | 488090 |  | (3599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 256353 | 1780236 | 1784794 |  | (4558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 31967 | 221608 | 222561 |  | (953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 850 | 5917 | 5916 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 159 | 1105 | 1107 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 158 | 1102 | 1101 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | JPY | 62498 | 436541 | 436516 | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 75751 | 526944 | 529087 |  | (2143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 220115 | 1552842 | 1537399 | 15443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 74865 | 518932 | 522898 |  | (3966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 50892 | 354394 | 355454 |  | (1060) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | MXN | 21940 | 1150546 | 1166405 |  | (15859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | MXN | 4575 | 240279 | 243221 |  | (2942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | MXN | 32657 | 1707346 | 1736191 |  | (28845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | MXN | 6957 | 358050 | 367655 |  | (9605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 6949 | 358050 | 367250 |  | (9200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 5897 | 306900 | 311642 |  | (4742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | MXN | 5003 | 261000 | 264403 |  | (3403) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | TWD | 94326 | 3211596 | 3301909 |  | (90313) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | NOK | 2862 | 282316 | 284122 |  | (1806) |
|  Romanian Leu, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | RON | 609 | 139185 | 141123 |  | (1938) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | SGD | 2080 | 1623231 | 1638511 |  | (15280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 3436 | 2692003 | 2717532 |  | (25529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SGD | 2143 | 1677010 | 1694691 |  | (17681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SGD | 1063 | 825990 | 840422 |  | (14432) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A107

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 11373 | $640073 | $641275 | $— | $(1202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ZAR | 5831 | 322000 | 327507 |  | (5507) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 564966 | 401169 | 418875 |  | (17706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 493529 | 365577 | 365911 |  | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 5234376 | 3892337 | 3887442 | 4895 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SEK | 3437 | 360732 | 365130 |  | (4398) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CHF | 1592 | 1965064 | 2012482 |  | (47418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 435 | 537869 | 553152 |  | (15283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | CHF | 547 | 677978 | 696086 |  | (18108) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | THB | 7855 | 243037 | 242031 | 1006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | THB | 31902 | 985787 | 983001 | 2786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | THB | 44625 | 1376909 | 1375033 | 1876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 100272 | 3102862 | 3102838 | 24 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 12105 | 299423 | 301706 |  | (2283) |
|  |  |  |  | $252576785 | $258191489 | 37270 | (5651974) |
|  |  |  |  |  |  | $2233249 | $(5718600) |

---

\* Less than 500.

#### Cross currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |
|  07/22/25 | Buy | AUD | 342 | CAD | 304 | $1075 | $— | MSI |
|  07/22/25 | Buy | AUD | 739 | CHF | 393 |  | (10798) | GSI |
|  07/22/25 | Buy | CHF | 394 | EUR | 420 | 2330 |  | GSI |
|  07/22/25 | Buy | EUR | 172 | JPY | 27523 | 10832 |  | MSI |
|  07/22/25 | Buy | EUR | 243 | HUF | 98061 |  | (2101) | MSI |
|  07/22/25 | Buy | EUR | 420 | CHF | 394 |  | (1925) | BNP |
|  07/22/25 | Buy | EUR | 537 | PLN | 2296 |  | (3121) | CITI |
|  07/22/25 | Buy | EUR | 826 | SGD | 1213 | 19331 |  | HSBC |
|  07/22/25 | Buy | EUR | 1351 | CHF | 1263 |  | (3147) | CITI |
|  07/22/25 | Buy | GBP | 190 | SGD | 330 | 674 |  | BARC |
|  07/22/25 | Buy | GBP | 197 | JPY | 38377 | 2735 |  | MSI |
|  07/22/25 | Buy | JPY | 27664 | EUR | 172 |  | (9849) | CITI |
|  07/22/25 | Buy | JPY | 55381 | EUR | 343 |  | (19332) | MSI |
|  07/22/25 | Buy | PLN | 2431 | EUR | 562 | 10704 |  | BNP |
|  07/22/25 | Buy | SEK | 4644 | EUR | 420 |  | (4156) | GSI |
|  |  |  |  |  |  | $47681 | $(54429) |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A108

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):** |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) | 785 | 1.490% | $(3429) | $(3755) | $326 | GSI |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized**<br>**Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 55959 | $(1112968) | $(1256456) | $(143488) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>June 30,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000%(Q) | 550 | 3.183% | $(9873) | $(42212) | $(32339) |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>June 30, 2025** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |
|  GBP | 2737 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | $(144600) | $106466 |  | $251066 |
|  GBP | 1205 | 05/08/29 | 1.100%(A) | 1 Day SONIA(1)(A)/ 4.217% | (94015) | 154467 |  | 248482 |
|  GBP | 247 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | (10753) | 46521 |  | 57274 |
|  | 29870 | 08/19/25 | 4.395%(T) | 1 Day SOFR(2)(T)/ 4.450% | 411 | (67032) |  | (67443) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A109

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |
| 27245 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 4.450% | $— | $(60925) | $(60925) |
| 23000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 4.450% | 97152 | 165387 | 68235 |
| 30855 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (203561) | (203561) |
| 4910 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% | 908 | (62016) | (62924) |
| 13090 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.450% | 3039 | 231345 | 228306 |
| 8145 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.450% | (8660) | (250630) | (241970) |
| 10670 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 21786 | 21786 |
| 3900 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.450% | (27577) | (108252) | (80675) |
| 1745 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 5650 | 5650 |
| 1275 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | 581995 | 572431 | (9564) |
| 8040 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 117583 | 185780 | 68197 |
| 3450 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.450% | 26742 | 132290 | 105548 |
| 8130 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 155552 | 155552 |
| 4240 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 4.450% | (77683) | (153159) | (75476) |
|  |  |  |  | $464542 | $872100 | $407558 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional**<br>**Amount**<br>**(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums**<br>**Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month U.S. Treasury Bill +8bps(Q)/<br>4.315% | BOA | 03/31/26 | 46105 | $(5475) | $— | $(5475) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -40bps(T)/<br>3.930% | GSI | 09/19/25 | (10507) | 32355 |  | 32355 |
|  |  |  |  |  | $26880 | $— | $26880 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Premiums Paid** | **Premiums Received** | **Unrealized**<br> **Appreciation** | **Unrealized<br>Depreciation** |
| OTC Swap Agreements | $— | $(3755) | $32681 | $(5475) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $2092211 |
|  GS | 850000 |  |
|  MLC |  | 4437684 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A110

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MSC | $227528 | $16804893 |
|  SG |  | 13375027 |
|  **Total** | $1077528 | $36709815 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $394518505 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 539955918 |  |  |
|  Common Stocks | 1458275042 | 794799151 |  |
|  Preferred Stocks | 325800 | 2879347 |  |
|  Unaffiliated Exchange-Traded Funds | 584502288 |  |  |
|  Unaffiliated Funds | 215570851 |  |  |
|  Warrants |  | 5456 |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 154812129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 263193 |  |
|  Corporate Bonds |  | 118253554 |  |
|  Floating Rate and Other Loans |  | 4026888 |  |
|  Residential Mortgage-Backed Security |  | 98183 |  |
|  Sovereign Bonds |  | 86264984 |  |
|  U.S. Government Agency Obligations |  | 26394106 |  |
|  U.S. Treasury Obligations |  | 353874186 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 464800549 |  |  |
|  U.S. Treasury Obligations |  | 268237530 |  |
|  Options Purchased | 100 | 71103217 |  |
|  **Total** | $**3657949053** | $**1881011924** | $**—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(9450)** | $**(320329)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Financial Futures Contracts | $10886691 | $— | $— |
|  Commodity Futures Contracts | 3790476 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 2233249 |  |
|  OTC Cross Currency Exchange Contracts |  | 47681 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 1210096 |  |
|  OTC Total Return Swap Agreement |  | 32355 |  |
|  **Total** | $**14677167** | $**3523381** | $**—** |
|  **Liabilities** |  |  |  |
|  Financial Futures Contracts | $(264785) | $— | $— |
|  Commodity Futures Contracts | (3605869) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (5718600) |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A111

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  OTC Cross Currency Exchange Contracts | $— | $(54429) | $— |
|  Centrally Cleared Credit Default Swap Agreements |  | (175827) |  |
|  OTC Credit Default Swap Agreement |  | (3429) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (802538) |  |
|  OTC Total Return Swap Agreement |  | (5475) |  |
|  **Total** | $**(3870654)** | $**(6760298)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (2.8% represents investments purchased with collateral from securities on loan) | 25.9 |
|  U.S. Treasury Obligations | 11.5 |
|  Unaffiliated Exchange-Traded Funds | 10.8 |
|  Unaffiliated Funds | 4 |
|  Banks | 3.5 |
|  Semiconductors & Semiconductor Equipment | 3.2 |
|  Software | 3.1 |
|  Collateralized Loan Obligations | 2.9 |
|  Pharmaceuticals | 1.9 |
|  Insurance | 1.7 |
|  Interactive Media & Services | 1.6 |
|  Sovereign Bonds | 1.6 |
|  Technology Hardware, Storage & Peripherals | 1.4 |
|  Options Purchased | 1.3 |
|  Oil, Gas & Consumable Fuels | 1.3 |
|  Capital Markets | 1.3 |
|  Aerospace & Defense | 1.2 |
|  Broadline Retail | 1.1 |
|  Financial Services | 1 |
|  Specialized REITs | 1 |
|  Entertainment | 0.8 |
|  Automobiles | 0.8 |
|  Hotels, Restaurants & Leisure | 0.7 |
|  Machinery | 0.7 |
|  Consumer Staples Distribution & Retail | 0.7 |
|  Electrical Equipment | 0.7 |
|  Health Care Equipment & Supplies | 0.7 |
|  Biotechnology | 0.6 |
|  Specialty Retail | 0.6 |
|  Electric Utilities | 0.6 |
|  Textiles, Apparel & Luxury Goods | 0.5 |
|  Health Care REITs | 0.5 |
|  IT Services | 0.5 |
|  Retail REITs | 0.5 |
|  U.S. Government Agency Obligations | 0.5 |
|  Health Care Providers & Services | 0.5 |
|  Trading Companies & Distributors | 0.5 |
|  Metals & Mining | 0.5 |
|  Food Products | 0.5 |
|  Diversified Telecommunication Services | 0.5 |
|  Chemicals | 0.4 |
|  Industrial REITs | 0.4 |
|  Building Products | 0.4 |
|  Industrial Conglomerates | 0.4 |
|  Residential REITs | 0.4 |
|  Multi-Utilities | 0.4 |
|  Beverages | 0.4 |
|  Ground Transportation | 0.3 |
|  Professional Services | 0.3 |
|  Communications Equipment | 0.3 |
|  Personal Care Products | 0.3 |
|  Household Products | 0.3 |
|  Electronic Equipment, Instruments & Components | 0.3 |

---

---

| | |
|:---|:---|
|  Tobacco | 0.3% |
|  Construction Materials | 0.2 |
|  Life Sciences Tools & Services | 0.2 |
|  Household Durables | 0.2 |
|  Consumer Finance | 0.2 |
|  Electric | 0.2 |
|  Media | 0.2 |
|  Construction & Engineering | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Real Estate Management & Development | 0.2 |
|  Retail | 0.2 |
|  Air Freight & Logistics | 0.1 |
|  Office REITs | 0.1 |
|  Telecommunications | 0.1 |
|  Automobile Components | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Diversified REITs | 0.1 |
|  Foods | 0.1 |
|  Passenger Airlines | 0.1 |
|  Pipelines | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Oil & Gas | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Gas Utilities | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Real Estate Investment Trusts (REITs) | 0.1 |
|  Marine Transportation | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Building Materials | 0.1 |
|  Transportation Infrastructure | 0.1 |
|  Commercial Services | 0.1 |
|  Lodging | 0.1 |
|  Healthcare-Services | 0.1 |
|  Home Builders | 0.1 |
|  Containers & Packaging | 0.0 \* |
|  Water Utilities | 0.0 \* |
|  Real Estate | 0.0 \* |
|  Auto Manufacturers | 0.0 \* |
|  Packaging & Containers | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Airlines | 0.0 \* |
|  Leisure Time | 0.0 \* |
|  Holding Companies-Diversified | 0.0 \* |
|  Healthcare-Products | 0.0 \* |
|  Diversified Consumer Services | 0.0 \* |
|  Mining | 0.0 \* |
|  Engineering & Construction | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Computers | 0.0 \* |
|  Housewares | 0.0 \* |
|  Semiconductors | 0.0 \* |
|  Transportation | 0.0 \* |
|  Distributors | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A112

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Internet | 0.0 |
|  Savings & Loans | 0.0 \* |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 \* |
|  Machinery-Diversified | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Other | 0.0 \* |
|  Gas | 0.0 \* |
|  Investment Companies | 0.0 \* |
|  Agriculture | 0.0 \* |
|  Environmental Control | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |

---

---

| | |
|:---|:---|
|  Multi-National | 0.0 |
|  Residential Mortgage-Backed Security | 0.0 |
|  | 102.5 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (2.5) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
| Commodity contracts | Due from/to broker-variation margin futures | $3790476 \* | Due from/to broker-variation margin futures | $3605869 \* |
| Commodity contracts |  |  | Unrealized depreciation on OTC swap agreements | 5475 |
| Credit contracts |  |  | Due from/to broker-variation margin swaps | 175827 \* |
| Credit contracts |  |  | Premiums received for OTC swap agreements | 3755 |
| Credit contracts | Unaffiliated investments | 20367 | Options written outstanding, at value | 46059 |
| Credit contracts | Unrealized appreciation on OTC swap agreements | 326 |  |  |
| Equity contracts | Due from/to broker-variation margin futures | 4457849 \* |  |  |
| Equity contracts | Unaffiliated investments | 71034649 |  |  |
| Foreign exchange contracts | Unaffiliated investments | 39544 | Options written outstanding, at value | 268515 |
| Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 47681 | Unrealized depreciation on OTC cross currency exchange contracts | 54429 |
| Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 2233249 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 5718600 |
| Interest rate contracts | Due from/to broker-variation margin futures | 6428842 \* | Due from/to broker-variation margin futures | 264785 \* |
| Interest rate contracts | Due from/to broker-variation margin swaps | 1210096 \* | Due from/to broker-variation margin swaps | 802538 \* |
| Interest rate contracts | Unaffiliated investments | 8757 | Options written outstanding, at value | 15205 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 32355 |  |  |
|  |  | $89304191 |  | $10961057 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A113

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(1)** | **Options**<br> **Written** | **Futures** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $3678622 | $— | $953148 |
|  Credit contracts | (59105) | 140009 |  |  | (319629) |
|  Equity contracts | 16461836 |  | (13438165) |  |  |
|  Foreign exchange contracts | (60508) | 412933 |  | (5507914) |  |
|  Interest rate contracts | 1907 | 20472 | (1035459) |  | 694405 |
|  **Total** | $16344130 | $573414 | $(10795002) | $(5507914) | $1327924 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options**<br>**Purchased(2)** | **Options**<br> **Written** | **Futures** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $604863 | $— | $(1330) |
|  Credit contracts | 13164 | (18346) |  |  | (126607) |
|  Equity contracts | (2515133) |  | 12063239 |  |  |
|  Foreign exchange contracts | (12895) | (91162) |  | (5120459) |  |
|  Interest rate contracts | (28938) | 58042 | 9200612 |  | (722315) |
|  **Total** | $(2543802) | $(51466) | $21868714 | $(5120459) | $(850252) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $66084779 |
|  Options Written (2) | 127914437 |
|  Futures Contracts - Long Positions (2) | 829921159 |
|  Futures Contracts - Short Positions (2) | 51831677 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 95686602 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 189001927 |
|  Cross Currency Exchange Contracts (4) | 3723249 |
|  Interest Rate Swap Agreements (2) | 255759460 |
|  Credit Default Swap Agreements - Buy Protection (2) | 24790708 |
|  Credit Default Swap Agreements - Sell Protection (2) | 21309101 |
|  Total Return Swap Agreements (2) | 57404455 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A114

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $148451850 | $(148451850) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized<br>Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br>**Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BARC(4) | $5263 | $— | $5263 | $— | $5263 |
|  BARC(6) | 1406 | (762) | 644 |  | 644 |
|  BNP(4) | 10704 |  | 10704 |  | 10704 |
|  BNP(6) | 29157 | (26461) | 2696 |  | 2696 |
|  BNY(4) |  | (951096) | (951096) | 669150 | (281946) |
|  BOA(3) |  | (5475) | (5475) | 5475 |  |
|  BOA(4) | 24917 | (122235) | (97318) |  | (97318) |
|  CITI(4) | 64311 | (198072) | (133761) |  | (133761) |
|  CITI(5) | 121688 | (177090) | (55402) |  | (55402) |
|  CITI(6) | 13792 | (155097) | (141305) |  | (141305) |
|  DB(4) | 55281 | (46430) | 8851 |  | 8851 |
|  GSI(4) | 287730 | (122754) | 164976 | (164976) |  |
|  GSI(5) | 316679 | (154820) | 161859 | (40000) | 121859 |
|  GSI(6) | 66679 | (113230) | (46551) |  | (46551) |
|  HSBC(4) | 136995 | (384896) | (247901) | 247901 |  |
|  HSBC(6) | 24344 | (1127702) | (1103358) |  | (1103358) |
|  JPM(4) | 41090 | (167367) | (126277) |  | (126277) |
|  MSI(4) | 549456 | (773559) | (224103) | 140655 | (83448) |
|  MSI(5) | 473195 | (327306) | 145889 |  | 145889 |
|  MSI(6) | 75347 | (803283) | (727936) |  | (727936) |
|  SCB(4) | 21304 | (12086) | 9218 |  | 9218 |
|  SSB(4) |  | (131595) | (131595) |  | (131595) |
|  TD(4) |  | (129677) | (129677) |  | (129677) |
|  UAG(4) | 6352 | (4804) | 1548 |  | 1548 |
|  WBC(5) | 56489 | (166791) | (110302) |  | (110302) |
|  | $2382179 | $(6102588) | $(3720409) | $858205 | $(2862204) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) PGIM Fixed Income

(5) Putnam

(6) J.P. Morgan

**SEE NOTES TO FINANCIAL STATEMENTS.**

A115

------

<br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>

**STATEMENT OF ASSETS AND LIABILITIES (unaudited)**

as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $148,451,850: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,706,755,662) | $4139686005.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,273,901,855) | 1399274972.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1228.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $5,820,202) | 5841236.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 30608177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 8859056.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 7340375.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 2233249.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 1479395.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1077528.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1006158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 47681.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 45085.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 32681.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 28982.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7077.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5597568885.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 150265732.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 30161163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 5718600.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 3116148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 2001850.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 1333009.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 584804.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $266,543) | 329779.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 201372.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 190735.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 109584.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 54429.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 5475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 3755.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3010.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 194080401.0 |
|  **NET ASSETS** | $5403488484.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $5403488484.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, $5,403,488,484 / 174,268,610 outstanding shares of beneficial interest | $31.01 |

---

**STATEMENT OF OPERATIONS (unaudited)**

Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $1,023,971 foreign withholding tax, of which $184,700 is reimbursable by an affiliate) | $34327540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 22409593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 8395171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $170,929) | 186138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 65318442 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 16336172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 6667826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 394607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 57401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 50350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 41657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 90100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 23648151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (2526483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (481814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 20639854 |
|  **NET INVESTMENT INCOME (LOSS)** | 44678588 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $25,142,532) (net of foreign capital gains taxes $9,533) | 125388134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (10795002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (5507914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 573414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 1327924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 366285 |
|  | 111352841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $15,756,774) (net of change in foreign capital gains taxes $121,541) | 197272271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 21868714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (5120459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (51466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (850252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 539812 |
|  | 213658620 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 325011461 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $369690049 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $44678588 | $97356971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 111352841 | 480012803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received |  | 829938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 213658620 | 47397931 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 369690049 | 625597643 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,236,058 and 2,281,611 shares, respectively] | 64675434 | 63865138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [21,899,292 and 40,740,085 shares, respectively] | (629891581) | (1134633531) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (565216147) | (1070768393) |
|  **TOTAL INCREASE (DECREASE)** | (195526098) | (445170750) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5599014582 | 6044185332 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5403488484 | $5599014582 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A116

------

<br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $28.87 | $26.01 | $22.73 | $27.25 | $23.95 | $21.63 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.24 | 0.45 | 0.52 | 0.42 | 0.27 | 0.22 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.90 | 2.41 | 2.76 | (4.94) | 3.03 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.14 | 2.86 | 3.28 | (4.52) | 3.30 | 2.32 |
|  Net Asset Value, end of period | $31.01 | $28.87 | $26.01 | $22.73 | $27.25 | $23.95 |
|  **Total Return<sup>(b)</sup>** | 7.41% | 11.00% | 14.48% | (16.62)% | 13.83% | 10.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $5403 | $5599 | $6044 | $5836 | $8610 | $8621 |
|  Average net assets (in millions) | $5378 | $5960 | $5900 | $6884 | $8754 | $7816 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.77 %<sup>(d)</sup> | 0.73% | 0.87% | 0.87% | 0.85% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.88 %<sup>(d)</sup> | 0.92% | 0.92% | 0.91% | 0.89% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.68 %<sup>(d)</sup> | 1.63% | 2.18% | 1.74% | 1.06% | 1.06% |
|  Portfolio turnover rate<sup>(e)(f)</sup> | 38% | 87% | 298% | 537% | 467% | 728% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A117

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 89.3%** | **LONG-TERM INVESTMENTS — 89.3%** | **LONG-TERM INVESTMENTS — 89.3%** |
|  **AFFILIATED MUTUAL FUND — 12.5%** | **AFFILIATED MUTUAL FUND — 12.5%** | **AFFILIATED MUTUAL FUND — 12.5%** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\*<br> (cost $1,530,873,801)(wa) | 148721071 | $1711779532 |
|  **COMMON STOCKS — 54.4%** | **COMMON STOCKS — 54.4%** | **COMMON STOCKS — 54.4%** |
|  **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 15100 | 1038729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 45371 | 9491647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc. (Class A Stock)\*(a) | 91900 | 997115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret A/S (Turkey) | 46060 | 174424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp.\* | 13900 | 465372 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 21195 | 1829976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 6509 | 5389061 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 135584 | 3518796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. (India) | 42557 | 209293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 214177 | 44876507 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 1768 | 254698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 8662 | 4231820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA (France) | 1704 | 602487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 1932 | 860578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 84727 | 4821814 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 35985 | 10495385 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 157436 | 40522452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 956 | 599916 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 18500 | 6068000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. (Class A Stock) | 4800 | 1242000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 1988 | 112302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. (India) | 508 | 28856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 33570 | 6248384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 912 | 220212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Machines, Inc.\* | 12400 | 134788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA (Norway) | 87401 | 3389580 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc.(a) | 4215 | 1057291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 31702 | 1788845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\* | 38497 | 3317286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 35095 | 16253898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 30000 | 1615800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc. (Class A Stock) | 1400 | 253358 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 583 | 259000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 17225 | 8612155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paras Defence & Space Technologies Ltd. (India)\* | 616 | 11479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 6357 | 13462210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab Corp.\*(a) | 19400 | 693938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 702259 | 9306791 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 70583 | 10306530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 22429 | 1254079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 37354 | 12182044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 440000 | 2697942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc. (Class A Stock)\* | 2501 | 95413 |
| &nbsp;&nbsp;&nbsp;&nbsp; StandardAero, Inc.\* | 1715 | 54280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 8450 | 678451 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 5305 | $| 1566432 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 1027 |  | 1561697 |
| &nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 23800 |  | 1155490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 1364 |  | 334303 |
|  |  |  | 236342904 |
|  **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 7834 |  | 751672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 45448 |  | 2105145 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 13570 |  | 3254824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 2868 |  | 327669 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 42617 |  | 9687270 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 2778 |  | 135289 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 43314 |  | 4372115 |
|  |  |  | 20633984 |
|  **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 31800 |  | 618828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 95800 |  | 1225512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 81769 |  | 5578281 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 5173 |  | 173192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 131234 |  | 4881146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG (Germany) | 6925 |  | 604398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 56600 |  | 970690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 5323 |  | 652973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 5523 |  | 121451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 20500 |  | 212585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. (South Korea) | 18835 |  | 553356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. (South Korea) | 475 |  | 100770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 17123 |  | 1626343 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp.\* | 9089 |  | 61078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 16800 |  | 516096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 129700 |  | 2781210 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPR Co. Ltd. (Japan) | 120800 |  | 1632201 |
|  |  |  | 22310110 |
|  **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 330548 |  | 5146643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eicher Motors Ltd. (India) | 300 |  | 19792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 15131 |  | 7412842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 441156 |  | 4786543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd. (China) | 41000 |  | 83689 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 371538 |  | 18283385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 2924 |  | 69006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. (India) | 216 |  | 10672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 446600 |  | 4306499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 74800 |  | 947562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) | 6451 |  | 461598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc.\*(a) | 22715 |  | 47929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 44720 |  | 1659883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 113974 |  | 6640144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. (Class A Stock)\*(a) | 18066 |  | 248227 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A118

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 101851 | $| 1020153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 89400 |  | 1077827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Ltd. (India) | 3120 |  | 25030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 194955 |  | 61929405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 1247 |  | 110746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 489600 |  | 8432377 |
| &nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. (India) | 518 |  | 17627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 47600 |  | 1380400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Leapmotor Technology Co. Ltd. (China), 144A\* | 4300 |  | 30040 |
|  |  |  | 124148019 |
|  **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 190425 |  | 5199735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC (United Arab Emirates) | 7203 |  | 26439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC (United Arab Emirates) | 4984 |  | 29180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. (China) (Class H Stock) | 134000 |  | 95759 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 527586 |  | 4354089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akbank TAS (Turkey) | 244507 |  | 419019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank (Saudi Arabia) | 5430 |  | 136960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 6800 |  | 123964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 31188 |  | 2017864 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMB Holdings Bhd (Malaysia) | 32200 |  | 39014 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 92187 |  | 1767850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arab National Bank (Saudi Arabia) | 1546 |  | 8953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 85700 |  | 2090223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 407736 |  | 6278428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA (Brazil) | 4732 |  | 12603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Chile (Chile) | 720939 |  | 109036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones SA (Chile) | 385 |  | 16258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil SA (Brazil) | 45100 |  | 184032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Chile (Chile) | 498225 |  | 31291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 920905 |  | 7625902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 148954 |  | 2861119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 182551 |  | 3396461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 435444 |  | 20605210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Changsha Co. Ltd. (China) (Class A Stock) | 29100 |  | 40422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of China Ltd. (China) (Class H Stock) | 393000 |  | 228790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd. (China) (Class H Stock) | 307000 |  | 286078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC (Ireland) | 81694 |  | 1164150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 46400 |  | 1059776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Shanghai Co. Ltd. (China) (Class A Stock) | 27600 |  | 40913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 2462 |  | 115862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki SA (Poland) | 12483 |  | 642930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Syariah Indonesia Tbk PT (Indonesia) | 1124853 |  | 178868 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 50100 |  | 1783059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Saudi Fransi (Saudi Arabia) | 21344 |  | 101625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 1626159 |  | 7514108 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 13100 | $363001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc.(a) | 37600 | 941504 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 79600 | 7140256 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 662500 | 2884023 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp. | 565 | 55161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 11186 | 118012 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 274950 | 2382390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. (South Africa) | 362 | 72380 |
| &nbsp;&nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd. (China) (Class H Stock) | 667000 | 635905 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp. (China) (Class H Stock) | 1145000 | 1158679 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd. (China) (Class H Stock) | 1572000 | 785533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd. (China) (Class A Stock) | 42400 | 42299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 129083 | 10987545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 9813 | 439132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 123627 | 2890399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 2981 | 177817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 2815 | 175009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 12716 | 400720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 114203 | 13899450 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 18600 | 430776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 166798 | 3155533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 1359 | 174686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 17400 | 1022076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 69646 | 2844608 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 75350 | 2660012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 55000 | 1481700 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | 108328 | 2995765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 4400 | 85712 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 38275 | 3865009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 44901 | 685638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC (United Arab Emirates) | 3103 | 19264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG (Austria) | 5807 | 494323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurobank Ergasias Services & Holdings SA (Greece) | 21743 | 74889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 14982 | 616210 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC (United Arab Emirates) | 32321 | 146069 |
| &nbsp;&nbsp;&nbsp;&nbsp; First BanCorp. (Puerto Rico) | 25200 | 524916 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. (Class A Stock) | 222 | 434336 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 37500 | 608625 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 51000 | 1237260 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc. | 37100 | 189210 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 2950 | 73632 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 11418 | 242062 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 8379 | 241483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 8900 | 105732 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 8190 | 119410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA (Colombia) | 977 | 12203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV (Mexico) (Class O Stock) | 66300 | 608393 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A119

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Galicia SA (Argentina), ADR | 9741 | $490849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haci Omer Sabanci Holding A/S (Turkey) | 254880 | 574105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group, Inc. (South Korea) | 11893 | 757561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. (Hong Kong) | 14600 | 219090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 3300 | 81444 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (India) | 8811 | 205697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 17551 | 418416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 11500 | 349025 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 1391084 | 16826818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huaxia Bank Co. Ltd. (China) (Class A Stock) | 25500 | 28184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 85769 | 1437488 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. (India) | 40992 | 692754 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. (India), ADR(a) | 58924 | 1982203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp.(a) | 25200 | 1584702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. (China) (Class H Stock) | 720000 | 571720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank Co. Ltd. (China) (Class A Stock) | 4500 | 14677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank of Korea (South Korea) | 8984 | 121338 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 242195 | 5308355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 1462906 | 8426938 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 243194 | 70504373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL (Thailand) | 13300 | 62824 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. (South Korea) | 2808 | 230751 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 21362 | 372126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank PCL (Thailand) | 54600 | 35816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 5866084 | 6168296 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 38429 | 7454842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp.\* | 18000 | 1260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 12800 | 221696 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 7990 | 229872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 573400 | 7817502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizrahi Tefahot Bank Ltd. (Israel) | 10422 | 679846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 159800 | 4436036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moneta Money Bank A/S (Czech Republic), 144A | 11754 | 81069 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 23900 | 538467 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 99829 | 2587347 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 914898 | 6425286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 331867 | 4924147 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 697154 | 9564953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 90100 | 1155381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 10800 | 854496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 44300 | 1251475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Bank Co. Ltd. (China) (Class A Stock) | 26400 | 44528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 19334 | 2134667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA (Greece) | 5999 | 41560 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 154700 | 28839174 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) | 1413 | $| 155727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA (Poland) | 2093 |  | 43733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc.(a) | 2095 |  | 147153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 20252 |  | 476327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 8195 |  | 294446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 119200 |  | 1100910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riyad Bank (Saudi Arabia) | 21349 |  | 163545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Polska SA (Poland) | 3202 |  | 440023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank (Saudi Arabia) | 1170 |  | 10510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi National Bank (The) (Saudi Arabia) | 11738 |  | 113020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)^ | 83328 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Pudong Development Bank Co. Ltd. (China) (Class A Stock) | 27300 |  | 52963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. (South Korea) | 3933 |  | 178310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 72784 |  | 4163551 |
| &nbsp;&nbsp;&nbsp;&nbsp; SouthState Corp. | 5410 |  | 497882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 269451 |  | 4459023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 163800 |  | 4124641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. (Japan) | 75000 |  | 1994807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 152478 |  | 2041267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 103815 |  | 2749679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 15573 |  | 805903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 5300 |  | 420820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 438621 |  | 18856317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 6400 |  | 233344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Is Bankasi A/S (Turkey) (Class C Stock) | 577307 |  | 193751 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 238414 |  | 10788233 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 5400 |  | 567864 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 109241 |  | 7328256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Bank of India Ltd. (India) | 36770 |  | 65870 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 7600 |  | 226404 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (Singapore) | 47600 |  | 1347257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 2100 |  | 98868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp(a) | 102300 |  | 913539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 47609 |  | 2599451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 214668 |  | 17199200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 6134 |  | 478329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 93396 |  | 2081473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 23160 |  | 2871377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. (South Korea) | 10193 |  | 169604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi A/S (Turkey)\* | 603783 |  | 480903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 42215 |  | 2192647 |
|  |  |  | 432419538 |
|  **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA (Brazil) | 23700 |  | 57973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 75644 |  | 5204336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan) | 24000 |  | 320811 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A120

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Beverages (cont'd.)** | **Beverages (cont'd.)** | **Beverages (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 3713 | $708477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. (Class A Stock) | 750 | 20602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. (Class B Stock)(a) | 39081 | 1051670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S (Denmark) (Class B Stock) | 2683 | 380136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 261706 | 18515699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 1160 | 129514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 51566 | 2693944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock) | 3034 | 493571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 163751 | 4129163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd. (China) (Class A Stock) | 900 | 39492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 55614 | 1838599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock) | 4152 | 199670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 18900 | 1183896 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 3700 | 159988 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 52198 | 6892224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 3661 | 365190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp. | 4235 | 125441 |
|  |  | 44510396 |
|  **Biotechnology — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 123546 | 22932609 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 86200 | 1859334 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 48300 | 879543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 23500 | 781610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 88400 | 321776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc.\* | 10700 | 570952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\*(a) | 34800 | 995628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 8500 | 2771765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.(a) | 88653 | 24752804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 23000 | 131790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 5283 | 91449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 42063 | 589723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc.\* | 65400 | 256368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 3445 | 1907093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 4137 | 2280397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. (Canada)\* | 17500 | 148225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\*(a) | 28600 | 812240 |
| &nbsp;&nbsp;&nbsp;&nbsp; BeOne Medicines Ltd. (China)\* | 1600 | 30267 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 77900 | 697984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 44225 | 5554218 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 46384 | 2549728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 11300 | 1448434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\*(a) | 24200 | 1044956 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 20100 | 392754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caris Life Sciences, Inc.\* | 1434 | 38316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 35500 | 770350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 3514 | 101063 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 27076 | 4276942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 2500 | 82600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 3338 | 177381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 224380 | 9889548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 15050 | 3125410 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 130144 | $14429065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 22400 | 1165248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hugel, Inc. (South Korea)\* | 1585 | 454084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 3059 | 208318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovent Biologics, Inc. (China), 144A\* | 9000 | 90222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 14700 | 1479408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 322 | 12722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\*(a) | 800 | 242112 |
| &nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 92300 | 563953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 20700 | 280071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirati Therapeutics, Inc.^ | 1574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 7854 | 216692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 85200 | 452412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 788 | 133125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 70 | 8798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co. NV (Netherlands)\*(a) | 9714 | 175921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 5600 | 309512 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 16900 | 825396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 2311 | 1213275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 113700 | 393402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.\* | 11350 | 417567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 4200 | 78666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 8911 | 100427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 20150 | 613268 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 4600 | 165554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 6000 | 88800 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 1059 | 304304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 88400 | 417248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 6999 | 227537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 3200 | 86496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 54494 | 24260729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\* | 1145 | 30343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 107500 | 541800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd. (China), ADR\* | 9981 | 349036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 10400 | 130520 |
|  |  | 142729288 |
|  **Broadline Retail — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 50456 | 714253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 34932 | 3961638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 947366 | 207842627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 131500 | 3939740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Inc. (Class A Stock) | 45 | 18802 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 23637 | 1760011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 969 | 48605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Falabella SA (Chile) | 29931 | 159032 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc. (China), ADR | 6700 | 218688 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc. (China) (Class A Stock) | 6600 | 107793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 6730 | 78472 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 8073 | 21099835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd. (South Africa) (Class N Stock) | 435 | 135726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 35744 | 6104860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 1385 | 182515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 12600 | 433378 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A121

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Broadline Retail (cont'd.)** | **Broadline Retail (cont'd.)** | **Broadline Retail (cont'd.)** | **Broadline Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. (China), ADR\* | 600 | $| 62796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 138292 |  | 7759081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd. (China), ADR | 40300 |  | 606515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. (Australia) | 18457 |  | 1030037 |
|  |  |  | 256264404 |
|  **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 2741 |  | 179727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 1130 |  | 129792 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. (Japan)(a) | 40200 |  | 1179295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 1992 |  | 287087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 709 |  | 115170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 36103 |  | 1128711 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZEK Co., Inc. (The)\* | 1070 |  | 58155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 2521 |  | 294176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunka Shutter Co. Ltd. (Japan) | 57000 |  | 933045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 873 |  | 325978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 121355 |  | 8881973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 39740 |  | 4668466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. (Japan) | 7200 |  | 845163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 2904 |  | 149498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Switzerland) | 3680 |  | 2898165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 154873 |  | 2137247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 171424 |  | 18105803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 4879 |  | 314013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 18500 |  | 202205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 32668 |  | 4492503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 289900 |  | 6395194 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 42275 |  | 1981526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 840 |  | 130460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 11100 |  | 4855251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 1425 |  | 77492 |
|  |  |  | 60766095 |
|  **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 122680 |  | 6942733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 7607 |  | 268071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 714 |  | 140494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 175 |  | 93403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 30240 |  | 2451127 |
| &nbsp;&nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao (Brazil) | 245200 |  | 656201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual SA (Brazil), UTS | 125577 |  | 976538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 166603 |  | 15179199 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc. (Class A Stock) | 75500 |  | 772365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 3427 |  | 3595780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 12223 |  | 1828316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. (Canada) (Class A Stock) | 4760 |  | 263133 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSE Ltd. (India) | 23501 |  | 760295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 5316 |  | 273242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 2414 |  | 562969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 85012 |  | 7756495 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 8099 |  | 2232246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (Class A Stock)\* | 4042 |  | 1416681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 39000 |  | 276979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 197945 |  | 5868165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (Germany) | 8006 |  | 2615477 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (Netherlands), 144A | 26155 | $4481450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 873 | 235727 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 690 | 308623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 6964 | 166091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR | 23170 | 2863580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 34026 | 24081901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd. (China) (Class A Stock) | 8200 | 21969 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. (India), 144A | 2076 | 125734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 134467 | 7232519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 21933 | 3946843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 9254 | 512764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 71447 | 13108381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd.(a) | 459208 | 7241710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 285916 | 11104977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 19662 | 1075315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 9125 | 618993 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 34230 | 4553617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Investment Holdings Co. Ltd. (South Korea) | 44530 | 4595204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 1012 | 48556 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 4889 | 715003 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 11814 | 4429896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | 3541 | 532586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC (United Kingdom) | 7564 | 298551 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 12550 | 2802917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd. (South Korea) | 92203 | 1461388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 2934 | 182847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 12007 | 6022591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 31372 | 4419060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 20 | 6279 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 2826 | 1629867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 123500 | 11043370 |
| &nbsp;&nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. (South Korea) | 158205 | 2339521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 770300 | 5076048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 4451 | 564342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 186 | 243349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos | 6500 | 1806610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 52994 | 8127690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 73319 | 6864858 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 41798 | 22039667 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 57300 | 1996627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC (United Kingdom) | 108995 | 542045 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 2430 | 218360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 231100 | 2706002 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 6588 | 700568 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) | 22600 | 1254300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 2384 | 247412 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 6500 | 592410 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 5052 | 487518 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. (Canada) | 35583 | 1508244 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A122

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG, Inc. | 470 | $| 24652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. (Class A Stock) | 2063 |  | 302023 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 241246 |  | 8190729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. (Class A Stock) | 21600 |  | 1375272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 28980 |  | 1298014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 2200 |  | 399080 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 173500 |  | 1996985 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 147986 |  | 2989317 |
|  |  |  | 248689861 |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 49400 |  | 1173250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 29892 |  | 6163764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 5002 |  | 1410864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp.(a) | 2789 |  | 174787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 345800 |  | 2461669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 1204 |  | 60537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 9559 |  | 308851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 5221 |  | 155012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 23389 |  | 1294113 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 3818 |  | 351256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 28637 |  | 2134316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc.(a) | 16201 |  | 429003 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG (Switzerland) | 7299 |  | 776505 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 172125 |  | 11806054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 2699 |  | 201507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 37418 |  | 10081906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 75400 |  | 620542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 10854 |  | 245843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 17656 |  | 364748 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 3052 |  | 127421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 360 |  | 1745830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 4050 |  | 42201 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 5866 |  | 431444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 33605 |  | 15766794 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock) | 5904 |  | 341605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meihua Holdings Group Co. Ltd. (China) (Class A Stock) | 4200 |  | 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesaieed Petrochemical Holding Co. (Qatar) | 2096058 |  | 775150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 296100 |  | 1556309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 7346 |  | 267982 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 145 |  | 100175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. (Japan) | 29500 |  | 237247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. (Japan) | 8800 |  | 333005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. (Japan) | 92100 |  | 1778587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 8325 |  | 597709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 44692 |  | 897862 |
| &nbsp;&nbsp;&nbsp;&nbsp; PhosAgro PJSC (Russia)^ | 14357 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PhosAgro PJSC (Russia), GDR\*^ | 279 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 5173 |  | 588429 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 2391 |  | 262627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd. (South Africa)\* | 103021 |  | 458733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Satellite Chemical Co. Ltd. (China) (Class A Stock) | 15700 |  | 38049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 810 |  | 53428 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 2510 | $| 861834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 98300 |  | 3246061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG (Switzerland) | 2935 |  | 798566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA (Belgium) | 14042 |  | 486371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 829 |  | 62946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 47530 |  | 1753984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd. (China) (Class A Stock) | 11300 |  | 34692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Juhua Co. Ltd. (China) (Class A Stock) | 3900 |  | 15646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang NHU Co. Ltd. (China) (Class A Stock) | 11400 |  | 33882 |
|  |  |  | 73915370 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 35500 |  | 1675955 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 204000 |  | 730320 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc. (Class A Stock)\* | 30802 |  | 499608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 178881 |  | 2762602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 12400 |  | 2763588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 1176 |  | 271868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 1165 |  | 57166 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 61600 |  | 1297912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 110100 |  | 1671300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 85700 |  | 1363487 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 2113 |  | 106622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 58900 |  | 1232777 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 883 |  | 147929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 117700 |  | 1284107 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. (Canada) | 3985 |  | 423167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 4575 |  | 1128241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 42658 |  | 638690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 5100 |  | 183396 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 65000 |  | 1765857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 77692 |  | 7843007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp.(a) | 3748 |  | 490913 |
|  |  |  | 28338512 |
|  **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. (Taiwan) | 5000 |  | 124969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 104404 |  | 10681573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 30400 |  | 1616976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 3279 |  | 266681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 690096 |  | 47878860 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 62600 |  | 518328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 2300 |  | 80178 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 1321 |  | 388797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 7664 |  | 306024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 1530 |  | 145442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 2087 |  | 877500 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 7800 |  | 226746 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 67800 |  | 1682118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 786562 |  | 4081178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 337963 |  | 2888003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 132700 |  | 1336289 |
|  |  |  | 73099662 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A123

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain)(a) | 26529 | $1843967 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 3048 | 343997 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\* | 5285 | 269799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 4100 | 903968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 19577 | 885364 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Railway Group Ltd. (China) (Class H Stock) | 208000 | 99856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. (Class A Stock)\*(a) | 9700 | 1030916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 17034 | 2393503 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 669 | 357842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\* | 1249 | 79349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 29819 | 1590626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc.(a) | 6600 | 617166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 22310 | 271959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 34200 | 891995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 600 | 84060 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 9661 | 1646524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 29900 | 403949 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 2700 | 489915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 30800 | 2400552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 766 | 289609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 29946 | 697580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 8800 | 2030424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp.\* | 59100 | 2764698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 484 | 158060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 55109 | 8126946 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 3097 | 84858 |
|  |  | 30757482 |
|  **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 25079 | 1251026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd. (China) (Class H Stock) | 6500 | 16559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV (Mexico), UTS | 27200 | 18830 |
| &nbsp;&nbsp;&nbsp;&nbsp; China National Building Material Co. Ltd. (China) (Class H Stock) | 216000 | 103387 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 77745 | 7136991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 461 | 93173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 16941 | 3989551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 28834 | 2141188 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC, CDI\* | 21696 | 582610 |
| &nbsp;&nbsp;&nbsp;&nbsp; JK Cement Ltd. (India) | 1064 | 76325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 1369 | 751526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 2775 | 723775 |
|  |  | 16884941 |
|  **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 5705 | 222210 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 11389 | 3632863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. (India) | 5445 | 59467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 20900 | 1193808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 82707 | 17596741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\* | 34 | 17321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 16300 | 1817776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp. (Class A Stock)\* | 165100 | 1779778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. (India) | 3597 | 110147 |
| &nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc. (Class A Stock)\* | 14800 | 162356 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Finance (cont'd.)** | **Consumer Finance (cont'd.)** | **Consumer Finance (cont'd.)** | **Consumer Finance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 2752 | $| 156864 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 8100 |  | 119475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qifu Technology, Inc. (China), ADR | 2800 |  | 121408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance Ltd. (India) | 674 |  | 5558 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 4343 |  | 142407 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\* | 21126 |  | 384704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 135262 |  | 9027386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.\*(a) | 16600 |  | 1073688 |
|  |  |  | 37623957 |
|  **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc. (Class A Stock) | 9667 |  | 207937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) | 9600 |  | 477198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 2400 |  | 88200 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 2564 |  | 276476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 123145 |  | 1737112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 718 |  | 366374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 229055 |  | 3140829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 43687 |  | 43247509 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL (Thailand) | 32500 |  | 44020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 4990 |  | 570756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 54827 |  | 5430066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd. (Canada) (Class A Stock) | 14000 |  | 580973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 136741 |  | 360946 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. (Canada) | 3100 |  | 621730 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC (United Kingdom) | 36072 |  | 143562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Finland) (Class B Stock) | 81341 |  | 2006208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 93891 |  | 3921494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 55682 |  | 3994070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. (Canada) | 3200 |  | 529319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnit PJSC (Russia)^ | 5159 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 3991 |  | 180553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 151437 |  | 737048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medplus Health Services Ltd. (India)\* | 460 |  | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nahdi Medical Co. (Saudi Arabia) | 4611 |  | 156999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 13179 |  | 1152767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. (Japan) | 62400 |  | 1004349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 22600 |  | 3720864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 4520 |  | 342345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp.(a) | 99355 |  | 9801371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 714708 |  | 3940559 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 130465 |  | 3041139 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 87645 |  | 6749541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 16732 |  | 192083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 590429 |  | 57732148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. (Australia) | 50083 |  | 1025891 |
|  |  |  | 157527289 |
|  **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 127001 |  | 1167139 |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 1531 |  | 239494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Group SA\*^ | 250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 1450 |  | 254431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 6496 |  | 364361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 96850 |  | 9973613 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A124

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Containers & Packaging (cont'd.)** | **Containers & Packaging (cont'd.)** | **Containers & Packaging (cont'd.)** | **Containers & Packaging (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 6877 | $| 144898 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co.(a) | 11941 |  | 559197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klabin SA (Brazil), UTS | 163980 |  | 559568 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 100100 |  | 1475474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 2029 |  | 382365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\* | 58400 |  | 208488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 2900 |  | 89987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 2031 |  | 110040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 11891 |  | 513097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 2401 |  | 104588 |
|  |  |  | 16146740 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 2875 |  | 619129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 3186 |  | 386494 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 6079 |  | 224984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 480 |  | 139910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang China Commodities City Group Co. Ltd. (China) (Class A Stock) | 13600 |  | 39328 |
|  |  |  | 1409845 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 7284 |  | 61695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 14700 |  | 1870281 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 3000 |  | 91380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 1196 |  | 147814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 4900 |  | 2009098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 40927 |  | 2412237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 100 |  | 94617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 7078 |  | 1337742 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 2438 |  | 133822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc. (Class A Stock)\* | 47700 |  | 1115226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 56700 |  | 1853523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 3239 |  | 263655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\* | 5200 |  | 754988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 9200 |  | 311788 |
|  |  |  | 12457866 |
|  **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 52668 |  | 3339368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust,<br>Inc.(a) | 12101 |  | 386143 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 191935 |  | 612766 |
| &nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC (United Kingdom) | 152564 |  | 426020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA (Spain) | 33421 |  | 440614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 688505 |  | 2433260 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 5011 |  | 312586 |
|  |  |  | 7950757 |
|  **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 950054 |  | 27494563 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc. (Canada) | 15600 |  | 345967 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC (United Kingdom) | 91356 |  | 243256 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Converge Information & Communications Technology Solutions, Inc. (Philippines) | 52100 | $| 18020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 242241 |  | 8866893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 11600 |  | 644745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 5522 |  | 201001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA (Greece) | 157443 |  | 2993788 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDT Corp. (Class B Stock) | 3700 |  | 252784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 2015 |  | 60793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 708390 |  | 3455661 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Uplus Corp. (South Korea) | 2520 |  | 26679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd. (Belgium) (Class A Stock)\* | 2730 |  | 27327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd. (Belgium) (Class C Stock)\* | 2480 |  | 25569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)\* | 76800 |  | 468480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)\*(a) | 93000 |  | 578460 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT, Inc. (Japan) | 510400 |  | 545674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooredoo QPSC (Qatar) | 24238 |  | 85187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA (France) | 292673 |  | 4456880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom Co. (Saudi Arabia) | 6689 |  | 75877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA (Norway) | 138122 |  | 2150863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 541583 |  | 1947979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 622139 |  | 1983766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 239572 |  | 10366280 |
|  |  |  | 67316492 |
|  **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 5856 |  | 354112 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 60629 |  | 6290865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA (Brazil) | 13124 |  | 97323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 200300 |  | 2478599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 54805 |  | 17688862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. (New Zealand) | 109098 |  | 598712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 17461 |  | 2060398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 8661 |  | 446908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Americas SA (Chile) | 674517 |  | 65705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 1380365 |  | 13100638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 9722 |  | 808093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 5246 |  | 361607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 8326 |  | 529700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 22769 |  | 988630 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 12447 |  | 501116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ (Finland)(a) | 20645 |  | 387131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 461760 |  | 8883353 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc.(a) | 6472 |  | 747192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter RAO UES PJSC (Russia)\*^ | 2620300 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 245800 |  | 2915144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. (South Korea) | 2132 |  | 61609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manila Electric Co. (Philippines) | 76330 |  | 729695 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 105025 |  | 7290835 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 92785 |  | 14899415 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 85648 |  | 3801058 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A125

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. (Australia) | 91725 | $| 651975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 13300 |  | 1025297 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 139711 |  | 1947571 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna SA (Poland)\* | 230520 |  | 729743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 2759 |  | 246848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 59200 |  | 2405296 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 16757 |  | 567895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Power Corp. SA (Greece) | 32946 |  | 538421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 130629 |  | 11995661 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC (United Kingdom) | 88401 |  | 2225950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 220470 |  | 2266645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 13009 |  | 885913 |
|  |  |  | 111573918 |
|  **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 135619 |  | 8127489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 4022 |  | 1199923 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 9900 |  | 363231 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 14073 |  | 2546650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. (China) (Class A Stock) | 1200 |  | 42346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 17141 |  | 6119166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 61480 |  | 8197128 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 23300 |  | 1998441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 33893 |  | 1560837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 30300 |  | 1593945 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova T&D India Ltd. (India) | 720 |  | 19846 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 34115 |  | 18051952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 16495 |  | 2362249 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. (South Korea) | 1159 |  | 434494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 1221 |  | 498669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 20127 |  | 2697592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 133900 |  | 2880052 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc. (Class A Stock)\* | 35100 |  | 1908387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. (Japan) | 54100 |  | 1051331 |
| &nbsp;&nbsp;&nbsp;&nbsp; NuScale Power Corp.\* | 2300 |  | 90988 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 91280 |  | 6686260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.(a) | 3729 |  | 540556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 30160 |  | 10018247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 34495 |  | 9261386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 73083 |  | 2200529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 87611 |  | 10240055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd. (China) (Class A Stock) | 12600 |  | 39927 |
|  |  |  | 100731676 |
|  **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 40800 |  | 4029000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 1279 |  | 162983 |
| &nbsp;&nbsp;&nbsp;&nbsp; AUO Corp. (Taiwan)\* | 1280000 |  | 541016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 2130 |  | 113060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 2000 |  | 489900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 20500 |  | 2373900 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 2450 |  | 437546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 3965 |  | 125770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 4998 |  | 445872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 125821 |  | 6616926 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co. | 1211 | $| 65273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. (Taiwan) | 9000 |  | 127359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. (Taiwan) | 3000 |  | 90716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 7555 |  | 377146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 89208 |  | 3921059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. (Taiwan) | 127000 |  | 700702 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 678 |  | 46545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 878 |  | 191492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 13065 |  | 5223757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 14329 |  | 2347950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 50000 |  | 600518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. (Taiwan) | 1000 |  | 81670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 600 |  | 136038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 38300 |  | 364233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 19200 |  | 283789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc.\* | 6400 |  | 155200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 900 |  | 121779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 2000 |  | 96996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redington Ltd. (India) | 4608 |  | 17487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 24800 |  | 2426184 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 1832 |  | 248602 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 58800 |  | 686346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 1065 |  | 545610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 5501 |  | 417966 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 50300 |  | 2053246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 57250 |  | 2112525 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPG Holdings Ltd. (Taiwan) | 227000 |  | 545616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. (Japan) | 28600 |  | 764016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 24676 |  | 7609091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. (Taiwan) | 138000 |  | 474911 |
|  |  |  | 48169795 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 22448 |  | 860656 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 86100 |  | 693966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 19669 |  | 400854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 88500 |  | 552240 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 9135 |  | 113548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 190400 |  | 1020544 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 44100 |  | 263277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 193073 |  | 6525868 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 65945 |  | 2271146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 25764 |  | 482938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd.\*(a) | 79900 |  | 206941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 3065 |  | 154200 |
|  |  |  | 13546178 |
|  **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. (Japan) | 17500 |  | 597651 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA (Germany) | 14181 |  | 1763417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 5868 |  | 937120 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Games System Co. Ltd. (Taiwan) | 20000 |  | 587115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. (Japan) | 25600 |  | 4047405 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A126

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (Class A Stock)\* | 380 | $| 36085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (Class C Stock)\*(a) | 3274 |  | 342133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live (Class A Stock)\* | 495 |  | 39343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live (Class C Stock)\* | 1143 |  | 92766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp.\* | 390 |  | 81491 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. (China) | 28100 |  | 757277 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. (China), ADR | 1400 |  | 188412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 69509 |  | 93081587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 66922 |  | 6426509 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp. (Class A Stock)\* | 53536 |  | 5631987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 2612 |  | 229569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 59378 |  | 9496917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 37045 |  | 28426110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 2670 |  | 648409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group (China), ADR | 42017 |  | 818911 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 920 |  | 167394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV (Netherlands) | 40391 |  | 1310307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 450382 |  | 55851872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 50459 |  | 578260 |
|  |  |  | 212138047 |
|  **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 2472 |  | 4539920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc.\* | 2585 |  | 178727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 20149 |  | 2858539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 35400 |  | 610056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\*(a) | 116942 |  | 56806915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 7765 |  | 527476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Diversified Holdings, MLP | 7000 |  | 43960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 5662 |  | 201001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 24588 |  | 763716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 33100 |  | 1229665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 5445 |  | 330675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo SE (France) | 7301 |  | 521968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 16682 |  | 1691221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 52306 |  | 4258231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 8989 |  | 1549794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.\* | 7839 |  | 91716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 47391 |  | 3793176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 7930 |  | 288283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 126786 |  | 3757099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 1677 |  | 302145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc. (Class A Stock) | 14600 |  | 1296334 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 529420 |  | 1871351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc. (Class A Stock)\* | 172600 |  | 1006258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 115911 |  | 65135027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritz Financial Group, Inc. (South Korea) | 5445 |  | 452961 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 5587 |  | 155542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc.\* | 1060 |  | 158163 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 7600 | $| 85728 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 129700 |  | 2926898 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 187121 |  | 13906833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. (India) | 12445 |  | 62090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc.\* | 13000 |  | 101140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 47700 |  | 895329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc. (Class A Stock)(a) | 2370 |  | 33607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (Class A<br>Stock)\*(a) | 7174 |  | 711015 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFS Financial Corp. | 1354 |  | 17534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 147547 |  | 6534857 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 1013 |  | 4194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 162685 |  | 57761309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 2293 |  | 162803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. (Australia) | 22200 |  | 613731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 6901 |  | 58106 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\*(a) | 766 |  | 112518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise PLC (United Kingdom) (Class A Stock)\* | 83700 |  | 1195687 |
|  |  |  | 239603298 |
|  **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecoagro SA (Brazil)(a) | 9057 |  | 82781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. (Japan) | 67500 |  | 1830814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co.(a) | 10833 |  | 571766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Citrus Holdings Ltd. (China)\* | 6871 |  | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC (United Kingdom) | 20874 |  | 589782 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRF SA (Brazil) | 170200 |  | 632169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Britannia Industries Ltd. (India) | 665 |  | 45371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 3062 |  | 245817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL (Thailand) | 31800 |  | 22520 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Feihe Ltd. (China), 144A | 21000 |  | 15318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 492015 |  | 10071547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 11391 |  | 932050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 3301 |  | 125240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 4618 |  | 73796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 780 |  | 53009 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc.(a) | 60598 |  | 3139582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Agri-Resources Ltd. (Indonesia) | 3605200 |  | 709622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guangdong Haid Group Co. Ltd. (China) (Class A Stock) | 4900 |  | 40108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 376141 |  | 571734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 2910 |  | 482915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 97421 |  | 2946985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indofood Sukses Makmur Tbk PT (Indonesia) | 1107000 |  | 554308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 74686 |  | 10128915 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 2394 |  | 235091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japfa Comfeed Indonesia Tbk PT (Indonesia) | 220500 |  | 20581 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV (Netherlands) | 66993 |  | 1913627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 6345 |  | 504618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 57189 |  | 1476620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 2083 |  | 108004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marico Ltd. (India) | 2196 |  | 18499 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A127

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Food Products (cont'd.)** | **Food Products (cont'd.)** | **Food Products (cont'd.)** | **Food Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 5762 | $| 436875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 8000 |  | 93760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 29090 |  | 1961830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muyuan Foods Co. Ltd. (China) (Class A Stock) | 7100 |  | 41692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 173986 |  | 17298797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Corp. (South Korea) | 186 |  | 14966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 939 |  | 42236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 1163 |  | 126802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samyang Foods Co. Ltd. (South Korea) | 106 |  | 109437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaboard Corp. | 6 |  | 17167 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Co. | 4582 |  | 140438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (Class A Stock) | 6394 |  | 357680 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 3728360 |  | 3593364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. (China) | 711100 |  | 1605152 |
|  |  |  | 63984651 |
|  **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 3606 |  | 555721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. (Canada) (Class A Stock) | 3100 |  | 128960 |
| &nbsp;&nbsp;&nbsp;&nbsp; GAIL India Ltd. (India) | 49702 |  | 110648 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 5009 |  | 83500 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 41127 |  | 3483868 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp.(a) | 27800 |  | 1245996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 22100 |  | 877812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 109500 |  | 2808667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 251798 |  | 1524308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 17200 |  | 1279508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 67900 |  | 2258497 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 5091 |  | 185414 |
|  |  |  | 14542899 |
|  **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 273 |  | 46151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 65900 |  | 1473167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 7000 |  | 168770 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 42806 |  | 1396760 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 1967 |  | 282461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 3804 |  | 168251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 751 |  | 104404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc. (Class A Stock)\*(a) | 72870 |  | 1148431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 5153 |  | 1319013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 3720 |  | 603756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 8810 |  | 1400790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 861 |  | 235905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc. (Class B Stock) | 1182 |  | 28545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. (Japan)(a) | 111661 |  | 1299363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 432066 |  | 40311758 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co.\* | 135 |  | 8176 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. (Non-Voting Shares) | 1400 |  | 76118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 94296 |  | 21695624 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 65140 |  | 1489170 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Ground Transportation (cont'd.)** | **Ground Transportation (cont'd.)** | **Ground Transportation (cont'd.)** | **Ground Transportation (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 1750 | $| 221008 |
|  |  |  | 73477621 |
|  **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 210042 |  | 28567812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 10646 |  | 944119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 1260 |  | 238556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 14000 |  | 155400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 57200 |  | 700128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 26900 |  | 291865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc.(a) | 54088 |  | 1637785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 6461 |  | 1112907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc. (Class A Stock)\* | 22100 |  | 146302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 93751 |  | 10069795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Classys, Inc. (South Korea) | 8376 |  | 388251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S (Denmark) (Class B Stock) | 4838 |  | 460592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\* | 4600 |  | 327336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S (Denmark)\* | 23850 |  | 996490 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 10073 |  | 159959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 171722 |  | 14989613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 122693 |  | 9595820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 4230 |  | 82654 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 14208 |  | 3901411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 109558 |  | 2406412 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 9954 |  | 737293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc. (Class A Stock)\* | 2641 |  | 155872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 5147 |  | 335378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 27800 |  | 3301587 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 10000 |  | 1321500 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 4400 |  | 2359896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 118900 |  | 835867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 17600 |  | 5529568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 30105 |  | 16359358 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 11323 |  | 1743289 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 4100 |  | 184582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 69160 |  | 6028677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. (Japan) | 104100 |  | 1236533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 5600 |  | 164640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 7200 |  | 80280 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc.(a) | 2530 |  | 652740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A | 9124 |  | 506513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 72319 |  | 1107511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 3239 |  | 245646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Trang Gloves Thailand PCL (Thailand) | 1018200 |  | 189860 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 23935 |  | 5749666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 5746 |  | 2273290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 1081 |  | 127947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 63900 |  | 1172685 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 600 |  | 80406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 38400 |  | 332928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 4541 |  | 414185 |
|  |  |  | 130400904 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A128

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 2240 | $50826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 98600 | 1380400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amedisys, Inc.\* | 793 | 78023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardent Health, Inc.\* | 59700 | 815502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 72698 | 12213264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 158996 | 8630303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chartwell Retirement Residences (Canada) , UTS | 29444 | 401956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 309 | 150461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 44084 | 14573289 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 270171 | 18636396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc.(a) | 7818 | 3040889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 54495 | 6682722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 48445 | 2783416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 14125 | 710809 |
| &nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 4006 | 369794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 48061 | 2501095 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 3111 | 1191824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 2588 | 189053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\*(a) | 12900 | 643065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 12656 | 3094139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 1906 | 500344 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 31701 | 163894 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 7828 | 5736202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 509 | 151631 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health PLC (United Arab Emirates)\*^ | 21382 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omada Health, Inc.\*(a) | 1240 | 22692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 61886 | 2010057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 86600 | 1242710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 17200 | 378400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 2550 | 458057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sienna Senior Living, Inc. (Canada) | 3759 | 52586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinopharm Group Co. Ltd. (China) (Class H Stock) | 6800 | 15963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 123060 | 2172155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 55503 | 9768528 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 58437 | 18230591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 1289 | 233502 |
|  |  | 119274541 |
|  **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 3963 | 287833 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc.(a) | 46237 | 1698747 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 89200 | 2729520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 376100 | 1346438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 8717 | 60409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 30275 | 480161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc.(a) | 315164 | 5518522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.(a) | 13264 | 57168 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 2851 | 199912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 7129 | 261278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 11248 | 710311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 28617 | 4399291 |
|  |  | 17749590 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 2309 | 27015 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Technology (cont'd.)** | **Health Care Technology (cont'd.)** | **Health Care Technology (cont'd.)** | **Health Care Technology (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. (Australia) | 12450 | $| 2329827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 7890 |  | 2272162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 9208 |  | 376331 |
|  |  |  | 5005335 |
|  **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 49400 |  | 121030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 15983 |  | 245499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. (Japan) | 716 |  | 308331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc.(a) | 5054 |  | 51702 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 67900 |  | 494312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 1889 |  | 186387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 39900 |  | 95361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc.(a) | 39844 |  | 202806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 17448 |  | 151449 |
|  |  |  | 1856877 |
|  **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 34466 |  | 4561230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain)(a) | 31137 |  | 2630548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 6229 |  | 260808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 43212 |  | 1851409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 140100 |  | 1206261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 3939 |  | 22803816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 1472 |  | 115155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 6600 |  | 1190178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 5010 |  | 142234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 17238 |  | 484733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 24699 |  | 2080397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 40 |  | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 5779 |  | 583679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 215612 |  | 7303212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 56793 |  | 12379170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devyani International Ltd. (India)\* | 123315 |  | 241422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 985 |  | 443841 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 4200 |  | 1035342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc. (Class A Stock)\* | 23354 |  | 1596713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 38488 |  | 476698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 530255 |  | 1633079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (Sweden), 144A | 7590 |  | 602821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 28800 |  | 4857984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC (United Kingdom)\* | 500 |  | 142880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 259000 |  | 1154518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 13500 |  | 560655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 42698 |  | 11372185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. (Class A Stock) | 855 |  | 119401 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 13279 |  | 1518257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 60300 |  | 1828899 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\*(a) | 25838 |  | 2532641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 1235 |  | 337414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp.(a) | 27700 |  | 2002987 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 34183 |  | 9987247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan (China) (Class B Stock), 144A\* | 8370 |  | 134640 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A129

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 4985 | $| 171434 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAP SA (Greece) | 217408 |  | 4929887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. (Japan) | 80000 |  | 1842542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 3719 |  | 66459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potbelly Corp.\* | 6800 |  | 83300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. (Canada) | 1890 |  | 125288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 13600 |  | 4258704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 1717 |  | 241410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 9750 |  | 600078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 61615 |  | 5645782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 2161 |  | 404993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 1208 |  | 62345 |
| &nbsp;&nbsp;&nbsp;&nbsp; TravelSky Technology Ltd. (China) (Class H Stock) | 7000 |  | 9383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (China) | 350 |  | 20498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (China), ADR | 8267 |  | 484777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 152 |  | 23884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 975 |  | 11135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 344 |  | 27936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 2015 |  | 188745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. (China) | 500 |  | 22355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 80295 |  | 11898113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. (Japan) | 11000 |  | 665790 |
|  |  |  | 131962367 |
|  **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC (United Kingdom) | 93100 |  | 582991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 1015 |  | 57165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. (South Korea) | 316 |  | 22581 |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 6193 |  | 798402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 3680 |  | 768090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gree Electric Appliances, Inc. of Zhuhai (China) (Class A Stock) | 6400 |  | 40179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hisense Home Appliances Group Co. Ltd. (China) (Class H Stock) | 4000 |  | 10927 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 9700 |  | 513809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock)(a) | 13575 |  | 1501531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class B Stock) | 277 |  | 29154 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 1300 |  | 145756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 13800 |  | 924186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co. Ltd. (China) (Class H Stock) | 1700 |  | 16163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 1217 |  | 127590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 10257 |  | 55388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nien Made Enterprise Co. Ltd. (Taiwan) | 2000 |  | 27882 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 64 |  | 472682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 235900 |  | 2523970 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 25740 |  | 2714540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 55000 |  | 1210514 |
| &nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc.\* | 1130 |  | 111859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 373200 |  | 9703322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 23700 |  | 1455654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 25908 |  | 2956880 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 628 |  | 203309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 1296 |  | 131440 |
|  |  |  | 27105964 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 5813 | $558687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 2480 | 297774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 101151 | 9194626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 40800 | 822528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 110894 | 3070530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 9223 | 668901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 24288 | 3131209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 137162 | 21852650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 84221 | 5737724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 1387 | 29709 |
|  |  | 45364338 |
|  **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 16820 | 176946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. (Canada) | 3327 | 109059 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Yangtze Power Co. Ltd. (China) (Class A Stock) | 5500 | 23160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class A Stock) | 6508 | 196932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 51240 | 1639680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huaneng Power International, Inc. (China) (Class H Stock) | 10000 | 6450 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTPC Ltd. (India) | 12384 | 48359 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 55456 | 2317406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 835 | 242793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 41788 | 8098932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. Ltd. (China) (Class A Stock) | 29500 | 21850 |
|  |  | 12881567 |
|  **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 132346 | 20148355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT (Indonesia) | 17215800 | 4774195 |
| &nbsp;&nbsp;&nbsp;&nbsp; CITIC Ltd. (China) | 448000 | 616835 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 100000 | 615768 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC PLC (United Kingdom) | 3691 | 239548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 254500 | 7396878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 14174 | 3300841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industries Qatar QSC (Qatar) | 105288 | 357147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd. (Hong Kong) | 13000 | 624815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. (Singapore) | 92400 | 539577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB (Sweden) (Class B Stock) | 17850 | 723404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 66300 | 1200738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 53949 | 13857243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sime Darby Bhd (Malaysia) | 32500 | 12737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC (United Kingdom) | 93436 | 2881973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 475262 | 4073997 |
|  |  | 61364051 |
|  **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 6934 | 115312 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT (Singapore) | 208832 | 440668 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 1199 | 200377 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc.(a) | 16237 | 781487 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A130

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Industrial REITs (cont'd.)** | **Industrial REITs (cont'd.)** | **Industrial REITs (cont'd.)** | **Industrial REITs (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-REIT (Japan) | 364 | $| 327819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group (Australia) | 81755 |  | 1843136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc. | 1180 |  | 51354 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 9462 |  | 78156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc.(a) | 23673 |  | 380188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 157101 |  | 16514457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 5354 |  | 190442 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 19489 |  | 707061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC (United Kingdom) | 131482 |  | 267717 |
|  |  |  | 21898174 |
|  **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 74721 |  | 3355465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. (Netherlands) | 142975 |  | 1036099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 11135 |  | 1174297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA/NV (Belgium) | 509 |  | 34433 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 833600 |  | 7551119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 24847 |  | 10083746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 69362 |  | 13963264 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 1680 |  | 212033 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 86347 |  | 7390440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock)(a) | 426 |  | 151980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 8438 |  | 768280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 5403 |  | 1729608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd. (Bermuda) (Class A Stock)\* | 4875 |  | 153416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 1256 |  | 248047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 1325 |  | 115407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC (United Kingdom) | 171147 |  | 1455046 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 207732 |  | 10200688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 48982 |  | 5085311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 1740 |  | 93560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 14477 |  | 1605065 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd. (China) (Class H Stock) | 38000 |  | 91693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 90705 |  | 26279053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 3612 |  | 537899 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 1009 |  | 46949 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 9000 |  | 347220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 281800 |  | 2142415 |
| &nbsp;&nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. (South Korea) | 5943 |  | 542314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 879 |  | 298728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 1206 |  | 2176867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 27258 |  | 1528083 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 22207 |  | 1363288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generali (Italy) | 12791 |  | 454995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc. (Class A Stock)\* | 712692 |  | 5544744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 2054 |  | 255292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)\* | 5800 |  | 125396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE (Germany) | 3087 |  | 972755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 952 |  | 161716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 6543 |  | 830110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 56000 |  | 1396640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc.\* | 39600 |  | 1106028 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. (Australia) | 342606 | $2036800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. (Japan) | 313300 | 2901853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. (Japan) | 26000 | 588647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 21953 | 1416847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC (United Kingdom) | 169400 | 592720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 11285 | 390461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 4097 | 375531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada) | 16700 | 533958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\*(a) | 3013 | 6018046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 109614 | 23966005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Private Ltd. (Australia) | 358930 | 1191971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 2000 | 134680 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 303939 | 24442774 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 40500 | 905402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 9023 | 5858945 |
| &nbsp;&nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd. (China) (Class H Stock) | 34200 | 187271 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 119081 | 7923543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. (South Africa) | 13858 | 9448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 5769 | 221760 |
| &nbsp;&nbsp;&nbsp;&nbsp; OUTsurance Group Ltd. (South Africa) | 37320 | 165122 |
| &nbsp;&nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China Ltd. (The) (China) (Class H Stock) | 1212000 | 925120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 321152 | 2905505 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd. (China) (Class H Stock) | 336000 | 652907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd. (China) (Class H Stock) | 86000 | 548965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 87294 | 1875587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen SA (Poland) | 35774 | 625584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 830 | 227146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 5282 | 419549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 104317 | 27838035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 184535 | 2309686 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 236196 | 3637212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 1603 | 317971 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 9254 | 2247797 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 2078 | 150073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 6182 | 420314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ (Finland) (Class A Stock) | 66625 | 717052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanlam Ltd. (South Africa) | 19324 | 96806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 51643 | 2984449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 44700 | 1347026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 74555 | 1062531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Switzerland) | 1007 | 1019451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 18538 | 3206835 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. (Japan) | 24100 | 528998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 27735 | 3595614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 82100 | 3479485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 5152 | 1378366 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A131

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 61625 | $| 1220469 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 3700 |  | 106190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 8100 |  | 224613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 23284 |  | 1880416 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 7134 |  | 524135 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd. | 70 |  | 125700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC(a) | 2298 |  | 704337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 10860 |  | 7598994 |
|  |  |  | 269374191 |
|  **Interactive Media & Services — 2.8%** | **Interactive Media & Services — 2.8%** | **Interactive Media & Services — 2.8%** | **Interactive Media & Services — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 631764 |  | 111335770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 397164 |  | 70452922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United Kingdom), 144A | 214076 |  | 2424795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autohome, Inc. (China), ADR | 18200 |  | 469378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bilibili, Inc. (China) (Class Z Stock)\* | 520 |  | 11161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\* | 35236 |  | 484495 |
| &nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc. (Class A Stock)\* | 25800 |  | 623844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hello Group, Inc. (China), ADR | 8900 |  | 75116 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc.\* | 1838 |  | 68631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Just Dial Ltd. (India)\* | 1388 |  | 15037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd. (China), ADR\* | 43020 |  | 767477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuaishou Technology (China), 144A\* | 76300 |  | 619372 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 123000 |  | 452960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 6250 |  | 193063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meitu, Inc. (China), 144A\* | 8000 |  | 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 251077 |  | 185317423 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. (South Korea) | 33 |  | 6408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc. (Class A Stock)\* | 26283 |  | 942508 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 12927 |  | 2047105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 20200 |  | 2788587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 45040 |  | 2902180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China), ADR | 20762 |  | 1339149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trump Media & Technology Group Corp.\* | 110 |  | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 14800 |  | 447996 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 6332 |  | 64080 |
|  |  |  | 383860675 |
|  **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 29682 |  | 8871653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 5834 |  | 465320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 2581 |  | 235490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arabian Internet & Communications Services Co. (Saudi Arabia) | 320 |  | 22724 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 25501 |  | 1273265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 5352 |  | 916457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 180301 |  | 14068887 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 13204 |  | 201889 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 1240 |  | 219257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 155100 |  | 3762630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 9300 |  | 3759246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA\* | 310 |  | 28160 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies Ltd. (India) | 259916 |  | 5240420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. (India) | 70921 |  | 1324994 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **IT Services (cont'd.)** | **IT Services (cont'd.)** | **IT Services (cont'd.)** | **IT Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 45368 | $| 13373579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 61581 |  | 2583939 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTIMindtree Ltd. (India), 144A | 7381 |  | 457814 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 1350 |  | 283487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mphasis Ltd. (India) | 31788 |  | 1055331 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 232100 |  | 6771530 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEXTDC Ltd. (Australia)\* | 35096 |  | 335004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 23000 |  | 919941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 51500 |  | 2002581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\* | 2178 |  | 217735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 26600 |  | 541879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persistent Systems Ltd. (India) | 9397 |  | 662345 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. (Japan) | 66700 |  | 2009517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A<br>Stock)\*(a) | 70987 |  | 8188350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 119111 |  | 26653468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. (India) | 29313 |  | 1183673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. (India) | 53834 |  | 1059386 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 46700 |  | 1564902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 8707 |  | 1082803 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 4326 |  | 1249349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd. (India) | 273076 |  | 847298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel)\* | 4600 |  | 728916 |
|  |  |  | 114163219 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 32400 |  | 1161190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 1611 |  | 88992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 43713 |  | 3226894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 7704 |  | 151923 |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 1020 |  | 32150 |
|  |  |  | 4661149 |
|  **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 127400 |  | 1484210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 6461 |  | 762463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 15515 |  | 208832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. (Class A Stock)\* | 459 |  | 110766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 3700 |  | 190365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 1090 |  | 44908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 1160 |  | 176007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 82465 |  | 16290136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Divi's Laboratories Ltd. (India) | 1025 |  | 81435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 9575 |  | 682365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 3645 |  | 347769 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 3866 |  | 609243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 5671 |  | 4055692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 474 |  | 556817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 18900 |  | 272349 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV (XETR) | 37600 |  | 1811554 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV (NYSE) | 4976 |  | 239147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 1117 |  | 138933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc.(a) | 2790 |  | 269849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 4860 |  | 1162815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 2759 |  | 30680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 14814 |  | 6006484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 560 |  | 195462 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A132

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 11965 | $| 2617942 |
| &nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd. (China) (Class H Stock), 144A | 4000 |  | 40242 |
|  |  |  | 38386465 |
|  **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 1442 |  | 148756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB (Sweden) | 32445 |  | 1366539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 115522 |  | 10973435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 5600 |  | 233464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 112875 |  | 1606503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 26226 |  | 10181195 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 20094 |  | 260418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 95800 |  | 1462866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 38235 |  | 7260444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins India Ltd. (India) | 1282 |  | 50845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 9512 |  | 3115180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 16700 |  | 429623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 19380 |  | 9854536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 2783 |  | 193001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 27600 |  | 813372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 26264 |  | 4812353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 5483 |  | 222391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 2200 |  | 421410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 35428 |  | 679245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 1325 |  | 159729 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 20800 |  | 3990896 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 62000 |  | 1683132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 89559 |  | 4688414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 29821 |  | 1554569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 116409 |  | 2680899 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 14667 |  | 1028158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 12781 |  | 1098783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings Ltd. (China) | 4000 |  | 10417 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. (South Korea)\* | 122 |  | 38508 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (South Korea) | 403 |  | 108827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 37200 |  | 746604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. (South Korea) | 315 |  | 45711 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 1725 |  | 302858 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 3800 |  | 411022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 4417 |  | 1092103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 9098 |  | 756772 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 1835 |  | 287783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 108300 |  | 3573200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 17114 |  | 1127483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leader Harmonious Drive Systems Co. Ltd. (China) (Class A Stock) | 7287 |  | 127269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 947 |  | 196332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 2538 |  | 366107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 25000 |  | 769949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 1163 |  | 167472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 205500 |  | 5142512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 5620 |  | 446621 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. (Class A Stock) | 8200 | $| 197128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 1231 |  | 263890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 1484 |  | 168493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 36902 |  | 3654036 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 11592 |  | 1101936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 28643 |  | 20006276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 19818 |  | 2034516 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 978 |  | 376334 |
| &nbsp;&nbsp;&nbsp;&nbsp; REV Group, Inc. | 19400 |  | 923246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 54551 |  | 1252620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 1680 |  | 610322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) (Part. Cert.) | 4093 |  | 1524111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shyft Group, Inc. (The) | 20300 |  | 254562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinotruk Hong Kong Ltd. (China) | 8500 |  | 24829 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 3600 |  | 1290105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 1163 |  | 361902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 3543 |  | 240038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 23963 |  | 1856653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 54100 |  | 2525929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. (The) | 1480 |  | 107374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 2315 |  | 163624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 23675 |  | 639462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 48276 |  | 1358372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 128723 |  | 3042286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd. (China) (Class H Stock) | 16000 |  | 32576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 3816 |  | 798880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 8100 |  | 515484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 5487 |  | 709798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 1205200 |  | 2103194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd. (China) (Class A Stock) | 9500 |  | 33004 |
|  |  |  | 134858686 |
|  **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class A Stock) | 232 |  | 428031 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class B Stock) | 1155 |  | 2147952 |
| &nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd. (China) (Class H Stock) | 52500 |  | 91398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. (Taiwan) | 95000 |  | 646919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 46800 |  | 662785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 25705 |  | 2915204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 2400 |  | 267240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 38500 |  | 1285890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 63900 |  | 2298800 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 687000 |  | 2202517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. (Taiwan) | 6000 |  | 14586 |
|  |  |  | 12961322 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A133

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.\*(a) | 123600 | $163152 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc. (Class A Stock)\* | 21600 | 135432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 1500 | 203715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\* | 7545 | 3084471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 446295 | 15928269 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 600 | 8982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class A Stock) | 4963 | 278127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 3105 | 160311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 31200 | 141336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa PLC (United Kingdom) | 93281 | 1032733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 8569 | 209769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Phoenix Publishing & Media Corp. Ltd. (China) (Class A Stock) | 20400 | 31846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (Class A Stock)\* | 359 | 35117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (Class C Stock)\* | 2030 | 199711 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co. (The) (Class A Stock) | 3727 | 208637 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class A Stock) | 8727 | 259366 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class B Stock) | 2728 | 93598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 462 | 79903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc.(a) | 4430 | 318694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global (Class A Stock)(a) | 313 | 7183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global (Class B Stock)(a) | 13940 | 179826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 26116 | 2949666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc.(a) | 4585 | 105317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 73000 | 328500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The) (Class A Stock)\* | 102908 | 7408347 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 379860 | 2674591 |
|  |  | 36226599 |
|  **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada)(a) | 19060 | 2267712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 5806 | 171335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alrosa PJSC (Russia)^ | 575990 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC (United Kingdom) (XJSE) | 1669 | 76242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC (United Kingdom) (NYSE) | 8880 | 404662 |
| &nbsp;&nbsp;&nbsp;&nbsp; APL Apollo Tubes Ltd. (India) | 4482 | 90897 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 73573 | 2336260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baoshan Iron & Steel Co. Ltd. (China) (Class A Stock) | 5500 | 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 440614 | 10600114 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. (Australia) | 165349 | 2519677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 75165 | 2348866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 7715 | 2132272 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Gold International Resources Corp. Ltd. (China) | 8100 | 73872 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. (China) | 330500 | 761010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 7984 | 60678 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd. (China) (Class H Stock) | 54000 | 55111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 219900 | 1948314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 49200 | 2406372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eldorado Gold Corp. (Turkey)\* | 41338 | 840815 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp. (Brazil)\* | 23568 | 398064 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 102459 | $| 533432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 385976 |  | 3879921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 194717 |  | 8440982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 150512 |  | 586492 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMK Norilskiy Nickel PAO (Russia)\*^ | 815600 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. (South Africa) | 1960 |  | 46412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Mexico SAB de CV (Mexico) (Class B Stock) | 22500 |  | 135795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd. (South Africa) | 43171 |  | 600679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindalco Industries Ltd. (India) | 10793 |  | 87320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 192482 |  | 1446000 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 88400 |  | 1028327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kumba Iron Ore Ltd. (South Africa)(a) | 38600 |  | 621481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 34500 |  | 531645 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.\*(a) | 3095 |  | 102971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 87345 |  | 5088720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 99200 |  | 1876064 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMDC Ltd. (India) | 25344 |  | 20702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 143460 |  | 1772037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novolipetsk Steel PJSC (Russia)^ | 2758930 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp.(a) | 13343 |  | 1728452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 8700 |  | 283533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 1228 |  | 385469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 34329 |  | 2430159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 88819 |  | 5169631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 1544 |  | 274585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO (Russia)^ | 337573 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd. (China) (Class A Stock) | 71100 |  | 38050 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 807161 |  | 1542401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. (Mexico)(a) | 5270 |  | 533206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 2945 |  | 376989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd. (China) (Class A Stock) | 22000 |  | 25571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Brazil) | 536864 |  | 5207475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Mining Co. Ltd. (China) (Class A Stock) | 14700 |  | 34189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yunnan Aluminium Co. Ltd. (China) (Class A Stock) | 15500 |  | 34636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd. (China) (Class H Stock) | 16000 |  | 41149 |
|  |  |  | 74401818 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Mortgage Investment Trust, Inc. | 17900 |  | 135145 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment Corp.(a) | 19797 |  | 181934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 13602 |  | 255990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. | 12500 |  | 121000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp.(a) | 19000 |  | 90630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. | 59600 |  | 169860 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc.(a) | 28500 |  | 249945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp. | 41178 |  | 442663 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Financial, Inc. | 10400 |  | 98384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 72657 |  | 820298 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A134

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** | **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** | **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** | **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.(a) | 7637 | $| 153275 |
|  |  |  | 2719124 |
|  **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 6101 |  | 585940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 58381 |  | 2215559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 33900 |  | 1901790 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 194097 |  | 7131124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC (United Kingdom) | 295757 |  | 656218 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 12043 |  | 834339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 19323 |  | 1939063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 19199 |  | 1085127 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 56980 |  | 7547571 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 213623 |  | 3936140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 299472 |  | 7038432 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 412127 |  | 6049474 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 483415 |  | 19500961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 1500 |  | 76950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 34435 |  | 2898738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. (Singapore) | 287600 |  | 1549327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 45585 |  | 3453975 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 7205 |  | 750761 |
|  |  |  | 69151489 |
|  **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.(a) | 7503 |  | 506227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 86114 |  | 2586003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA (France) | 9457 |  | 1041068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 2579 |  | 80181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 428259 |  | 1173430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 2870 |  | 98470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. (Japan) | 325 |  | 300098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orix JREIT, Inc. (Japan) | 268 |  | 349618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Group, Inc. | 178900 |  | 1091290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. (Class A Stock) | 27396 |  | 199717 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp.(a) | 6919 |  | 428286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 32869 |  | 1256911 |
|  |  |  | 9111299 |
|  **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA (Norway) | 17594 |  | 449604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamtri Resources Indonesia Tbk PT (Indonesia) | 15859700 |  | 1790469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 5168 |  | 97934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 6726 |  | 270923 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 8482 |  | 155136 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 67752 |  | 1428427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Corp. | 81800 |  | 226586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. (India) | 43962 |  | 170236 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKV Corp. (Thailand)\* | 20000 |  | 482400 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 572170 |  | 2850721 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 2100 |  | 95907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 56215 |  | 13689477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp.(a) | 190795 |  | 27319936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 1470 |  | 142369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 1330 |  | 36602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. (India) | 11440 |  | 52313 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 72799 | $6532982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 17262 | 438110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co. (Class A Stock) | 8935 | 76841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 116623 | 3709778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 9434 | 1296232 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 2361 | 259497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 44181 | 2003434 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 446000 | 2210748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 118701 | 1917510 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc.(a) | 142933 | 17096216 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 30861 | 1799814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 310600 | 7843909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy, Inc. (Class A Stock) | 14300 | 419276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 5004 | 585168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 457838 | 49354936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 39200 | 249704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 3113 | 626242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 77200 | 1222076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 5955 | 825006 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 3459 | 142096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. (Japan) | 96100 | 582787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indo Tambangraya Megah Tbk PT (Indonesia) | 20500 | 27777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 15800 | 221787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 43847 | 1289102 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 3043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 19130 | 3177684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 2370 | 113096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.(a) | 51900 | 1167750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 15298 | 642669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. (India) | 20916 | 59572 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG (Austria) | 10030 | 545443 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 14102 | 1151146 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORLEN SA (Poland) | 45577 | 1038767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 6069 | 230925 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 12300 | 266541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 175500 | 2355210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 48450 | 659889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA (Brazil) | 99400 | 622039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Dagangan Bhd (Malaysia) | 4400 | 22496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroreconcavo SA (Brazil) | 6500 | 17120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 39630 | 4727859 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL (Thailand) | 11000 | 37074 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT PCL (Thailand) | 10800 | 9973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 5527 | 224783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. (India) | 8217 | 143824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain)(a) | 25957 | 379657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 10900 | 285907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil Co. PJSC (Russia)^ | 19154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 416460 | 14530104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 135633 | 9549920 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 45900 | 1134189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgutneftegas PAO (Russia)^ | 55200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 32000 | 271360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tatneft PJSC (Russia)^ | 133140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 185879 | 11361419 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Tractors Tbk PT (Indonesia) | 1612100 | 2129716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 30059 | 4040531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A135

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 1845 | $| 70350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc.\* | 7800 |  | 125502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 302814 |  | 19019747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 28422 |  | 439032 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp.(a) | 46300 |  | 1312605 |
|  |  |  | 231853967 |
|  **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 824 |  | 70856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzano SA (Brazil) | 92300 |  | 870828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 21900 |  | 1097190 |
|  |  |  | 2038874 |
|  **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 2471 |  | 122265 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 14514 |  | 162847 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Airlines Ltd. (Taiwan) | 75000 |  | 55418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 14793 |  | 727520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eva Airways Corp. (Taiwan) | 35000 |  | 47773 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. (India), 144A\* | 732 |  | 51053 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 659136 |  | 3105336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. (Japan) | 28800 |  | 587402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazeera Airways Co. KSCP (Kuwait) | 2352 |  | 11362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasus Hava Tasimaciligi A/S (Turkey)\* | 100303 |  | 647635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 467640 |  | 3303677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 22620 |  | 641632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. (Singapore) | 237500 |  | 1302629 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 4400 |  | 453068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co.(a) | 10551 |  | 342274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari AO (Turkey) | 87822 |  | 625664 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 7411 |  | 590138 |
|  |  |  | 12777693 |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 3070 |  | 177845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc. (Class A Stock)\* | 9504 |  | 44194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 5400 |  | 126414 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 840 |  | 104530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 4617 |  | 373053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gillette India Ltd. (India) | 312 |  | 39691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 43138 |  | 902878 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 18209 |  | 7799889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc. (Class A Stock) | 23400 |  | 186966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) | 171125 |  | 10443119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR | 228203 |  | 13959177 |
|  |  |  | 34157756 |
|  **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 180800 |  | 1462672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 193300 |  | 1892592 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 100797 |  | 14027835 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 233438 |  | 16312647 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 5900 | $615901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 322233 | 14916166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 29800 | 1556091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipla Ltd. (India) | 5340 | 93810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. (Japan) | 70200 | 1626401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 638346 | 9115581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 84669 | 66002026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 32343 | 4701239 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 366233 | 6982770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 214085 | 1100318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd. (China), 144A | 26000 | 98808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 27700 | 875320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 81470 | 2223237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA (France) | 8734 | 1040375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 1367 | 145066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd. (China) (Class A Stock) | 5900 | 42783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 127299 | 19444922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lupin Ltd. (India) | 3326 | 75218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 306823 | 24288109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (Germany) | 5850 | 758501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 161237 | 19570481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark), ADR(a) | 146079 | 10082373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock)(a) | 178787 | 12388875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 6327 | 61245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 44431 | 3342700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan)(a) | 35500 | 1760065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 3343 | 89325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 579333 | 14043032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. (Class A Stock) | 6000 | 153240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 7300 | 582905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA (Italy) | 5950 | 373987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt (Hungary) | 18015 | 531017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 63145 | 20611784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, ADR(a) | 58778 | 2395791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC (Class A Stock) | 9013 | 324738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 16948 | 928808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 80400 | 7783823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 43018 | 2078200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 13800 | 248431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical Ltd. (Hong Kong) | 15000 | 10091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strides Pharma Science Ltd. (India) | 7349 | 77124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. (India) | 33262 | 650209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 150800 | 4655649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\*(a) | 11102 | 449742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc.\* | 47600 | 260372 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 14816 | 2915164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 27642 | 246843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 293000 | 1368310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 1940 | 302543 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A136

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. (India) | 7167 | $| 82782 |
|  |  |  | 297768037 |
|  **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc. (Class A Stock) | 280800 |  | 1589328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 3402 |  | 80321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 35737 |  | 11021291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 250 |  | 60757 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. (Class A Stock)\* | 507 |  | 241687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 300226 |  | 1290972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 128859 |  | 3380498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.(a) | 16372 |  | 865342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 418200 |  | 1104048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\*(a) | 3274 |  | 181347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 7464 |  | 67848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc.(a) | 8029 |  | 2082482 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 44200 |  | 1935518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 60524 |  | 3120996 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 814 |  | 131461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 25437 |  | 1119482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 3116 |  | 428575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group PLC (United Kingdom) | 9981 |  | 650148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 2791 |  | 366877 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 2691 |  | 129006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 6161 |  | 451786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 2918 |  | 460344 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 30768 |  | 1243027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.\* | 890 |  | 63875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 4980 |  | 724391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 1232 |  | 285085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 6400 |  | 1159616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV (Netherlands) | 10637 |  | 491652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 176500 |  | 10379372 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 61356 |  | 3325353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 2471 |  | 101435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 1140 |  | 128375 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Switzerland) | 2689 |  | 273029 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 4857 |  | 402160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 6300 |  | 611902 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 4431 |  | 389928 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 101300 |  | 656424 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.\*(a) | 63700 |  | 306397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 5080 |  | 1582420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV (Netherlands) | 7896 |  | 1320512 |
|  |  |  | 54205067 |
|  **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC (United Arab Emirates) | 420816 |  | 1022582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 29400 |  | 106428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barwa Real Estate Co. (Qatar) | 234616 |  | 178909 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. (Singapore) | 55390 |  | 115469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catena AB (Sweden) | 6816 |  | 347957 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 5997 |  | 840300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc. (Class A Stock)\* | 46700 |  | 293276 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 8308 |  | 667963 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 153800 | $| 1702566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 9800 |  | 1067401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 22300 |  | 766291 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. (India) | 11029 |  | 107819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC (United Arab Emirates) | 295891 |  | 1089350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC (United Arab Emirates) | 1353772 |  | 5022008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder (Sweden) (Class B Stock)\* | 27517 |  | 205119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grainger PLC (United Kingdom) | 100000 |  | 304004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. (Hong Kong) | 112000 |  | 393344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. (Hong Kong) | 50100 |  | 289241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\*(a) | 10970 |  | 740475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 38192 |  | 9768750 |
| &nbsp;&nbsp;&nbsp;&nbsp; K Wah International Holdings Ltd. (Hong Kong) | 5850000 |  | 1455983 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc. (China), ADR | 79969 |  | 1418650 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 5207 |  | 463483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd. (China), 144A | 353500 |  | 418889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Max Estates Ltd. (India)\* | 21598 |  | 125997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 78739 |  | 1476129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 279864 |  | 2709386 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property AG (Switzerland) | 1428 |  | 263629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shun Tak Holdings Ltd. (Hong Kong)\* | 9296000 |  | 735876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 6000 |  | 231716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 28004 |  | 322691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties Ltd. (Hong Kong) | 118736 |  | 296796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Switzerland) | 7862 |  | 1180276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 62073 |  | 2200698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yanlord Land Group Ltd. (China)\* | 964900 |  | 379479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class A Stock)\* | 1133 |  | 77599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 32558 |  | 2280688 |
|  |  |  | 41067217 |
|  **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 14137 |  | 509922 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 3214 |  | 654049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 117306 |  | 13219213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT (Canada) | 133 |  | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 37300 |  | 593070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 4421 |  | 272643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 19271 |  | 1300600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 5291 |  | 1499469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc.(a) | 40901 |  | 723539 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterRent Real Estate Investment Trust (Canada) | 23534 |  | 233655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 13872 |  | 455002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 3905 |  | 577979 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A137

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Residential REITs (cont'd.)** | **Residential REITs (cont'd.)** | **Residential REITs (cont'd.)** | **Residential REITs (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Accommodations Fund, Inc. (Japan) | 305 | $| 249437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 2330 |  | 294722 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 11609 |  | 473995 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNITE Group PLC (The) (United Kingdom) | 36467 |  | 425013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 33010 |  | 491519 |
|  |  |  | 21978164 |
|  **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp.(a) | 15091 |  | 1102548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 24082 |  | 627095 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust (Singapore) | 212226 |  | 362392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 12290 |  | 280581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 1985 |  | 188555 |
| &nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 34800 |  | 953520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Investment Corp. (Japan) | 170 |  | 120490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 15313 |  | 321879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 15800 |  | 357870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 105847 |  | 4185117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT (Hong Kong) | 91351 |  | 489321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 8349 |  | 135087 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 10603 |  | 179509 |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 4361 |  | 188308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 56538 |  | 3257154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 8422 |  | 599899 |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust (Canada) | 3667 |  | 47691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasseur Real Estate Investment Trust (China) | 2185200 |  | 1101440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 1006422 |  | 2363800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 12489 |  | 2007732 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 37100 |  | 419601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 14628 |  | 1406155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 29340 |  | 547484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 1106928 |  | 1807022 |
|  |  |  | 23050250 |
|  **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 26676 |  | 3785324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 58000 |  | 4299601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. (Taiwan) | 5801 |  | 615091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 2415 |  | 82569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 1400 |  | 92491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 2120 |  | 44499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 81875 |  | 19487888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 23795 |  | 4356151 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV (Netherlands) | 2166 |  | 1389441 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XAMS) | 26493 |  | 21229817 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS)(a) | 781 |  | 625886 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. (Taiwan) | 4306 |  | 700259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 524265 |  | 144513647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 1311 |  | 136678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Japan) | 5300 |  | 1570090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 2295 |  | 185092 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 2385 | $| 394813 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 2403 |  | 91795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 768 |  | 85302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 99110 |  | 4229226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 98583 |  | 2208259 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 4000 |  | 3582960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 101743 |  | 9903664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan)(a) | 5700 |  | 764146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 220 |  | 10778 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 4383 |  | 628040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 39619 |  | 3066511 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. (Taiwan) | 80778 |  | 3461229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 26471 |  | 1862764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 64437 |  | 7941860 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 1537 |  | 152716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 6100 |  | 1729250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. (Taiwan) | 26000 |  | 484923 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 2179554 |  | 344347736 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 9780 |  | 512570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 860 |  | 86800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 53800 |  | 1013054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 2305 |  | 195718 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 91900 |  | 14635994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 36400 |  | 2330328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. (Taiwan) | 34000 |  | 660314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan) | 79800 |  | 987240 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 15200 |  | 1235934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 16200 |  | 2387232 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\* | 4000 |  | 852320 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea) | 25573 |  | 5510511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 3680 |  | 274234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 26500 |  | 1717730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 149041 |  | 5450333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 143756 |  | 32559296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 14226 |  | 1279202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 101886 |  | 21153571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 33100 |  | 6338963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tower Semiconductor Ltd. (Israel)\* | 10023 |  | 434497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 16700 |  | 376919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 2890 |  | 446389 |
|  |  |  | 688499645 |
|  **Software — 4.7%** | **Software — 4.7%** | **Software — 4.7%** | **Software — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 68800 |  | 1331280 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 48300 |  | 2217453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 15800 |  | 223412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 42390 |  | 16399843 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 2087 |  | 732996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc. (Class A Stock)\* | 821 |  | 189060 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 57769 |  | 20223772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 12900 |  | 2619861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Innovation, Inc.\* | 18805 |  | 98538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 33200 |  | 10277724 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 11167 |  | 215635 |
| &nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 1858 |  | 85951 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A138

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Blend Labs, Inc. (Class A Stock)\* | 39000 | $128700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. (Class A Stock)\* | 40600 | 1387302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 68571 | 21130154 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\* | 10187 | 95860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\* | 4000 | 885000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Circle Internet Group, Inc.\*(a) | 926 | 167875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 20200 | 3521466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Confluent, Inc. (Class A Stock)\* | 6156 | 153469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 787 | 2885734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Scientific, Inc.\*(a) | 66800 | 1140276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 33463 | 17043041 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\*(a) | 16845 | 6853894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (France) | 30597 | 1108885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 40575 | 5450440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) (Canada)\* | 1163 | 118213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 27332 | 2128889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. (Class A Stock) | 1432 | 106340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. (Class A Stock)\* | 3399 | 97211 |
| &nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc. (Canada)\* | 9600 | 140544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 82 | 149893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 16600 | 439568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 135857 | 3994196 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 6725 | 3743337 |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. (Class A Stock)\* | 318 | 8739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informatica, Inc. (Class A Stock)\* | 1628 | 39642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 70128 | 3620007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 29907 | 23555650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 650397 | 323513972 |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc. (Class A Stock)\*(a) | 5230 | 2114123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 131000 | 1296900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\*(a) | 4372 | 1374907 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\* | 1414 | 39550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 10936 | 1853796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 49348 | 3772161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olo, Inc. (Class A Stock)\* | 129200 | 1149880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. (Canada) | 13200 | 385701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 144709 | 31637729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 4100 | 488682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. (India) | 9690 | 1015674 |
| &nbsp;&nbsp;&nbsp;&nbsp; PagerDuty, Inc.\* | 7500 | 114600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 86600 | 11805312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 965 | 52235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.\* | 3485 | 238444 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 2257 | 388971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 6531 | 611236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 10100 | 496920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riskified Ltd. (Class A Stock)\* | 32762 | 163482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 2479 | 1405196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubrik, Inc. (Class A Stock)\* | 685 | 61369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 45474 | 780916 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc.\* | 605 | 13830 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 126462 | $| 34484923 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 79255 |  | 24234551 |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc. (Class A Stock)\* | 4271 |  | 78074 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 27658 |  | 28434637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Inc. (Class A Stock)\* | 13697 |  | 286404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 385 |  | 197382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Elxsi Ltd. (India) | 7329 |  | 539299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temenos AG (Switzerland) | 4152 |  | 298259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.\* | 5700 |  | 192546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 840 |  | 18740 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTVS SA (Brazil) | 1600 |  | 12460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan) | 15100 |  | 1044405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 155 |  | 91890 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc. (Class A Stock)\* | 8379 |  | 107251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc.\* | 5927 |  | 143433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verint Systems, Inc.\*(a) | 208700 |  | 4105129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (New Zealand)\* | 31175 |  | 3688915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc.\* | 25800 |  | 219300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 77781 |  | 6065362 |
|  |  |  | 643728396 |
|  **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 10500 |  | 2320710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 59092 |  | 6070521 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 13435 |  | 570988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 15295 |  | 2666377 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 12071 |  | 703256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 18955 |  | 15078134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 10173 |  | 1499907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 156804 |  | 7319611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 51573 |  | 5289843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT (Singapore) | 24535 |  | 44974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc.\* | 2980 |  | 84960 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 19980 |  | 639160 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage REIT (Australia) | 141775 |  | 214829 |
| &nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 29400 |  | 1128078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 34852 |  | 10226274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 3788 |  | 84018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 40600 |  | 631736 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp.(a) | 2438 |  | 572540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shurgard Self Storage Ltd. (Belgium) | 5687 |  | 248445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc.(a) | 8919 |  | 323135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc. | 103300 |  | 446256 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 35332 |  | 1151823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 16537 |  | 424836 |
|  |  |  | 57740411 |
|  **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 626 |  | 124355 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 1105 |  | 4102014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 31964 |  | 1741114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 38936 |  | 1166523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 4692 |  | 314974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 1695 |  | 257640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 1598 |  | 371759 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 59889 |  | 4025140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 5100 |  | 1718496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 1237 |  | 244691 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A139

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 10200 | $| 3497214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 9920 |  | 1301306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. (Class A Stock)\* | 1590 |  | 120776 |
| &nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp. (Class A Stock)\*(a) | 9515 |  | 232071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 84074 |  | 1833654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 1100 |  | 480381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 57935 |  | 21241288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 146760 |  | 7655993 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 984488 |  | 1200558 |
| &nbsp;&nbsp;&nbsp;&nbsp; JUMBO SA (Greece) | 6880 |  | 237456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 872306 |  | 3483639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 582 |  | 196611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 105850 |  | 23484940 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 21500 |  | 494715 |
| &nbsp;&nbsp;&nbsp;&nbsp; ODP Corp. (The)\* | 23600 |  | 427868 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 115980 |  | 10453277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 456 |  | 78345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. (China), 144A | 4000 |  | 136277 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH\* | 295 |  | 55758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 5967 |  | 761270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 35100 |  | 325026 |
| &nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc. (Class A Stock)\*(a) | 206800 |  | 1548932 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 141798 |  | 17510635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 13480 |  | 6306214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 32300 |  | 2343042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\* | 6368 |  | 139650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc. (Class A Stock)\*(a) | 2028 |  | 103712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 2030 |  | 331641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (Germany), 144A\* | 29141 |  | 961575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhongsheng Group Holdings Ltd. (China) | 48000 |  | 74242 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. (Japan) | 39200 |  | 423544 |
|  |  |  | 121508316 |
|  **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1153965 |  | 236758999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. (Taiwan) | 4000 |  | 102170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asustek Computer, Inc. (Taiwan) | 6000 |  | 132644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. (Japan) | 15800 |  | 458259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. (Taiwan) | 71000 |  | 515551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compal Electronics, Inc. (Taiwan) | 482000 |  | 479419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 25873 |  | 3172030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 18300 |  | 1013820 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 55400 |  | 1199720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 30798 |  | 629819 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 139491 |  | 3411950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 13506 |  | 1224785 |
| &nbsp;&nbsp;&nbsp;&nbsp; MCJ Co. Ltd. (Japan) | 52100 |  | 470137 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 2754 |  | 293439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc. (Class A Stock)\* | 16973 |  | 977305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 65262 |  | 2885991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 2786 |  | 126345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 5515 |  | 270290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 8168 |  | 522670 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 878667 | $| 6763747 |
|  |  |  | 261409090 |
|  **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 50750 |  | 11846569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 144570 |  | 5603533 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. (China) | 8600 |  | 104058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 101700 |  | 2593389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC (Germany)\* | 1017 |  | 50016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd. (China) | 800000 |  | 474135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 28182 |  | 3421376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 35798 |  | 6774159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 812 |  | 49597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 1050 |  | 106344 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 91708 |  | 2054259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 2275 |  | 6167220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 17667 |  | 1165492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laopu Gold Co. Ltd. (China) (Class H Stock) | 6668 |  | 859091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 810 |  | 192440 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 13833 |  | 7239915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 61113 |  | 3485978 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 118677 |  | 8430814 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\*(a) | 37579 |  | 1955987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Page Industries Ltd. (India) | 122 |  | 70293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 21006 |  | 3701160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pou Chen Corp. (Taiwan) | 486000 |  | 515340 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 1359 |  | 93227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 21335 |  | 5851764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skechers USA, Inc. (Class A Stock)\* | 2928 |  | 184757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 21587 |  | 1895554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class A Stock)\* | 4790 |  | 32716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class C Stock)\* | 4859 |  | 31535 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 8512 |  | 100016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 18100 |  | 327248 |
|  |  |  | 75377982 |
|  **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 116750 |  | 6845053 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 98701 |  | 4692874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 123607 |  | 4883733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan)(a) | 41500 |  | 1222566 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. (South Korea) | 1359 |  | 128271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 179146 |  | 32627861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scandinavian Tobacco Group A/S (Denmark), 144A | 145934 |  | 1936829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 3000 |  | 227310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 28000 |  | 1630720 |
|  |  |  | 54195217 |
|  **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB (Sweden) (Class B Stock) | 23600 |  | 804561 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A140

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 21200 | $| 2480400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp. | 2553 |  | 149325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 710 |  | 165040 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 1600 |  | 119008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 1200 |  | 104184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 44386 |  | 2678695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 4384 |  | 184128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 4211 |  | 916945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 2863 |  | 377029 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 76000 |  | 3979741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 110000 |  | 2217407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 283700 |  | 5668860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 160600 |  | 3273024 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. (Japan) | 39000 |  | 767748 |
| &nbsp;&nbsp;&nbsp;&nbsp; MRC Global, Inc.\* | 92800 |  | 1272288 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. (Class A Stock) | 1127 |  | 95818 |
| &nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 80100 |  | 681651 |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO, Inc.\* | 11830 |  | 254818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. (Class A Stock) | 3588 |  | 184818 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.\* | 696 |  | 84174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 139300 |  | 3594877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 182500 |  | 4133853 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 3203 |  | 2413140 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 3025 |  | 3146726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 835 |  | 368753 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 57801 |  | 10704745 |
|  |  |  | 50821756 |
|  **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 121401 |  | 3240651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 89750 |  | 1732536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte SAB de CV (Mexico) | 12700 |  | 167037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV (Mexico), ADR | 2072 |  | 475773 |
|  |  |  | 5615997 |
|  **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 56729 |  | 7891571 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 6400 |  | 291072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo (Brazil) | 500 |  | 11007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 6122 |  | 227371 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 123055 |  | 1932304 |
|  |  |  | 10353325 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL (Thailand) | 4700 |  | 40284 |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV (Mexico) (Class B Stock) | 580800 |  | 519995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. (India) | 36285 |  | 850668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat Co. (Saudi Arabia) | 7711 |  | 121920 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 133600 |  | 2293990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) | 865 |  | 32412 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Telecommunications Co. KSCP (Kuwait) | 31040 | 49096 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 38300 | 2784641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 82254 | 1200696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 33200 | 1181256 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIM SA (Brazil) | 19400 | 78163 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 64203 | 15297007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 613117 | 656312 |
|  |  | 25106440 |
|  **TOTAL COMMON STOCKS**<br>(cost $5,940,058,524) | **TOTAL COMMON STOCKS**<br>(cost $5,940,058,524) | 7428004939 |
|  **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 3686 | 306107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. (South Korea) (2nd PRFC) | 105 | 12331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. (South Korea) (PRFC) | 92 | 10506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 9010 | 952478 |
|  |  | 1281422 |
|  **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA (Brazil) (PRFC) | 30800 | 95295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA (Colombia) | 68700 | 777310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA (Brazil) (PRFC) | 28390 | 192660 |
|  |  | 1065265 |
|  **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo) | 35000 | 760200 |
|  **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais (Brazil) (PRFC) | 12000 | 23964 |
|  **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 29275 | 2300534 |
|  **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 6379 | 1624717 |
|  **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA (Brazil) (PRFC) | 801034 | 2358975 |
|  **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA (Brazil) (PRFC) | 130800 | 755222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgutneftegas PAO (Russia) (PRFC)^ | 144000 |  |
|  |  | 755222 |
|  **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) (PRFC) | 9223 | 338345 |
|  **TOTAL PREFERRED STOCKS**<br>(cost $11,051,515) | **TOTAL PREFERRED STOCKS**<br>(cost $11,051,515) | 10508644 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A141

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **RIGHTS\* — 0.0%** | **RIGHTS\* — 0.0%** | **RIGHTS\* — 0.0%** |
|  **Aerospace & Defense** | **Aerospace & Defense** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea), expiring 07/10/25 | 35 | $4225 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
|  | **Shares** |  |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 11.6%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 11.6%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 11.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 4668850 | 161402145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 11415600 | 765073512 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 985580 | 82276218 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 303227 | 188273644 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF | 2715848 | 269412122 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Gold Trust\* | 320000 | 19955200 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 330000 | 26614500 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 337890 | 30203987 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF(a) | 2700 | 130248 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF(a) | 40700 | 7905161 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares TIPS Bond ETF | 239000 | 26299560 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $1,496,021,006) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $1,496,021,006) | 1577546297 |
|  | **Units** |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 65902 | 14630 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | |
|  **ASSET-BACKED SECURITIES — 4.2%** | **ASSET-BACKED SECURITIES — 4.2%** | **ASSET-BACKED SECURITIES — 4.2%** | **ASSET-BACKED SECURITIES — 4.2%** |
|  **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 1300 | 1327987 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 08/15/28 | 500 | 502780 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 04/22/30 | 790 | 795507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 03/20/30 | 1075 | 1082594 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/27 | 1280 | 1257905 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 02/15/36 | 900 | 934840 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 1700 | 1707243 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.366% | 12/15/32 | 10 | 10065 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 500 | 508555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/17/31 | 100 | 103506 |
|  World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440% | 11/15/27 | 600 | 593833 |
|  |  |  | 8824815 |
|  **Collateralized Loan Obligations — 4.1%** | **Collateralized Loan Obligations — 4.1%** | **Collateralized Loan Obligations — 4.1%** | **Collateralized Loan Obligations — 4.1%** |
|  AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(c) | 01/22/38 | 3250 | 3253250 |
|  AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629%(c) | 07/20/37 | 15650 | 15700845 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-08A, Class AR2A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-08A, Class AR2A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-08A, Class AR2A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-08A, Class AR2A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(c) | 10/27/34 | 10500 | 10517896 |
|  Apex Credit CLO LLC (Cayman Islands), | Apex Credit CLO LLC (Cayman Islands), | Apex Credit CLO LLC (Cayman Islands), | Apex Credit CLO LLC (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.761%(c) | 10/20/34 | 8250 | 8259156 |
|  Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420%(c) | 03/31/38 | 14000 | 14001089 |
|  Bain Capital Euro CLO DAC (Ireland), | Bain Capital Euro CLO DAC (Ireland), | Bain Capital Euro CLO DAC (Ireland), | Bain Capital Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.336%(c) | 01/24/33 | 2665 | 3154593 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.609%(c) | 01/20/38 | 3500 | 3512059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.469%(c) | 04/20/37 | 7500 | 7553843 |
|  Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.698%(c) | 07/15/34 | 4000 | 4003935 |
|  Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669%(c) | 10/21/37 | 16250 | 16315000 |
|  CarVal CLO Ltd. (Cayman Islands), | CarVal CLO Ltd. (Cayman Islands), | CarVal CLO Ltd. (Cayman Islands), | CarVal CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 | 6000 | 6005729 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A142

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 01/20/35 | 10125 | $10142278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 | 8250 | 8258196 |
|  CIFC European Funding CLO DAC (Ireland), | CIFC European Funding CLO DAC (Ireland), | CIFC European Funding CLO DAC (Ireland), | CIFC European Funding CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.329%(c) | 01/15/34 | 5250 | 6184241 |
|  CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-04A, Class A1A2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-04A, Class A1A2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-04A, Class A1A2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-04A, Class A1A2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.601%(c) | 04/20/34 | 4540 | 4549673 |
|  Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.505%(c) | 10/15/37 | 14200 | 16655734 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.172%(c) | 01/25/37 | 12000 | 12057451 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.605%(c) | 09/15/31 | 3661 | 4304218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A1, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A1, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A1, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A1, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.974%(c) | 09/22/34 | 2500 | 2940159 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.889%(c) | 04/20/37 | 15000 | 15057131 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.619%(c) | 10/20/37 | 31000 | 31100750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.789%(c) | 04/20/37 | 20000 | 20070696 |
|  Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%(c) | 10/15/34 | 8500 | 10029622 |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.892%(c) | 04/22/37 | 12500 | 12547814 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(c) | 04/15/34 | 10000 | 10017710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%(c) | 10/20/31 | 2481 | 2480648 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649%(c) | 05/24/38 | 11500 | $13576959 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.684%(c) | 10/19/38 | 12250 | 14423114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.891%(c) | 01/26/38 | 16000 | 18885347 |
|  ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 10/26/34 | 1500 | 1501087 |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.929%(c) | 07/15/31 | 6663 | 7826964 |
|  Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.309%(c) | 10/20/34 | 4250 | 4250018 |
|  LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.701%(c) | 10/20/34 | 4500 | 4508447 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.598%(c) | 10/15/32 | 10299 | 10319559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.631%(c) | 10/16/37 | 20100 | 20178197 |
|  Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.486%(c) | 03/15/38 | 14000 | 13990018 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.733%(c) | 05/15/37 | 20000 | 23638347 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(c) | 10/12/30 | 2134 | 2135202 |
|  OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.519%(c) | 04/20/37 | 7250 | 7307048 |
|  OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.609%(c) | 01/20/38 | 3000 | 3009812 |
|  OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.722%(c) | 01/18/38 | 6000 | 6019544 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A143

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.879%(c) | 01/15/38 | 10500 | $12371191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(c) | 10/15/39 | 3250 | 3822595 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.830%(c) | 04/17/37 | 22000 | 22082966 |
|  Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.719%(c) | 07/18/37 | 3250 | 3263569 |
|  Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.059%(c) | 01/20/37 | 14750 | 14808686 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.988%(c) | 04/25/30 | 4616 | 5424120 |
|  TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.723%(c) | 07/25/34 | 5150 | 5156170 |
|  Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%(c) | 04/24/38 | 14000 | 13985721 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.512%(c) | 10/15/38 | 14500 | 17099133 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.139%(c) | 01/20/36 | 11350 | 11401557 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.929%(c) | 04/15/37 | 12000 | 14169483 |
|  Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class A, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class A, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class A, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class A, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.879%(c) | 04/15/37 | 10000 | 11795580 |
|  Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.651%(c) | 07/20/32 | 7925 | 7936664 |
|  |  |  | 553560814 |
|  **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/14/38 | 3000 | 3092430 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 400 | 412232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 400 | 411741 |
|  |  |  | 3916403 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%(c) | 03/15/32 | 2000 | 2763935 |
|  NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(c) | 07/15/32 | 800 | 1101083 |
|  |  |  | 3865018 |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  Home Equity Asset Trust, | Home Equity Asset Trust, | Home Equity Asset Trust, | Home Equity Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-05, Class M1, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-05, Class M1, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-05, Class M1, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-05, Class M1, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.134%(c) | 05/25/33 | 424 | 420310 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.002%(c) | 03/20/54 | 81 | 81738 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | 02/25/44 | 682 | 685329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 1500 | 1519189 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 68 | 68778 |
|  |  |  | 2775344 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/20/55 | 417 | 399357 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-SD02, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-SD02, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-SD02, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-SD02, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%(cc) | 03/25/44 | 258 | 258734 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $558,206,398) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $558,206,398) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $558,206,398) | 573600485 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** |
|  BANK5, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% | 08/15/57 | 1445 | 1507650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 1685 | 1726628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 4900 | 5100230 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A144

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659% | 05/15/58 | 1600 | 1668717 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | 04/15/54 | 2530 | 2259114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | 08/15/57 | 2900 | 2998429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.909%(cc) | 11/15/57 | 3085 | 3233942 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739% | 02/15/57 | 650 | 671615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | 09/15/57 | 3400 | 3480488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669% | 07/15/58 | 1500 | 1561861 |
|  BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.656%(c) | 11/15/41 | 1700 | 1263294 |
|  BXMT Ltd., | BXMT Ltd., | BXMT Ltd., | BXMT Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.953%(c) | 10/18/42 | 700 | 694819 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.752% | 01/15/53 | 6800 | 6308989 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.745%(cc) | 11/25/25 | 42160 | 60799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.464%(cc) | 03/25/26 | 27824 | 194929 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | 09/10/52 | 2493 | 2322322 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.767%(cc) | 07/05/31 | 1000 | 235000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.204%(c) | 03/15/39 | 750 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.654%(c) | 03/15/39 | 1950 | 1950000 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%(c) | 03/15/36 | 300 | 281540 |
|  Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.987%(c) | 08/17/31 | 737 | 1013025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.337%(c) | 08/17/31 | 671 | 922710 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% | 06/15/51 | 1254 | 1238219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class B, 144A, 1 Month SOFR + 1.964% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class B, 144A, 1 Month SOFR + 1.964% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class B, 144A, 1 Month SOFR + 1.964% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class B, 144A, 1 Month SOFR + 1.964% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.276%(c) | 05/15/31 | 300 | 297789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.826%(c) | 05/15/31 | 200 | 198035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.926%(c) | 05/15/31 | 300 | 297051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | 07/15/57 | 3200 | 3338824 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $46,354,609) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $46,354,609) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $46,354,609) | 45576019 |
|  **CORPORATE BONDS — 3.4%** | **CORPORATE BONDS — 3.4%** | **CORPORATE BONDS — 3.4%** | **CORPORATE BONDS — 3.4%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/01/59 | 655 | 447241 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 1900 | 1907638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/33 | 145 | 150256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/15/26 | 628 | 627592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 | 350 | 366758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 04/15/27 | 165 | 166038 |
|  |  |  | 3665523 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
|  British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | 09/27/26(oo) | 2000 | 2339173 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29 | 1000 | 997980 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/15/27 | 490 | 494415 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 1660 | 1648200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 360 | 349543 |
|  |  |  | 3490138 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/29 | 480 | 430184 |
|  **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 06/27/28 | 700 | 825250 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A145

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/27/31 | 1500 | 1764811 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/43 | 700 | 538466 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/16/28 | 675 | 633016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/28/27 | 720 | 715394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/27 | 1140 | 1148977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/21/30 | 1300 | 1524032 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/21/30 | 1995 | 1866265 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/26/29 | 690 | 684111 |
|  Volkswagen Bank GmbH (Germany), | Volkswagen Bank GmbH (Germany), | Volkswagen Bank GmbH (Germany), | Volkswagen Bank GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/03/31 | 2500 | 3088084 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/14/27(oo) | 1500 | 1750669 |
|  |  |  | 14539075 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/27 | 1125 | 1123522 |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 100 | 103768 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 490 | 505280 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 3350 | 3312572 |
|  |  |  | 5045142 |
|  **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
|  Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/17/34 | 1500 | 1733353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/29/29 | 1300 | 1395812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/30 | 500 | 528369 |
|  Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/27/30 | 19000 | 2918802 |
|  Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.101%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/03/33 | 2400 | 2959189 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/23/28 | 1200 | 1178053 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** |  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/27 |  | 1000 |  | $1075460 |
|  Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | EUR | 300 |  | 337235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/13/28 | EUR | 200 |  | 217040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/08/27 | EUR | 1800 |  | 2189326 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/32 |  | 770 |  | 677783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 |  | 1700 |  | 1526435 |
|  Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/33 | MXN | 25000 |  | 603320 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/19/30 |  | 3210 |  | 3270278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/32 | EUR | 1500 |  | 1751333 |
|  Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.063% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/09/30 | EUR | 300 |  | 354424 |
|  Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/27/26 |  | 695 |  | 687198 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/05/26 |  | 2000 |  | 2018979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/29 |  | 3600 |  | 3739029 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/32 |  | 1070 |  | 947900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/30 |  | 420 |  | 411497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/35 |  | 315 |  | 321108 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 |  | 622 |  | 637001 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/07/28 |  | 1170 |  | 1135373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/07/33 |  | 4890 |  | 4393893 |
|  Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/21/33 |  | AUD | 720 | 493398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/24/25 | CNH | 3100 |  | 435086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/09/28 | AUD | 800 |  | 530424 |
|  First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/16/26 | EUR | 2500 |  | 2897580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/09/25 | GBP | 1000 |  | 1347167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/07/27 | EUR | 290 |  | 336000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A146

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/28(x) |  | 350 | $376367 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/26(oo) |  | 1950 | 1909574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/10/26(oo) |  | 1075 | 1055050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/27 |  | 2680 | 2587896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 |  | 2550 | 2268195 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.066%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/31 |  | 515 | 522589 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.198%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 |  | 1000 | 917387 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/32 |  | 495 | 429426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 |  | 120 | 107171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.572%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/36(a) |  | 1130 | 1172205 |
|  Lloyds Bank PLC (United Kingdom), | Lloyds Bank PLC (United Kingdom), | Lloyds Bank PLC (United Kingdom), | Lloyds Bank PLC (United Kingdom), | Lloyds Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/02/32 |  | 200 | 143886 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/13/31 |  | 3745 | 3813081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/28/29 | AUD | 1000 | 692393 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.406%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/29/27 | EUR | 900 | 1032591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/17/36 |  | 565 | 585690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/02/32 |  | 1600 | 1112000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.955%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/21/35 | EUR | 1300 | 1563187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/32 |  | 220 | 192744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/21/34 |  | 75 | 76311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/21/34 |  | 80 | 81981 |
|  QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/26 | CNH | 1000 | 140608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/14/27 | CNH | 2000 | 286979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | AUD | 100 | 66398 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.797%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/19/28 |  | 1630 | 1582871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/09/32 |  | 345 | 303456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/33 |  | 590 | 521825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/19/28 |  | 835 | 846520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/16/29 | CNH | 5000 | 706178 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/08/34 | 210 | 219271 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/27(oo) | 2600 | 2498917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.009%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/21/32 | 2850 | 3458007 |
|  UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/27/31 | 5000 | 718978 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.982%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/03/27 | 1220 | 1188994 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/36 | 1315 | 1357365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/11/31 | 2280 | 2087609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/02/33 | 995 | 909050 |
|  |  |  | 80580595 |
|  **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/29/32 | 600 | 751141 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 1100 | 1023763 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 915 | 941469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 220 | 226936 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 600 | 567877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 1725 | 1706864 |
|  |  |  | 5218050 |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/31/29 | 1100 | 1320388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/32 | 200 | 240395 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 1575 | 1531997 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 940 | 911903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 585 | 565438 |
|  APi Group DE, Inc., | APi Group DE, Inc., | APi Group DE, Inc., | APi Group DE, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29(a) | 1075 | 1025178 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A147

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Ayvens SA (France), | Ayvens SA (France), | Ayvens SA (France), | Ayvens SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/28 | 1400 | 1696444 |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 300 | 318631 |
|  Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.886% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/29/25 | 2200 | 2180503 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 385 | 389883 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/26 | 1300 | 1522721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/30 | 800 | 1055499 |
|  Equifax, Inc., | Equifax, Inc., | Equifax, Inc., | Equifax, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 850 | 741121 |
|  Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 1800 | 1904428 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 270 | 282967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 585 | 612493 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 325 | 298555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28(a) | 1450 | 1444737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30(a) | 707 | 709001 |
|  |  |  | 18752282 |
|  **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  International Business Machines Corp., | International Business Machines Corp., | International Business Machines Corp., | International Business Machines Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/10/30 | 2200 | 2590583 |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 2150 | 2029620 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 761 | 832986 |
|  |  |  | 5453189 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32(x) | 490 | 494492 |
|  Greystone Commercial Capital Trust, | Greystone Commercial Capital Trust, | Greystone Commercial Capital Trust, | Greystone Commercial Capital Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month LIBOR + 2.270% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month LIBOR + 2.270% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month LIBOR + 2.270% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month LIBOR + 2.270% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.230%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/31/26^(d)(x) | 2797 | 2489352 |
|  Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31(a) | 1625 | 1413919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/27 | 320 | 326099 |
|  Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | 1300 | 1313770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/27 | 915 | 915998 |
|  Nomura International Funding Pte Ltd. (Japan), | Nomura International Funding Pte Ltd. (Japan), | Nomura International Funding Pte Ltd. (Japan), | Nomura International Funding Pte Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.130% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/07/31 | 5000 | 699794 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 2075 | 1988120 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/29 | 860 | 914285 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/21/28 | 1900 | 2124633 |
|  Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 850 | 961103 |
|  |  |  | 13641565 |
|  **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
|  Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/22/28 | 1200 | 1362737 |
|  Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/28/34(h) | 211 | 184861 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/31 | 1250 | 1185756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 470 | 463788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 2600 | 2570968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 1425 | 1423672 |
|  CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/02/26 | 1000 | 1150987 |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/35 | 600 | 604950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/35 | 494 | 494381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/35 | 585 | 589826 |
|  Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/33 | 930 | 967200 |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 400 | 386741 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/29/36 | 1992 | 1772601 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A148

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/28 | 5600 | 5663000 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/22/32 | 1400 | 1246994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/26 | 2500 | 2592500 |
|  Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.281%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/24/26 | 1900 | 2211919 |
|  MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/18/27 | 400 | 446679 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 1750 | 1758924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 950 | 873835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 1550 | 1542272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28(oo) | 500 | 553910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/02/25 | 160 | 157480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/02/27 | 700 | 664500 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/27 | 2300 | 2700426 |
|  Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.062%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/11/31 | 3500 | 2126859 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/05/31 | 1500 | 1534468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/25 | 2000 | 2356253 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 1515 | 1464574 |
|  SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/14/49(h) | 120 | 112115 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/26(oo) | 1150 | 1163842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/26(oo) | 3425 | 3505981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29(oo) | 2000 | 2168795 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 1100 | 1071848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/27 | 1900 | 1897312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/27 | 1000 | 999641 |
|  |  |  | 51972595 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | 515 | $530256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 380 | 394942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 750 | 758888 |
|  |  |  | 1684086 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 1300 | 1569618 |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/32 | 1100 | 1327258 |
|  |  |  | 2896876 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/30 | 2500 | 2736466 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/28 | 1150 | 1114925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/47 | 600 | 494505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/28 | 810 | 785295 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 305 | 282956 |
|  |  |  | 5414147 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29(a) | 1250 | 1193084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 650 | 673463 |
|  CCM Merger, Inc., | CCM Merger, Inc., | CCM Merger, Inc., | CCM Merger, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/26 | 925 | 925485 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1300 | 1256834 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/31 | 1150 | 626973 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 460 | 490134 |
|  |  |  | 5165973 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 400 | 417976 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A149

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 2100 | $2097819 |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 2275 | 2070234 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/14/30 | 6040 | 7782994 |
|  Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/16/27 | 1900 | 2593952 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/30 | 525 | 500566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/32 | 500 | 467996 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/29 | 225 | 224106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 1147 | 1065629 |
|  |  |  | 16803296 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/27 | 606 | 601280 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/08/31 | 800 | 872814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/08/34 | 2000 | 2324566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/08/29 | 1200 | 1443931 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 2695 | 2587575 |
|  Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | 2700 | 3290159 |
|  |  |  | 10519045 |
|  **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 1275 | 1221853 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 1275 | 1237486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 1225 | 1186986 |
|  |  |  | 3646325 |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 5213 | 5525440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/29 | 1075 | 1026716 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/27 | 125 | 125221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29(a) | 1600 | 1611828 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30(a) | 2000 | 1793220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 1200 | 1088268 |
|  Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/27 | 2850 | 2857083 |
|  KB Home, | KB Home, | KB Home, | KB Home, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 1050 | 972871 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 575 | 571258 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 5725 | 5503156 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 2350 | 2381820 |
|  |  |  | 17931441 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30(a) | 335 | 325778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/32 | 170 | 162615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 395 | 415960 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/31 | 1725 | 1582279 |
|  |  |  | 2486632 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/16/32 | 1040 | 1066600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/20/35 | 1100 | 1107091 |
|  Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/41 | 1400 | 1531712 |
|  Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/16/44 | 900 | 1196703 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A150

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
|  Unum Group, | Unum Group, | Unum Group, | Unum Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/51 | 570 | 424567 |
|  |  |  | 5326673 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Booking Holdings, Inc., | Booking Holdings, Inc., | Booking Holdings, Inc., | Booking Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/09/31 | 1500 | 1760069 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 350 | 359802 |
|  |  |  | 2119871 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/14/26 | 200 | 278819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/10/27 | 2000 | 2267024 |
|  |  |  | 2545843 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29(a) | 565 | 556364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/33 | 375 | 351938 |
|  |  |  | 908302 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/26 | 75 | 75094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 100 | 100500 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 900 | 912402 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/31/26 | 950 | 953372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 25 | 25297 |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 1325 | 1320694 |
|  |  |  | 3387359 |
|  **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 1750 | 1757232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 1120 | 1138047 |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/26 | 1000 | 997688 |
|  |  |  | 3892967 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/30 | 225 | $235666 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 850 | 897239 |
|  |  |  | 1132905 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/32(a) | 1200 | 1116801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 880 | 852948 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/47 | 616 | 534195 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 1060 | 733001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/30 | 350 | 248351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 575 | 526551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 2200 | 2100057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/30 | 1000 | 465097 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29(d) | 3000 | 1999334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 | 425 | 306916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/26 | 650 | 577409 |
|  DISH Network Corp., | DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 3150 | 3243225 |
|  TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/31 | 1000 | 1189605 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 1330 | 1349743 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 1600 | 1998139 |
|  |  |  | 17241372 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 | 840 | 943007 |
|  Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 1140 | 1180137 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/27 | 670 | 669799 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A151

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |
|  Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 |  | 200 | 201483 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 |  | 260 | 267111 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/26 |  | 925 | 909860 |
|  |  |  |  | 4171397 |
|  **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
|  Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/28 | EUR | 1800 | 2161444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/32 | EUR | 1400 | 1661828 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | EUR | 2200 | 2571061 |
|  |  |  |  | 6394333 |
|  **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/07/28 | EUR | 1000 | 1238645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/16/29 | GBP | 1000 | 1381950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/29 |  | 700 | 716282 |
|  European Bank for Reconstruction & Development (Supranational Bank), | European Bank for Reconstruction & Development (Supranational Bank), | European Bank for Reconstruction & Development (Supranational Bank), | European Bank for Reconstruction & Development (Supranational Bank), | European Bank for Reconstruction & Development (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/07/28 | IDR | 20000000 | 1185230 |
|  European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.813%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/28/37 | CAD | 2100 | 933916 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 |  | 700 | 733496 |
|  |  |  |  | 6189519 |
|  **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 |  | 161 | 196589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 |  | 155 | 157697 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/22/25(oo) |  | 359 | 358102 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/33 |  | 735 | 780275 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 |  | 140 | 120718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/52 |  | 105 | 71053 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 |  | 450 | 461317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/30 | 225 | 228370 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 645 | 630004 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 1775 | 1777337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 2200 | 2209573 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 425 | 419565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 425 | 411108 |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/41 | 1350 | 1408906 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/31 | 2450 | 2698156 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 1150 | 1174899 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 400 | 538079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/16/34 | 1000 | 1354805 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/21/28 | 2700 | 3102957 |
|  Petronas Capital Ltd. (Malaysia), | Petronas Capital Ltd. (Malaysia), | Petronas Capital Ltd. (Malaysia), | Petronas Capital Ltd. (Malaysia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.480% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/32 | 1000 | 872000 |
|  TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/27(oo) | 1200 | 1350637 |
|  |  |  | 20322147 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 1525 | 1565841 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 1585 | 1620882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 600 | 614925 |
|  |  |  | 3801648 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 725 | 725442 |
|  Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/28 | 50 | 41156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 150 | 105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 | 625 | 392588 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A152

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 875 | 515156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 2365 | 1668649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 400 | 335600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 650 | 550628 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/07/32 | 2000 | 2406552 |
|  Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/26/29 | 1600 | 1900491 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/28 | 375 | 360446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/31 | 475 | 412377 |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/46 | 820 | 663628 |
|  |  |  | 10077713 |
|  **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 1580 | 1576865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 450 | 464826 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 545 | 572170 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30(oo) | 4770 | 4864235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/50 | 225 | 188261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/30 | 70 | 71526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/49 | 145 | 143194 |
|  Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 730 | 662004 |
|  Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/31 | 500 | 589019 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/47 | 60 | 52423 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/37 | 745 | 813499 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 505 | 527376 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 3050 | 2994827 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 215 | 202866 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 165 | 152835 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/29(oo) | 1505 | 1466846 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 395 | 330457 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/04/44 | 535 | 502661 |
|  |  |  | 16175890 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/26 | 1300 | 1499391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/04/28 | 1400 | 1554272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/30 | 400 | 430253 |
|  Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/03/27 | 800 | 917237 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 3500 | 3331213 |
|  Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | 1000 | 1148513 |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 255 | 223629 |
|  P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/26/29 | 2000 | 2218740 |
|  |  |  | 11323248 |
|  **Real Estate Investment Trusts (REITs) — 0.2%** | **Real Estate Investment Trusts (REITs) — 0.2%** | **Real Estate Investment Trusts (REITs) — 0.2%** | **Real Estate Investment Trusts (REITs) — 0.2%** |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/16/31 | 270 | 235356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 575 | 558172 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/31 | 1245 | 1050737 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/26 | 85 | 85076 |
|  Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/03/27 | 1500 | 1736449 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/31 | 590 | 511174 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 100 | 104714 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A153

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | 1600 | 1877294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/06/30 | 800 | 1010493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | 1800 | 2488823 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 1195 | 1228820 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29(a) | 2225 | 2101532 |
|  SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/27 | 2433 | 2914759 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 1726 | 1828761 |
|  VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30(a) | 1410 | 1418209 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 1925 | 1919442 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/23/32 | 1700 | 2061789 |
|  |  |  | 23131600 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 1025 | 998114 |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 845 | 840765 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/28 | 645 | 661431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 1425 | 1498565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 1700 | 2012956 |
|  eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/28 | 400 | 518548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 11/30/28 | 300 | 330375 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 1450 | 1390094 |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 1350 | 1253666 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32(a) | 595 | 610994 |
|  |  |  | 10115508 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/36 |  | 760 | $629969 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 |  | 415 | 424286 |
|  Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | EUR | 700 | 827286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/15/32 | EUR | 1000 | 1173733 |
|  |  |  |  | 2425305 |
|  **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/31 | EUR | 1450 | 1774299 |
|  Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/33 | EUR | 900 | 881487 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/27 |  | 3775 | 3776466 |
|  HKT Capital No. 3 Ltd. (Hong Kong), | HKT Capital No. 3 Ltd. (Hong Kong), | HKT Capital No. 3 Ltd. (Hong Kong), | HKT Capital No. 3 Ltd. (Hong Kong), | HKT Capital No. 3 Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/10/27 | EUR | 2000 | 2248909 |
|  Iliad Holding SASU (France), | Iliad Holding SASU (France), | Iliad Holding SASU (France), | Iliad Holding SASU (France), | Iliad Holding SASU (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/28 |  | 475 | 483688 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 |  | 50 | 46701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 |  | 975 | 985745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/33 |  | 880 | 895356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/30 |  | 1000 | 1133499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 |  | 2714 | 3122769 |
|  Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/31 |  | 200 | 233650 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 |  | 2800 | 2629315 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/22/51 | CAD | 465 | 289224 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/29 | GBP | 1700 | 2162459 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 |  | 330 | 345622 |
|  |  |  |  | 21009189 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A154

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
|  Mattel, Inc., | Mattel, Inc., | Mattel, Inc., | Mattel, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/26 | 1000 | $987078 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/18/29(oo) | 900 | 957511 |
|  Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/27 | 1300 | 1563184 |
|  La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/18/29 | 1000 | 1054124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/17/34 | 100 | 94758 |
|  Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/29 | 200 | 215447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/36 | 434 | 426276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/32 | 1000 | 1085045 |
|  SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/29/37 | 500 | 465118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 2000 | 1506561 |
|  Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/02/29 | 800 | 907003 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 1280 | 1268972 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 200 | 208681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 455 | 476548 |
|  |  |  | 10229228 |
|  **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29 | 1475 | 1510355 |
|  **TOTAL CORPORATE BONDS**<br> (cost $458,867,034) | **TOTAL CORPORATE BONDS**<br> (cost $458,867,034) | **TOTAL CORPORATE BONDS**<br> (cost $458,867,034) | 463269447 |
|  **FLOATING RATE AND OTHER LOANS — 0.2%** | **FLOATING RATE AND OTHER LOANS — 0.2%** | **FLOATING RATE AND OTHER LOANS — 0.2%** | **FLOATING RATE AND OTHER LOANS — 0.2%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.077%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/32 | 550 | 549141 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.409%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 1425 | 1391156 |
|  |  |  | 1940297 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/02/28 | 242 | 217639 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.812%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/18/28 | 495 | $487141 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  EG Finco Ltd. (United Kingdom), | EG Finco Ltd. (United Kingdom), | EG Finco Ltd. (United Kingdom), | EG Finco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2, 3 Month EURIBOR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.454%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/07/28 | 5690 | 6715209 |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.105%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/31 | 4875 | 5730763 |
|  |  |  | 12445972 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.657%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/29 | 6200 | 7270688 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $20,518,823) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $20,518,823) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $20,518,823) | 22361737 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.405%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/41 | 400 | 409694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.455%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/41 | 500 | 513280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.555%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 220 | 238146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.555%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 180 | 191631 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/26/33 | 205 | 205978 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.605%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/41 | 90 | 92366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/41 | 89 | 90055 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-54, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-54, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-54, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-54, Class PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.821%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/53 | 1087 | 856905 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/50 | 2075 | 2295407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.955%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/34 | 110 | 110627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/41 | 250 | 251786 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A155

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.405%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/41 | 830 | $836704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/41 | 700 | 707833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.205%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/42 | 580 | 597400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/42 | 200 | 207825 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5323, Class AO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5323, Class AO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5323, Class AO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5323, Class AO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.931%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/53 | 4083 | 3219596 |
|  Home Re Ltd., | Home Re Ltd., | Home Re Ltd., | Home Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.105%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/34 | 140 | 141072 |
|  Impac Secured Assets Trust, | Impac Secured Assets Trust, | Impac Secured Assets Trust, | Impac Secured Assets Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-01, Class 2A2, 1 Month SOFR + 0.934% (Cap 11.500%, Floor 0.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-01, Class 2A2, 1 Month SOFR + 0.934% (Cap 11.500%, Floor 0.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-01, Class 2A2, 1 Month SOFR + 0.934% (Cap 11.500%, Floor 0.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-01, Class 2A2, 1 Month SOFR + 0.934% (Cap 11.500%, Floor 0.820%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.254%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/36 | 53 | 48525 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.131%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/60 | 1101 | 1001159 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.205%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/34 | 611 | 616601 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $11,993,799) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $11,993,799) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $11,993,799) | 12632590 |
|  **SOVEREIGN BONDS — 1.2%** | **SOVEREIGN BONDS — 1.2%** | **SOVEREIGN BONDS — 1.2%** | **SOVEREIGN BONDS — 1.2%** |
|  Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/34 | 1000 | 1164910 |
|  Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/23/27 | 500 | 575389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/06/31 | 1000 | 1054208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/13/41 | 1000 | 788908 |
|  Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/26/35 | 500 | 599021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/28/34 | 350 | 432816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/41 | 300 | 420822 |
|  Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/10/27 | 1400 | 1751706 |
|  Bpifrance SACA (France), | Bpifrance SACA (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/22/31 | 1000 | 1033455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/32 | 900 | 1080574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/34 | 1300 | 1542011 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 |  | 5802 | $5748847 |
|  Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/27/33 | EUR | 430 | 548939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/34 | EUR | 1100 | 1429777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/29 | EUR | 3000 | 3750298 |
|  Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/29 | CAD | 2400 | 1797425 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/09/31 | EUR | 200 | 242142 |
|  City of Quebec (Canada), | City of Quebec (Canada), | City of Quebec (Canada), | City of Quebec (Canada), | City of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/06/31 | CAD | 1000 | 669797 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/28/27 | COP | 1000000 | 240836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/22/26 | EUR | 4700 | 5543285 |
|  Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/04/33 | EUR | 300 | 308957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/17/31 | EUR | 6100 | 6693720 |
|  Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/40 | EUR | 5500 | 4738345 |
|  Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/12/32 | EUR | 705 | 880548 |
|  French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/38 | EUR | 1750 | 1577308 |
|  Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/35 | EUR | 8300 | 8671490 |
|  Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/24/41 | EUR | 100 | 79325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/07/33 | CNH | 3000 | 457499 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/16/34 | EUR | 1200 | 1424848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/28/32 | EUR | 2800 | 2863896 |
|  Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | EUR | 3908 | 4310731 |
|  Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/28/31 | EUR | 1000 | 1016406 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/14/27 | EUR | 2500 | 2869044 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A156

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/12/33 | 2000 | $1970121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/23/34 | 2000 | 1942593 |
|  Isle of Man Government International Bond (United Kingdom), | Isle of Man Government International Bond (United Kingdom), | Isle of Man Government International Bond (United Kingdom), | Isle of Man Government International Bond (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/34 | 400 | 554935 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/18/32 | 1800 | 1727713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/34 | 500 | 759566 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 336 | 429137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 75 | 91803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/38 | 1475 | 1665189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 250 | 294861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/41 | 1000 | 893846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 360 | 264403 |
|  Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/34 | 293 | 295957 |
|  Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/29 | 400 | 429226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/31 | 1077 | 1072062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/07/26 | 1239 | 1421782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/17/28 | 3000 | 3626455 |
|  Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | 1200 | 1334721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/22/35 | 300 | 311816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/28 | 195 | 240388 |
|  Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/16/29 | 900 | 1142322 |
|  Malta Government Bond (Malta), | Malta Government Bond (Malta), | Malta Government Bond (Malta), | Malta Government Bond (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/13/37 | 1000 | 893593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/31 | 1000 | 1018521 |
|  Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.061% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/04/26 | 1000 | 1206610 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/17/30 | 2000 | 2121040 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/28/34 | 600 | 636126 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/11/33 | 3500 | 3429696 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/03/29 | 2000 | 2183637 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/28/33 | 3347 | $3318880 |
|  Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 500 | 288836 |
|  Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/02/48 | 500 | 305664 |
|  Regiao Autonoma Madeira (Portugal), | Regiao Autonoma Madeira (Portugal), | Regiao Autonoma Madeira (Portugal), | Regiao Autonoma Madeira (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.943% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/29/32 | 1000 | 1026148 |
|  Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/43 | 1099 | 1217125 |
|  Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 3100 | 2528456 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.425% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/28/36 | 300 | 370292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/34 | 1200 | 1584191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/07/34 | 777 | 1000156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.345% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/27/48 | 1000 | 1285651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/04/28 | 12470 | 17702516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/29 | 200 | 187891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/49(a) | 1000 | 716328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/06/51 | 600 | 407193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 1425 | 1474049 |
|  Republic of Italy Government International Bond Principal Strips (Italy), | Republic of Italy Government International Bond Principal Strips (Italy), | Republic of Italy Government International Bond Principal Strips (Italy), | Republic of Italy Government International Bond Principal Strips (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.942%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/31 | 2760 | 2702726 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/13/30 | 5000 | 5048517 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/09/39 | 3100 | 2807202 |
|  SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/31 | 2200 | 2594868 |
|  Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/23/35 | 1000 | 1208400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 232 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 232 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 232 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/37 | 633 | 622835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/47 | 210 | 171260 |
|  Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS77 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS77 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS77 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS77 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/03/32 | 100 | 114561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS86 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS86 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS86 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/12/31 | 100 | 102092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/11/33 | 1300 | 1611355 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A157

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity** **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/33 | 2200 | 2237818 |
|  Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 11/25/30 | 2000 | 2033998 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850% | 07/30/37 | 2700 | 2380511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 10/31/40 | 6785 | 5727664 |
|  Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/06/29 | 625 | 876454 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $167,814,843) | **TOTAL SOVEREIGN BONDS**<br>(cost $167,814,843) | **TOTAL SOVEREIGN BONDS**<br>(cost $167,814,843) | 161919039 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 1000 | 1142520 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.022%(s) | 11/15/30 | 245 | 195519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 1475 | 1666893 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.897%(s) | 03/15/33 | 461 | 322995 |
|  U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/15/30 | 917 | 893945 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $4,460,184) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $4,460,184) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $4,460,184) | 4221872 |
|  **U.S. TREASURY OBLIGATIONS — 1.3%** | **U.S. TREASURY OBLIGATIONS — 1.3%** | **U.S. TREASURY OBLIGATIONS — 1.3%** | **U.S. TREASURY OBLIGATIONS — 1.3%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 11/15/50(h) | 26670 | 14055923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/15/41 | 1230 | 845625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/15/51(k) | 8340 | 5289384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/15/44(h) | 13580 | 10454478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42(h) | 24895 | 20592833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/15/48(k) | 6895 | 5454591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42(h)(k) | 7675 | 7001039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44(h) | 300 | 274922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 | 525 | 514008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43(h) | 6910 | 6902442 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 07/31/27 | 22000 | 20532188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 08/15/28 | 4055 | 3955526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/30/29 | 3425 | 3391018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/31/30 | 1130 | 1116934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/30/27 | 1135 | 1134911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/28 | 1095 | 1096796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 11/30/27 | 2085 | 2092982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 11/30/29 | 105 | 105476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/30 | 11205 | 11251396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/30/32 | 810 | 811139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32(h) | 11975 | 12261277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/33(h) | 11960 | 12287031 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.479%(s) | 05/15/26 | 5000 | 4832270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.359%(s) | 08/15/40(k) | 20555 | 9852024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%(s) | 11/15/41(h)(k) | 21025 | 9381714 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.851%(s) | 11/15/40 | 2700 | $1277639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%(s) | 08/15/43 | 1475 | 594657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 1240 | 434685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.652%(s) | 05/15/49(k) | 7500 | 2267281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663%(s) | 02/15/50 | 975 | 284624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%(s) | 11/15/43 | 645 | 256713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.853%(s) | 02/15/43(h) | 9560 | 3971524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 335 | 120410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.991%(s) | 11/15/42(k) | 7730 | 3255945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(s) | 02/15/40 | 1000 | 494314 |
|  U.S. Treasury Strips Principal | U.S. Treasury Strips Principal | U.S. Treasury Strips Principal |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.333%(s) | 02/15/49 | 295 | 91855 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $197,444,134) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $197,444,134) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $197,444,134) | 178537574 |
|  **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,443,664,670) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,443,664,670) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,443,664,670) | 12189977030 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS — 11.5%** | **SHORT-TERM INVESTMENTS — 11.5%** | **SHORT-TERM INVESTMENTS — 11.5%** |  |
|  **AFFILIATED MUTUAL FUNDS — 10.1%** | **AFFILIATED MUTUAL FUNDS — 10.1%** | **AFFILIATED MUTUAL FUNDS — 10.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 1221814470 | 1221814470 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(7-day effective yield 4.532%)<br>(cost $158,512,045; includes $157,943,759 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(7-day effective yield 4.532%)<br>(cost $158,512,045; includes $157,943,759 of cash collateral for securities on loan)(b)(wa) | 158627238 | 158516199 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $1,380,326,515) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $1,380,326,515) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $1,380,326,515) | 1380330669 |
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal<br>Amount**<br> **(000)#** |  |
|  **U.S. TREASURY OBLIGATIONS(n) — 1.2%** | **U.S. TREASURY OBLIGATIONS(n) — 1.2%** | **U.S. TREASURY OBLIGATIONS(n) — 1.2%** |  |
|  U.S. Treasury Bills | U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.254% | 09/02/25(k) | 22000 | 21835689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | 09/18/25(k) | 94630 | 93753986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.699% | 07/10/25 | 40000 | 39958083 |
|  **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $155,547,022) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $155,547,022) |  | 155547758 |
|  **OPTIONS PURCHASED\*~ — 0.2%** | **OPTIONS PURCHASED\*~ — 0.2%** | **OPTIONS PURCHASED\*~ — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $24,153,437) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $24,153,437) |  | 27442759 |
|  **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,560,026,974) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,560,026,974) |  | 1563321186 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN — 100.8%** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN — 100.8%** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN — 100.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $12,003,691,644) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $12,003,691,644) |  | 13753298216 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A158

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTIONS WRITTEN\*~ — (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $861,456) | $(1049150) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 100.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $12,002,830,188) | 13752249066 |
|  **Liabilities in excess of other assets(z) — (0.8)%** | (105143684) |
|  **NET ASSETS — 100.0%** | $13647105382 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,489,364 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $154,510,535; cash collateral of $157,943,759 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Freedom Mortgage Corp., Sr. Unsec'd. Notes, 144A, 12.000%, 10/01/28 | 09/14/23 | $343000 | $376367 | 0.0% |
|  Freedom Mortgage Holdings LLC, Sr. Unsec'd. Notes, 144A, 8.375%, 04/01/32 | 02/04/25 | 490000 | 494492 | 0.0 |
|  Greystone Commercial Capital Trust, Sr. Unsec'd. Notes, Series A, 144A, 1 Month LIBOR + 2.270%,<br>7.230%(c), 05/31/26^(d) | 05/18/21 | 2797025 | 2489352 | 0.0 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total** |  | $3630025 | $3360211 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $97.00 | 43 | 108 | $7794 |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 49 | 123 | 306 |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 13 | 33 | 81 |
|  S&P 500 Index (FLEX) | Call | 06/11/29 | $5450.00 | 75 | 8 | 13071441 |
|  S&P 500 Index (FLEX) | Call | 01/31/30 | $6100.00 | 95 | 10 | 14113924 |
|  3 Month SOFR | Put | 12/12/25 | $96.00 | 43 | 108 | 7256 |
|  **Total Exchange Traded** (cost $23,891,384) | **Total Exchange Traded** (cost $23,891,384) | **Total Exchange Traded** (cost $23,891,384) | **Total Exchange Traded** (cost $23,891,384) | **Total Exchange Traded** (cost $23,891,384) |  | $27200802 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A159

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 26.00 |  | EUR | 1317 | $133 |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 5.00 |  | EUR | 1326 | 5 |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 80.00 |  | EUR | 1314 | 299 |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 90.00 |  | EUR | 1331 | 885 |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 6.70 |  |  | 1517 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 6.50 |  |  | 921 | 60 |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 1100.00 |  |  | 1526 |  |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.95 |  |  | 18361 | 981 |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 5000.00 |  |  | 1517 | 1 |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 155.00 |  |  | 1525 | 5 |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1550.00 |  |  | 1520 |  |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1750.00 |  |  | 4300 | 57 |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 22.00 |  |  | 1525 | 5 |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 70.00 |  |  | 759 |  |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 99.00 |  |  | 763 | 450 |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 32.00 |  |  | 3075 | 65 |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 21.00 |  |  | 759 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.00 |  | EUR | 1335 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.05 |  | EUR | 663 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.05 |  | EUR | 1777 | 2 |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 4.90 |  |  | 4750 |  |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.00 |  |  | 758 | 1 |
|  Currency Option USD vs CNH | Put | DB | 09/24/25 | 7.00 |  |  | 18361 | 59355 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 8973 | 1186 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 2485 | 328 |
|  Currency Option USD vs KRW | Put | JPM | 09/25/25 | 1331.00 |  |  | 4300 | 64456 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 1538 | 129 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 1538 | 129 |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 16.00 |  |  | 922 | 19 |
|  **Total OTC Traded** (cost $131,364) |  |  |  |  |  |  |  | $128551 |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  5-Year Interest Rate Swap, 09/29/30 | Call | CITI | 09/25/25 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/ 4.450% |  | 1725 | $11375 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% |  | 2790 | 2 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% |  | 740 |  |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% |  | 2790 | 26393 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% |  | 740 | 7000 |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 2.05% | 3 Month EURIBOR(Q)/ 1.944% | 2.05%(A) | EUR | 8180 | 4994 |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 3.50% | 3 Month EURIBOR(Q)/ 1.944% | 3.50%(A) | EUR | 8180 | 3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A160

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.02% | 1 Day TONAR(A)/ 0.477% | 1.02 %(A) | JPY 751,000 | $521 |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.52% | 1 Day TONAR(A)/ 0.477% | 1.52 %(A) | JPY 751,000 | 2 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.60% | CDX.NA.IG. 44.V1(Q) | 1.00 %(Q) | 35040 | 38481 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.63% | CDX.NA.IG. 44.V1(Q) | 1.00 %(Q) | 26560 | 24635 |
|  **Total OTC Swaptions** (cost $130,689) | **Total OTC Swaptions** (cost $130,689) | **Total OTC Swaptions** (cost $130,689) |  |  |  |  |  | $113406 |
|  **Total Options Purchased** (cost $24,153,437) | **Total Options Purchased** (cost $24,153,437) | **Total Options Purchased** (cost $24,153,437) |  |  |  |  |  | $27442759 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 27 | 68 | $(16875) |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 50 | 125 | (31250) |
|  3 Month SOFR | Put | 12/12/25 | $95.63 | 43 | 108 | (806) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 7 | 18 | (2975) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 27 | 68 | (11475) |
|  **Total Exchange Traded** (premiums received $88,240) |  |  |  |  |  | $(63381) |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 22.35 | – | EUR | 1317 | $(13032) |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 4.28 | – | EUR | 1326 | (4339) |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 48.00 | – | EUR | 1314 | (12950) |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 49.50 | – | EUR | 1331 | (15374) |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 5.70 | – |  | 1517 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 5.65 | – |  | 921 | (2989) |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 940.00 | – |  | 1526 | (4981) |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.25 | – |  | 18361 | (42274) |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 4300.00 | – |  | 1517 | (754) |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 145.00 | – |  | 1525 | (6800) |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1390.00 | – |  | 1520 | (923) |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1385.00 | – |  | 4300 | (41346) |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 19.40 | – |  | 1525 | (823) |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 41.00 | – |  | 759 | (255) |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 42.00 | – |  | 763 | (3896) |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 29.15 | – |  | 3075 | (24955) |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 18.20 | – |  | 759 | (51) |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.14 | – | EUR | 1335 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.14 | – | EUR | 663 | (28) |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.14 | – | EUR | 1777 | (748) |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 6.00 | – |  | 4750 | (493638) |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.50 | – |  | 758 | (10870) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 | – |  | 5728 | (99457) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 | – |  | 769 | (2326) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 | – |  | 769 | (2326) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A161

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  | 769 | $(5522) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  | 769 | (5522) |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 17.70 |  | 922 | (10776) |
|  **Total OTC Traded** (premiums received $600,419) |  |  |  |  |  |  | $(806955) |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  5-Year Interest Rate Swap,<br>09/29/30 | Call | CITI | 09/25/25 | 3.04% | 1 Day SOFR(A)/<br>4.450% | 3.04%(A) |  | 3450 | $(11203) |
|  10-Year Interest Rate Swap,<br>09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/<br>4.450% | 3.21%(A) |  | 5580 | (17547) |
|  10-Year Interest Rate Swap,<br>09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/<br>4.450% | 3.21%(A) |  | 1480 | (4654) |
|  CDX.NA.IG.44.V1,<br>06/20/30 | Call | JPM | 09/17/25 | 0.53% | CDX.NA.IG.<br>44.V1(Q) | 1.00%(Q) |  | 35040 | (54819) |
|  CDX.NA.IG.44.V1,<br>06/20/30 | Call | JPM | 09/17/25 | 0.55% | CDX.NA.IG.<br>44.V1(Q) | 1.00%(Q) |  | 26560 | (59946) |
|  1-Year Interest Rate Swap,<br>12/05/26 | Put | JPM | 12/03/25 | 2.20% | 2.20%(A) | 3 Month<br>EURIBOR(Q)/<br>1.944% | EUR | 16360 | (4482) |
|  3-Year Interest Rate Swap,<br>08/12/28 | Put | JPM | 08/07/25 | 1.27% | 1.27%(A) | 1 Day TONAR(A)/<br>0.477% | JPY | 1502000 | (46) |
|  CDX.NA.HY.44.V1,<br>06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.<br>44.V1(Q) |  | 4510 | (1646) |
|  CDX.NA.IG.44.V1,<br>06/20/30 | Put | GSI | 07/16/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.<br>44.V1(Q) |  | 22000 | (1691) |
|  CDX.NA.IG.44.V1,<br>06/20/30 | Put | JPM | 09/17/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.<br>44.V1(Q) |  | 35040 | (14236) |
|  CDX.NA.IG.44.V1,<br>06/20/30 | Put | JPM | 09/17/25 | 0.88% | 1.00%(Q) | CDX.NA.IG.<br>44.V1(Q) |  | 26560 | (8544) |
|  **Total OTC Swaptions** (premiums received $172,797) | **Total OTC Swaptions** (premiums received $172,797) | **Total OTC Swaptions** (premiums received $172,797) | **Total OTC Swaptions** (premiums received $172,797) | **Total OTC Swaptions** (premiums received $172,797) |  |  |  |  | $(178814) |
|  **Total Options Written** (premiums received $861,456) | **Total Options Written** (premiums received $861,456) | **Total Options Written** (premiums received $861,456) | **Total Options Written** (premiums received $861,456) | **Total Options Written** (premiums received $861,456) |  |  |  |  | $(1049150) |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 28 | 3 Month EuroSTR | Sep. 2025 | $8086921 | $(1266) |
| 117 | 3 Month EuroSTR | Sep. 2025 | 33792639 | (4527) |
| 776 | 2 Year U.S. Treasury Notes | Sep. 2025 | 161426188 | 636903 |
| 2996 | 5 Year U.S. Treasury Notes | Sep. 2025 | 326564000 | 3626262 |
| 1315 | 10 Year U.S. Treasury Notes | Sep. 2025 | 147444375 | 2562756 |
| 1091 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 124663802 | 2529569 |
| 1454 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 167891563 | 5039226 |
| 65 | 30 Year Euro Buxl | Sep. 2025 | 9091536 | (117214) |
| 234 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 27875250 | 922823 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A162

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration**<br> **Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 1004 | Mini MSCI EAFE Index | Sep. 2025 | $134621340 | $1019281 |
| 45 | Mini MSCI Emerging Markets Index | Sep. 2025 | 2775375 | 41956 |
| 1 | Russell 2000 E-Mini Index | Sep. 2025 | 109585 | 2440 |
| 2579 | S&P 500 E-Mini Index | Sep. 2025 | 806421063 | 28495918 |
|  |  |  |  | 44754127 |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 180 | 3 Month CME SOFR | Sep. 2025 | 43049250 | 8690 |
| 135 | 5 Year Euro-Bobl | Sep. 2025 | 18713856 | 47709 |
| 90 | 10 Year Euro-Bund | Sep. 2025 | 13797917 | 69987 |
| 433 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 51581125 | (1875808) |
| 319 | British Pound Currency | Sep. 2025 | 27364219 | (385261) |
| 113 | Canadian Dollar Currency | Sep. 2025 | 8325840 | (48372) |
| 1522 | Euro Currency | Sep. 2025 | 225179900 | (6572385) |
| 111 | Euro Schatz Index | Sep. 2025 | 14023200 | 17311 |
|  |  |  |  | (8738129) |
|  |  |  |  | $36015998 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 836 | $540793 | $550295 | $9502 | $— |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 60038 | 10538385 | 11044967 | 506582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | BRL | 51681 | 9322325 | 9429771 | 107446 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 604 | 796066 | 829331 | 33265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 118 | 155949 | 162531 | 6582 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | CAD | 985 | 705596 | 724303 | 18707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | CAD | 196 | 143154 | 144213 | 1059 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CLP | 856538 | 922000 | 919248 |  | (2752) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | CNH | 4807 | 674377 | 675734 | 1357 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | COP | 4228725 | 1001000 | 1023899 | 22899 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 6936 | 7716701 | 8182472 | 465771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 1370 | 1552576 | 1616079 | 63503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 690 | 788000 | 813541 | 25541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1412 | 1597144 | 1665819 | 68675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1317 | 1517000 | 1553223 | 36223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 990 | 1131878 | 1168128 | 36250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 725 | 827000 | 854794 | 27794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 669 | 764363 | 789259 | 24896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 699 | 798000 | 825232 | 27232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 658 | 758000 | 776621 | 18621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 973 | 1108298 | 1148413 | 40115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 943 | 1073660 | 1112207 | 38547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 8590 | 9759226 | 10134571 | 375345 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A163

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 1412 | $1601862 | $1665820 | $63958 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 341 | 389601 | 402706 | 13105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 250 | 283898 | 294940 | 11042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | UAG | EUR | 4350 | 4920856 | 5132069 | 211213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | UAG | EUR | 998 | 1129429 | 1177961 | 48532 |  |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | HUF | 339636 | 941614 | 999908 | 58294 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/29/25 | HSBC | INR | 246562 | 2864000 | 2868665 | 4665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | INR | 586544 | 6829329 | 6818624 |  | (10705) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | 5064147 | 306000 | 312697 | 6697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 166703000 | 10208077 | 10293443 | 85366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 47088414 | 2887000 | 2907578 | 20578 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | JPY | 74470 | 515000 | 518478 | 3478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 81931 | 559000 | 570425 | 11425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 143613 | 1007000 | 999868 |  | (7132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 97611 | 676518 | 679592 | 3074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SCB | JPY | 325871 | 2305991 | 2268798 |  | (37193) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | 58173 | 2993875 | 3074454 | 80579 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 75671 | 2620000 | 2648890 | 28890 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 333 | 197960 | 202891 | 4931 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 3607 | 1007386 | 1015991 | 8605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1910 | 529568 | 537998 | 8430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1796 | 501763 | 505964 | 4201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1521 | 425880 | 428365 | 2485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | PEN | 6894 | 1890002 | 1941809 | 51807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | PEN | 4956 | 1375500 | 1395885 | 20385 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 91839 | 1603035 | 1628018 | 24983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 73152 | 1272250 | 1296747 | 24497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 203602 | 3638352 | 3609211 |  | (29141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 127715 | 2213715 | 2263968 | 50253 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | PLN | 1426 | 371806 | 395324 | 23518 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | ZAR | 52021 | 2917916 | 2921647 | 3731 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | KRW | 407381 | 299823 | 302552 | 2729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | KRW | 6908776 | 5082000 | 5130978 | 48978 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 12639 | 389433 | 391110 | 1677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | THB | 27997 | 857000 | 866356 | 9356 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 179756 | 4411470 | 4480344 | 68874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | HSBC | TRY | 20651 | 504000 | 508523 | 4523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | UAG | TRY | 56238 | 1373500 | 1384845 | 11345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/30/25 | BARC | TRY | 63035 | 1530298 | 1541612 | 11314 |  |
|  |  |  |  | $129623198 | $132529705 | 2993430 | (86923) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A164

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current** <br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | AUD | 3155 | $2006785 | $2077071 | $— | $(70286) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 51681 | 9393149 | 9507544 |  | (114395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | HSBC | BRL | 8357 | 1504000 | 1537423 |  | (33423) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | GBP | 558 | 743861 | 765851 |  | (21990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | GBP | 6193 | 8196789 | 8501702 |  | (304913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 11194 | 14810059 | 15366646 |  | (556587) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 5630 | 4079289 | 4139629 |  | (60340) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 126605 | 17757172 | 17798314 |  | (41142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 76302 | 10701845 | 10726640 |  | (24795) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 7138 | 1000000 | 1003512 |  | (3512) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 61210 | 2786748 | 2918166 |  | (131418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 35426 | 1579000 | 1688900 |  | (109900) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | EUR | 1282 | 1468964 | 1512806 |  | (43842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | EUR | 969 | 1139350 | 1143591 |  | (4241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1456 | 1660995 | 1717176 |  | (56181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 597 | 668000 | 703962 |  | (35962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 550 | 618000 | 649075 |  | (31075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 51540 | 56710875 | 60804620 |  | (4093745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 13793 | 15176881 | 16272443 |  | (1095562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 2509 | 2866046 | 2960168 |  | (94122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1468 | 1711521 | 1731308 |  | (19787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1075 | 1228000 | 1268527 |  | (40527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 595 | 685699 | 701851 |  | (16152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 180 | 205789 | 211828 |  | (6039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 15182 | 17340791 | 17911040 |  | (570249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 3275 | 3693000 | 3864123 |  | (171123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 8125 | 9122831 | 9585539 |  | (462708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 1371 | 1557821 | 1617638 |  | (59817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 55727 | 63814543 | 65744981 |  | (1930438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 15182 | 17385128 | 17911041 |  | (525913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 984 | 1120426 | 1160547 |  | (40121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 54880 | 62719776 | 64745472 |  | (2025696) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | INR | 345353 | 3965000 | 4014766 |  | (49766) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | IDR | 18513702 | 1137240 | 1143169 |  | (5929) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 27337 | 193585 | 190330 | 3255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 99723 | 700000 | 694296 | 5704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | JPY | 97646 | 690000 | 679835 | 10165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | JPY | 51367 | 364027 | 357633 | 6394 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | MXN | 22665 | 1166550 | 1197845 |  | (31295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 22640 | 1166550 | 1196525 |  | (29975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 19212 | 999900 | 1015350 |  | (15450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | 4013 | 206529 | 212088 |  | (5559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | MXN | 14932 | 779000 | 789155 |  | (10155) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CA | TWD | 288431 | 9811421 | 10096659 |  | (285238) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A165

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 7440 | $5829305 | $5884585 | $— | $(55280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SGD | 6970 | 5455810 | 5513331 |  | (57521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SGD | 3457 | 2687190 | 2734141 |  | (46951) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ZAR | 19015 | 1050000 | 1067957 |  | (17957) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 12329170 | 9168101 | 9156571 | 11530 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | THB | 21031 | 648943 | 650795 |  | (1852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 276793 | 8565192 | 8565126 | 66 |  |
|  |  |  |  | $390037476 | $403409291 | 37114 | (13408929) |
|  |  |  |  |  |  | $3030544 | $(13495852) |

---

#### Cross currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |
|  07/22/25 | Buy | EUR | 513 | JPY | 82263 | $32375 | $— | MSI |
|  07/22/25 | Buy | EUR | 1558 | PLN | 6661 |  | (9055) | CITI |
|  07/22/25 | Buy | JPY | 82685 | EUR | 513 |  | (29439) | CITI |
|  07/22/25 | Buy | JPY | 165528 | EUR | 1026 |  | (57780) | MSI |
|  07/22/25 | Buy | PLN | 6955 | EUR | 1609 | 30629 |  | BNP |
|  |  |  |  |  |  | $63004 | $(96274) |  |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/ Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 06/20/30 | 1.000 %(Q) | 500 | $79794 | $13 | $79781 | MSI |
|  Dominican Republic | 06/20/30 | 1.000 %(Q) | 500 | 17697 | 13 | 17684 | MSI |
|  Emirate of Abu Dhabi | 06/20/30 | 1.000 %(Q) | 500 | (14946) | 13 | (14959) | MSI |
|  Federal Republic of Nigeria | 06/20/30 | 1.000 %(Q) | 500 | 80081 | 13 | 80068 | MSI |
|  Federation of Malaysia | 06/20/30 | 1.000 %(Q) | 750 | (18642) | 20 | (18662) | MSI |
|  Federative Republic of Brazil | 06/20/30 | 1.000 %(Q) | 2250 | 46855 | 59 | 46796 | MSI |
|  Kingdom of Bahrain | 06/20/30 | 1.000 %(Q) | 500 | 22408 | 13 | 22395 | MSI |
|  Kingdom of Morocco | 06/20/30 | 1.000 %(Q) | 500 | (820) | 13 | (833) | MSI |
|  Kingdom of Saudi Arabia | 06/20/30 | 1.000 %(Q) | 1250 | (18310) | 33 | (18343) | MSI |
|  People's Republic of China | 06/20/30 | 1.000 %(Q) | 2250 | (50944) | 59 | (51003) | MSI |
|  Republic of Argentina | 06/20/30 | 1.000 %(Q) | 500 | 128804 | 13 | 128791 | MSI |
|  Republic of Chile | 06/20/30 | 1.000 %(Q) | 1500 | (32401) | 39 | (32440) | MSI |
|  Republic of Colombia | 06/20/30 | 1.000 %(Q) | 1750 | 89789 | 46 | 89743 | MSI |
|  Republic of Indonesia | 06/20/30 | 1.000 %(Q) | 2000 | (20667) | 53 | (20720) | MSI |
|  Republic of Ivory Coast | 06/20/30 | 1.000 %(Q) | 500 | 59823 | 13 | 59810 | MSI |
|  Republic of Panama | 06/20/30 | 1.000 %(Q) | 500 | 19251 | 13 | 19238 | MSI |
|  Republic of Peru | 06/20/30 | 1.000 %(Q) | 750 | (6434) | 20 | (6454) | MSI |
|  Republic of Philippines | 06/20/30 | 1.000 %(Q) | 750 | (12557) | 20 | (12577) | MSI |
|  Republic of South Africa | 06/20/30 | 1.000 %(Q) | 2250 | 84846 | 59 | 84787 | MSI |
|  Republic of Turkey | 06/20/30 | 1.000 %(Q) | 2250 | 178877 | 59 | 178818 | MSI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A166

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

**Credit default swap agreements outstanding at June 30, 2025 (continued):**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Sultanate of Oman | 06/20/30 | 1.000 %(Q) | 500 | $(401) | $13 | $(414) | MSI |
|  United Mexican States | 06/20/30 | 1.000 %(Q) | 2250 | 6716 | 59 | 6657 | MSI |
|  |  |  |  | $638819 | $656 | $638163 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** |  |  |  |
|  CDX.EM.43.V1 | 06/20/30 | 1.000%(Q) | 25000 | 1.565% | $(612069) | $(5391) | $(606678) | MSI |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |  |  |
|  China Development Bank | 06/20/29 | 1.000%(Q) |  | 1535 | $(35409) | $(12473) | $(22936) | JPM |
|  Industrial & Commercial |  |  |  |  |  |  |  |  |
|  Bank of China Ltd. | 06/20/29 | 1.000%(Q) |  | 1535 | (34793) | (10883) | (23910) | JPM |
|  Israel Electric Corp. Ltd. | 03/20/32 | 1.000%(Q) |  | 1400 | 33155 | 55926 | (22771) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 850 | (10467) | 11303 | (21770) | BNP |
|  Republic of Italy | 12/20/27 | 1.000%(Q) | EUR | 410 | (11291) | (7524) | (3767) | BARC |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 3400 | 39214 | 230815 | (191601) | JPM |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 2200 | 25373 | 146163 | (120790) | MSI |
|  |  |  |  |  | $5782 | $413327 | $(407545) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |  |
|  Kingdom of Norway | 12/20/25 | —%(Q) | 1640 | 0.042% | $(324) | $(382) | $58 | BARC |
|  People's Republic of China | 06/20/29 | 1.000%(Q) | 3070 | 0.424% | 66467 | 30317 | 36150 | JPM |
|  Republic of Estonia | 12/20/26 | 1.000%(Q) | 450 | 0.266% | 4900 | 1254 | 3646 | JPM |
|  Republic of France | 06/20/34 | 0.250%(Q) | 1600 | 0.608% | (43127) | (31641) | (11486) | CITI |
|  Republic of France | 12/20/34 | 0.250%(Q) | 4270 | 0.631% | (127804) | (138384) | 10580 | BOA |
|  Republic of France | 12/20/34 | 0.250%(Q) | 3975 | 0.631% | (118974) | (90232) | (28742) | BOA |
|  Republic of Italy | 12/20/34 | 1.000%(Q) | 285 | 0.924% | 1777 | (1678) | 3455 | CITI |
|  Republic of Italy | 12/20/34 | 1.000%(Q) | 285 | 0.924% | 1777 | (1678) | 3455 | CITI |
|  Republic of Panama | 12/20/26 | 1.000%(Q) | 1430 | 0.954% | 1375 | 1212 | 163 | CITI |
|  |  |  |  |  | $(213933) | $(231212) | $17279 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A167

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Value at**<br>**Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** |  |  |  |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000%(Q) | 2800 | $(73722) | $(214898) | $(141176) |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 56189 | (1116423) | (1261620) | (145197) |
|  |  |  |  | $(1190145) | $(1476518) | $(286373) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at**<br>**June 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |  |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 2000 | \* | $(29153) | $(49441) | $20288 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 1930 | \* | (28160) | (24530) | (3630) | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500 %(M) | 2500 | \* | 2281 | 2966 | (685) | GSI |
|  |  |  |  |  | $(55032) | $(71005) | $15973 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A168

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at<br>June 30,**<br>**2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |
|  AUD | 2590 | 12/03/28 | 2.650%(S) | 6 Month BBSW(2)(S)/ 3.775% | $(83684) | $(46431) | $37253 |
|  AUD | 4855 | 02/19/31 | 1.398%(S) | 6 Month BBSW(2)(S)/ 3.775% |  | (408301) | (408301) |
|  AUD | 3085 | 12/03/33 | 2.800%(S) | 6 Month BBSW(2)(S)/ 3.775% | (219900) | (172713) | 47187 |
|  CAD | 9015 | 02/17/26 | 1.060%(S) | 1 Day CORRA(2)(S)/ 2.750% | 31766 | (124188) | (155954) |
|  CAD | 1340 | 12/03/27 | 3.650%(S) | 1 Day CORRA(2)(S)/ 2.750% | (2011) | 27458 | 29469 |
|  CAD | 1825 | 12/03/33 | 3.500%(S) | 1 Day CORRA(1)(S)/ 2.750% | 27810 | (64393) | (92203) |
|  CAD | 1300 | 12/03/38 | 3.550%(S) | 1 Day CORRA(1)(S)/ 2.750% | (28984) | (43481) | (14497) |
|  CAD | 3100 | 12/03/43 | 3.550%(S) | 1 Day CORRA(2)(S)/ 2.750% | (98797) | 93760 | 192557 |
|  CAD | 1535 | 12/03/49 | 3.400%(S) | 1 Day CORRA(2)(S)/ 2.750% | 54383 | 28851 | (25532) |
|  CAD | 775 | 12/03/52 | 3.300%(S) | 1 Day CORRA(2)(S)/ 2.750% | (7812) | 8704 | 16516 |
|  CAD | 165 | 12/03/53 | 3.300%(S) | 1 Day CORRA(2)(S)/ 2.750% | (192) | 2157 | 2349 |
|  CHF | 3250 | 02/19/31 | (0.042)%(A) | 1 Day SARON(2)(S)/ (0.032)% | (3413) | (78449) | (75036) |
|  CHF | 1000 | 03/31/33 | 1.909%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | 156860 | 156860 |
|  CHF | 1815 | 03/20/34 | 1.258%(A) | 1 Day SARON(1)(A)/ (0.032)% | (125659) | (170694) | (45035) |
|  CHF | 1330 | 12/13/34 | 0.371%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | (18452) | (18452) |
|  CLP | 469700 | 02/19/27 | 2.140%(S) | 1 Day CLOIS(2)(S)/ 5.000% |  | (23700) | (23700) |
|  CNH | 500485 | 02/23/26 | 2.921%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | (204) | 687845 | 688049 |
|  CNH | 30000 | 03/04/26 | 1.765%(Q) | 7 Day China Fixing Repo Rates(1)(Q)/ 2.300% |  | (4999) | (4999) |
|  CNH | 15560 | 08/01/27 | 2.420%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 44460 | 44460 |
|  CNH | 30410 | 08/04/27 | 2.388%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 83631 | 83631 |
|  CNH | 134045 | 03/01/28 | 2.955%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 746166 | 746166 |
|  CNH | 12190 | 04/26/28 | 2.790%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 65176 | 65176 |
|  CNH | 128445 | 05/11/28 | 2.600%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 165345 | 588797 | 423452 |
|  CNH | 20000 | 05/15/28 | 2.548%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 87496 | 87496 |
|  CNH | 179885 | 05/10/29 | 2.650%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 870300 | 1135107 | 264807 |
|  CNH | 26570 | 05/15/29 | 2.027%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 77976 | 77976 |
|  CNH | 59045 | 11/11/29 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | (1829) | 4270 | 6099 |
|  CNH | 28800 | 12/12/29 | 1.496%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 5075 | 2510 | (2565) |
|  CNH | 43625 | 05/11/30 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 11970 | 2854 | (9116) |
|  CZK | 23000 | 05/09/27 | 4.989%(A) | 6 Month PRIBOR(2)(S)/ 3.480% |  | 31418 | 31418 |
|  CZK | 12000 | 08/08/29 | 3.142%(A) | 6 Month PRIBOR(2)(S)/ 3.480% |  | (2188) | (2188) |
|  DKK | 7500 | 04/08/32 | 1.581%(A) | 6 Month CIBOR(2)(S)/ 2.110% | (25583) | (74790) | (49207) |
|  DKK | 1340 | 07/10/35 | 3.200%(A) | 6 Month CIBOR(2)(S)/ 2.110% | 6132 | 12343 | 6211 |
|  EUR | 6780 | 04/23/26 | 3.076%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (97765) | (97765) |
|  EUR | 3105 | 10/11/29 | 2.101%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (13524) | (13524) |
|  EUR | 3939 | 08/15/30 | (0.191)%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (1143) | (641988) | (640845) |
|  EUR | 2160 | 05/11/31 | 0.750%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | 14753 | 202155 | 187402 |
|  EUR | 11110 | 05/11/31 | 2.650%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (275198) | (376707) | (101509) |
|  EUR | 14525 | 03/20/33 | 2.996%(A) | 6 Month EURIBOR(2)(S)/ 2.049% |  | 647463 | 647463 |
|  EUR | 6515 | 02/15/34 | 2.192%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 102895 | 102895 |
|  EUR | 11875 | 02/15/34 | 2.231%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 142460 | 142460 |
|  EUR | 9353 | 02/15/34 | 2.258%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 87565 | 87565 |
|  EUR | 210 | 03/20/34 | 2.560%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 693 | 4072 | 3379 |
|  EUR | 7965 | 05/11/34 | 2.650%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 207903 | 215805 | 7902 |
|  EUR | 8400 | 03/20/38 | 2.982%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | (288108) | (288108) |
|  EUR | 1780 | 11/24/41 | 0.565%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 399044 | 399044 |
|  EUR | 1780 | 11/24/41 | 0.600%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (399564) | (399564) |
|  EUR | 4316 | 11/25/41 | 0.629%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 943268 | 943268 |
|  EUR | 4316 | 11/25/41 | 0.663%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (945091) | (945091) |
|  EUR | 2275 | 03/22/42 | 1.257%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 370471 | 370471 |
|  EUR | 2275 | 03/22/42 | 1.310%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (368024) | (368024) |
|  EUR | 3000 | 02/24/43 | 2.910%(A) | 6 Month EURIBOR(1)(S)/ 2.049% | 2488 | (50878) | (53366) |
|  EUR | 3000 | 02/24/43 | 2.960%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% | (1383) | 100998 | 102381 |
|  EUR | 2770 | 05/11/46 | 1.150%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (21212) | (820923) | (799711) |
|  EUR | 2120 | 05/11/50 | 2.600%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 18182 | (34589) | (52771) |
|  EUR | 2250 | 05/11/51 | 1.200%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | 20621 | 739765 | 719144 |
|  EUR | 555 | 05/11/52 | 1.200%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (44096) | (186691) | (142595) |
|  EUR | 4815 | 11/28/54 | 1.468%(A) | 6 Month EURIBOR(1)(S)/ 2.049% | (3423) | 331538 | 334961 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A169

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br> **Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at**<br>**June 30,**<br>**2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  EUR | 1875 | 05/11/55 | 2.500%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | $11937 | $71253 | $59316 |
|  GBP | 9092 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | (339945) | 353668 | 693613 |
|  GBP | 265 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | 2627 | 10308 | 7681 |
|  GBP | 1945 | 05/08/27 | 1.050%(A) | 1 Day SONIA(2)(A)/ 4.217% | (117218) | (134219) | (17001) |
|  GBP | 4995 | 05/08/28 | 1.100%(A) | 1 Day SONIA(1)(A)/ 4.217% | 975234 | 487222 | (488012) |
|  GBP | 3000 | 05/08/29 | 1.100%(A) | 1 Day SONIA(1)(A)/ 4.217% | 370590 | 384515 | 13925 |
|  GBP | 1330 | 05/08/32 | 1.150%(A) | 1 Day SONIA(2)(A)/ 4.217% | (84867) | (294288) | (209421) |
|  GBP | 960 | 05/08/33 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | 298377 | 244220 | (54157) |
|  GBP | 3090 | 02/17/36 | 0.698%(A) | 1 Day SONIA(2)(A)/ 4.217% |  | (1274458) | (1274458) |
|  GBP | 2535 | 02/17/41 | 0.764%(A) | 1 Day SONIA(2)(A)/ 4.217% | (59) | (1447228) | (1447169) |
|  GBP | 800 | 05/08/45 | 3.950%(A) | 1 Day SONIA(2)(A)/ 4.217% | (41674) | (65989) | (24315) |
|  GBP | 1720 | 02/17/51 | 0.768%(A) | 1 Day SONIA(2)(A)/ 4.217% | (43) | (1368614) | (1368571) |
|  GBP | 2000 | 05/08/54 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | (1060120) | (1444817) | (384697) |
|  HUF | 200000 | 09/03/30 | 1.705%(A) | 6 Month BUBOR(2)(S)/ 6.500% | (15725) | (118455) | (102730) |
|  ILS | 2935 | 07/08/30 | 3.950%(A) | 1 Day SHIR(2)(A)/ 4.500% | 873 | 5548 | 4675 |
|  JPY | 410000 | 07/08/25 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (1634) | (10824) | (9190) |
|  JPY | 640000 | 07/08/27 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (34373) | (85800) | (51427) |
|  JPY | 900000 | 07/08/27 | 0.500%(A) | 1 Day TONAR(1)(A)/ 0.477% | 23947 | 18159 | (5788) |
|  JPY | 2000000 | 02/24/28 | 0.050%(S) | 1 Day TONAR(2)(S)/ 0.477% | (588) | (308453) | (307865) |
|  JPY | 734000 | 04/11/28 | 0.609%(A) | 1 Day TONAR(1)(A)/ 0.477% |  | 22730 | 22730 |
|  JPY | 685000 | 07/08/28 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (66553) | (137715) | (71162) |
|  JPY | 493400 | 07/31/28 | 0.268%(A) | 1 Day TONAR(2)(A)/ 0.477% |  | (57836) | (57836) |
|  JPY | 435000 | 07/08/29 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.477% | 90292 | 118617 | 28325 |
|  JPY | 1620500 | 02/19/31 | 0.135%(S) | 1 Day TONAR(2)(S)/ 0.477% | (3158) | (545591) | (542433) |
|  JPY | 1600000 | 02/24/31 | 0.136%(S) | 1 Day TONAR(2)(S)/ 0.477% | (3003) | (539042) | (536039) |
|  JPY | 1600000 | 02/24/31 | 0.136%(S) | 1 Day TONAR(1)(S)/ 0.477% | 918041 | 536498 | (381543) |
|  JPY | 160000 | 07/08/32 | 0.900%(A) | 1 Day TONAR(2)(A)/ 0.477% | (22904) | (2165) | 20739 |
|  JPY | 510000 | 07/08/33 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.477% | (205413) | (273275) | (67862) |
|  JPY | 1364000 | 02/19/36 | 0.290%(S) | 1 Day TONAR(2)(S)/ 0.477% | (7567) | (980762) | (973195) |
|  JPY | 400000 | 07/08/37 | 0.150%(A) | 1 Day TONAR(1)(A)/ 0.477% | 238416 | 380685 | 142269 |
|  JPY | 20000 | 07/08/38 | 0.200%(A) | 1 Day TONAR(2)(A)/ 0.477% | (15398) | (20780) | (5382) |
|  JPY | 1515000 | 02/19/41 | 0.418%(S) | 1 Day TONAR(2)(S)/ 0.477% | (13320) | (1887986) | (1874666) |
|  JPY | 800000 | 07/08/42 | 0.300%(A) | 1 Day TONAR(1)(A)/ 0.477% | 443919 | 1201187 | 757268 |
|  JPY | 170000 | 07/08/43 | 0.300%(A) | 1 Day TONAR(2)(A)/ 0.477% | (167148) | (278496) | (111348) |
|  JPY | 240000 | 07/08/44 | 1.550%(A) | 1 Day TONAR(2)(A)/ 0.477% | (6770) | (60487) | (53717) |
|  JPY | 145000 | 07/08/45 | 1.600%(A) | 1 Day TONAR(2)(A)/ 0.477% | (40600) | (37724) | 2876 |
|  JPY | 666500 | 02/19/46 | 0.499%(S) | 1 Day TONAR(2)(S)/ 0.477% | (7335) | (1204791) | (1197456) |
|  JPY | 410500 | 02/19/46 | 0.499%(S) | 1 Day TONAR(1)(S)/ 0.477% | 5785 | 740903 | 735118 |
|  JPY | 230000 | 07/08/48 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | (261665) | (474456) | (212791) |
|  JPY | 685500 | 02/19/51 | 0.553%(S) | 1 Day TONAR(2)(S)/ 0.477% | (8617) | (1566474) | (1557857) |
|  JPY | 200000 | 07/08/52 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | (255956) | (496051) | (240095) |
|  JPY | 94100 | 07/31/53 | 1.102%(A) | 1 Day TONAR(1)(A)/ 0.477% |  | 145532 | 145532 |
|  JPY | 355000 | 07/08/54 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.477% | 18699 | (196135) | (214834) |
|  KRW | 765000 | 04/19/28 | 3.135%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | 11796 | 11796 |
|  KRW | 7880000 | 02/18/31 | 1.528%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | (312107) | (312107) |
|  KRW | 1215000 | 08/13/31 | 1.630%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | (44069) | (44069) |
|  KRW | 1640250 | 03/10/33 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | (21570) | 51093 | 72663 |
|  KRW | 420000 | 11/24/33 | 3.610%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | 24953 | 24953 |
|  KRW | 4551530 | 03/10/34 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | (10301) | 151644 | 161945 |
|  KRW | 2592000 | 03/10/35 | 3.200%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | 98471 | 99427 | 956 |
|  MXN | 54940 | 12/25/25 | 6.050%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 4007 | (33445) | (37452) |
|  MXN | 6685 | 12/30/25 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 199 | 430 | 231 |
|  MXN | 54940 | 03/19/26 | 6.050%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% |  | (11256) | (11256) |
|  MXN | 6685 | 05/09/34 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% |  | 2287 | 2287 |
|  NOK | 3845 | 02/19/31 | 1.654%(A) | 6 Month NIBOR(2)(S)/ 4.370% |  | (44134) | (44134) |
|  NZD | 1515 | 02/22/31 | 1.584%(S) | 3 Month BBR(2)(Q)/ 3.290% |  | (95882) | (95882) |
|  PLN | 5595 | 05/11/27 | 4.400%(A) | 6 Month WIBOR(2)(S)/ 5.040% | (4321) | 725 | 5046 |
|  PLN | 2000 | 09/07/30 | 1.068%(A) | 6 Month WIBOR(2)(S)/ 5.040% | (11972) | (85971) | (73999) |
|  SEK | 14000 | 02/19/31 | 0.655%(A) | 3 Month STIBOR(2)(Q)/ 2.127% |  | (123526) | (123526) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A170

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount**<br> **(000)#** | **Notional<br>Amount**<br> **(000)#** | **Termination**<br> **Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at**<br>**June 30,**<br>**2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  SGD | 2135 | 07/29/31 | 1.120%(S) | 1 Day SORA(2)(S)/ 1.560% | $9019 | $(66878) | $(75897) |
|  THB | 94000 | 02/19/31 | 1.380%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 9839 | 9839 |
|  THB | 32800 | 04/18/34 | 2.895%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 118614 | 118614 |
|  THB | 28780 | 04/22/34 | 2.818%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 98255 | 98255 |
|  THB | 21225 | 09/10/34 | 2.350%(Q) | 1 Day THOR(2)(Q)/ 1.739% | 25331 | 46273 | 20942 |
|  THB | 22200 | 12/16/34 | 2.173%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 37725 | 37725 |
|  TWD | 109800 | 02/17/28 | 1.390%(Q) | 3 Month TAIBOR(1)(Q)/ 1.678% |  | 12099 | 12099 |
|  | 78220 | 08/19/25 | 4.395%(T) | 1 Day SOFR(2)(T)/ 4.450% | 1076 | (175535) | (176611) |
|  | 21940 | 08/19/25 | 4.395%(T) | 1 Day SOFR(2)(T)/ 4.450% | (159) | (49236) | (49077) |
|  | 82715 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (184966) | (184966) |
|  | 13430 | 11/12/25 | 4.200%(T) | 1 Day SOFR(1)(T)/ 4.450% | 4681 | 27860 | 23179 |
|  | 7410 | 04/23/26 | 4.861%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 57983 | 57983 |
|  | 6170 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 4.450% | 59529 | 44367 | (15162) |
|  | 53000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 4.450% | 223872 | 381110 | 157238 |
|  | 102695 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (677516) | (677516) |
|  | 16425 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% | 3038 | (207457) | (210495) |
|  | 13870 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (175186) | (175186) |
|  | 52280 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.450% | 12138 | 923969 | 911831 |
|  | 6537 | 08/15/28 | 1.220%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 620650 | 620650 |
|  | 9730 | 09/05/28 | 4.027%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (136715) | (136715) |
|  | 7560 | 09/28/28 | 4.396%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (221779) | (221779) |
|  | 7870 | 11/07/28 | 4.223%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (192242) | (192242) |
|  | 32535 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.450% | (34593) | (1001137) | (966544) |
|  | 3150 | 05/17/29 | 4.143%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (84164) | (84164) |
|  | 8120 | 05/11/30 | 4.150%(A) | 1 Day SOFR(1)(A)/ 4.450% | 36079 | (261196) | (297275) |
|  | 1400 | 02/22/32 | 3.989%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (37326) | (37326) |
|  | 2440 | 03/28/32 | 3.841%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (43539) | (43539) |
|  | 1780 | 12/10/34 | 3.911%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 30005 | 30005 |
|  | 6950 | 08/15/39 | 3.771%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | (125256) | (125256) |
|  | 28785 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 58775 | 58775 |
|  | 3200 | 05/11/45 | 4.000%(A) | 1 Day SOFR(2)(A)/ 4.450% | (135752) | 13557 | 149309 |
|  | 4110 | 05/11/49 | 1.350%(A) | 1 Day SOFR(2)(A)/ 4.450% | (1604019) | (1685467) | (81448) |
|  | 17740 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.450% | (125441) | (492406) | (366965) |
|  | 4768 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 15437 | 15437 |
|  | 800 | 04/30/54 | 4.027%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (13843) | (13843) |
|  | 1545 | 05/10/54 | 3.850%(A) | 1 Day SOFR(2)(A)/ 4.450% | (8804) | (20641) | (11837) |
|  | 4005 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | 1828150 | 1798106 | (30044) |
|  | 3790 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | 1661546 | 1701579 | 40033 |
|  | 15510 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 64056 | 358387 | 294331 |
|  | 24515 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 358525 | 566465 | 207940 |
|  | 1549 | 12/15/54 | 3.638%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 72251 | 72251 |
|  | 15705 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.450% | 121736 | 602211 | 480475 |
|  | 21940 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 419781 | 419781 |
|  | 2495 | 05/11/55 | 3.850%(A) | 1 Day SOFR(1)(A)/ 4.450% | 121784 | 29025 | (92759) |
|  | 1685 | 05/10/74 | 3.420%(A) | 1 Day SOFR(1)(A)/ 4.450% | 17418 | 91939 | 74521 |
|  | 2540 | 05/11/74 | 1.950%(A) | 1 Day SOFR(1)(A)/ 4.450% | 11445 | 96853 | 85408 |
|  |  |  |  |  | $3815150 | $(5900564) | $(9715714) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |  |
|  BRL 12,822 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(94398) | $— | $(94398) | GSI |
|  BRL 12,822 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 114663 |  | 114663 | GSI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A171

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  CNH | 10500 | 07/31/30 | 2.515%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | $75734 | $— | $75734 | MSI |
|  CNH | 11000 | 09/01/30 | 2.360%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 67636 |  | 67636 | MSI |
|  MYR | 4755 | 11/23/30 | 3.880%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 38064 | (5) | 38069 | MSI |
|  MYR | 9500 | 02/17/31 | 2.875%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | (42768) | (73) | (42695) | JPM |
|  MYR | 1310 | 02/28/32 | 3.625%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 6657 |  | 6657 | JPM |
|  |  |  |  |  | $165588 | $(78) | $165666 |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination <br>Date** | **Long (Short)<br>Notional<br>Amount<br> (000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums**<br>**Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month U.S. Treasury Bill +8bps(Q)/ 4.315% | BOA | 03/31/26 | 20482 | $(2432) | $— | $(2432) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -40bps(T)/ 3.930% | GSI | 09/19/25 | (29234) | 90018 |  | 90018 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +24bps(T)/ 4.570% | JPM | 08/13/25 | 10588 | 113935 |  | 113935 |
|  U.S. Treasury Bond(T) | 1 Day USOIS -30bps(T)/ 4.030% | JPM | 09/03/25 | 10140 | 263406 |  | 263406 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +23bps(T)/ 4.560% | JPM | 11/06/25 | 22975 | 194428 |  | 194428 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +19.5bps(T)/ 4.525% | CITI | 12/12/25 | 41160 | 585691 |  | 585691 |
|  |  |  |  |  | $1245046 | $— | $1245046 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

**SEE NOTES TO FINANCIAL STATEMENTS.**

A172

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $480612 | $(374315) | $2442600 | $(1374696) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $– | $6446749 |
|  GS | – | 2567562 |
|  MLC | – | 18840808 |
|  SG | – | 89959441 |
|  **Total** | $– | $117814560 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Mutual Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $1711779532 | $— | $— |  |
|  Common Stocks | 5888536299 | 1539468628 | 12 |  |
|  Preferred Stocks | 4186316 | 6322328 |  | \*\* |
|  Rights |  | 4225 |  |  |
|  Unaffiliated Exchange-Traded Funds | 1577546297 |  |  |  |
|  Warrants |  | 14630 |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 8824815 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 553560814 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 3916403 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 3865018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 2775344 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 399357 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 258734 |  |  |
|  Commercial Mortgage-Backed Securities |  | 45576019 |  |  |
|  Corporate Bonds |  | 460780095 | 2489352 |  |
|  Floating Rate and Other Loans |  | 22361737 |  |  |
|  Residential Mortgage-Backed Securities |  | 12632590 |  |  |
|  Sovereign Bonds |  | 161919039 |  |  |
|  U.S. Government Agency Obligations |  | 4221872 |  |  |
|  U.S. Treasury Obligations. |  | 178537574 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 1380330669 |  |  |  |
|  U.S. Treasury Obligations. |  | 155547758 |  |  |
|  Options Purchased | 15437 | 27427322 |  |  |
|  **Total** | $**10562394550** | $**3188414302** | $**2489364** |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A173

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(63381)** | $**(985769)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $45020831 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 3030544 |  |
|  OTC Cross Currency Exchange Contracts |  | 63004 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 814941 |  |
|  OTC Credit Default Swap Agreements |  | 176319 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 13966032 |  |
|  OTC Interest Rate Swap Agreements |  | 302754 |  |
|  OTC Total Return Swap Agreements |  | 1247478 |  |
|  **Total** | $**45020831** | $**19601072** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(9004833) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (13495852) |  |
|  OTC Cross Currency Exchange Contracts |  | (96274) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (788191) |  |
|  Centrally Cleared Credit Default Swap Agreements |  | (286373) |  |
|  OTC Credit Default Swap Agreements |  | (439502) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (23681746) |  |
|  OTC Interest Rate Swap Agreements |  | (137166) |  |
|  OTC Total Return Swap Agreement |  | (2432) |  |
|  **Total** | $**(9004833)** | $**(38927536)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.2% represents investments purchased with collateral from securities on loan) | 22.6 |
|  Unaffiliated Exchange-Traded Funds | 11.6 |
|  Semiconductors & Semiconductor Equipment | 5 |
|  Software | 4.7 |
|  Collateralized Loan Obligations | 4.1 |
|  Banks | 3.8 |
|  Interactive Media & Services | 2.8 |
|  U.S. Treasury Obligations | 2.5 |
|  Pharmaceuticals | 2.3 |
|  Insurance | 2.1 |
|  Technology Hardware, Storage & Peripherals | 1.9 |
|  Broadline Retail | 1.9 |
|  Capital Markets | 1.8 |
|  Financial Services | 1.8 |
|  Aerospace & Defense | 1.7 |
|  Oil, Gas & Consumable Fuels | 1.7 |
|  Entertainment | 1.6 |
|  Sovereign Bonds | 1.2 |
|  Consumer Staples Distribution & Retail | 1.2 |
|  Biotechnology | 1 |
|  Machinery | 1 |
|  Automobiles | 1 |
|  Hotels, Restaurants & Leisure | 1 |

---

---

| | |
|:---|:---|
|  Health Care Equipment & Supplies | 1 |
|  Specialty Retail | 0.9 |
|  Health Care Providers & Services | 0.9 |
|  IT Services | 0.8 |
|  Electric Utilities | 0.8 |
|  Electrical Equipment | 0.7 |
|  Metals & Mining | 0.6 |
|  Textiles, Apparel & Luxury Goods | 0.6 |
|  Chemicals | 0.5 |
|  Ground Transportation | 0.5 |
|  Communications Equipment | 0.5 |
|  Multi-Utilities | 0.5 |
|  Diversified Telecommunication Services | 0.5 |
|  Food Products | 0.5 |
|  Industrial Conglomerates | 0.4 |
|  Building Products | 0.4 |
|  Specialized REITs | 0.4 |
|  Professional Services | 0.4 |
|  Tobacco | 0.4 |
|  Media | 0.4 |
|  Electric | 0.4 |
|  Trading Companies & Distributors | 0.4 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Household Products | 0.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A174

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Commercial Mortgage-Backed Securities | 0.3 |
|  Beverages | 0.3 |
|  Real Estate Management & Development | 0.3 |
|  Life Sciences Tools & Services | 0.3 |
|  Consumer Finance | 0.3 |
|  Telecommunications | 0.3 |
|  Personal Care Products | 0.2 |
|  Construction & Engineering | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Options Purchased | 0.2 |
|  Household Durables | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Real Estate Investment Trusts (REITs) | 0.2 |
|  Retail REITs | 0.2 |
|  Retail | 0.2 |
|  Automobile Components | 0.2 |
|  Residential REITs | 0.2 |
|  Industrial REITs | 0.2 |
|  Air Freight & Logistics | 0.2 |
|  Oil & Gas | 0.2 |
|  Commercial Services | 0.1 |
|  Home Builders | 0.1 |
|  Health Care REITs | 0.1 |
|  Construction Materials | 0.1 |
|  Foods | 0.1 |
|  Pipelines | 0.1 |
|  Containers & Packaging | 0.1 |
|  Gas Utilities | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Marine Transportation | 0.1 |
|  Residential Mortgage-Backed Securities | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Passenger Airlines | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Real Estate | 0.1 |
|  Healthcare-Products | 0.1 |
|  Water Utilities | 0.1 |
|  Transportation | 0.1 |
|  Office REITs | 0.1 |
|  Diversified REITs | 0.1 |
|  Miscellaneous Manufacturing | 0.1 |
|  Multi-National | 0.1 |

---

---

| | |
|:---|:---|
|  Holding Companies-Diversified | 0.1 |
|  Computers | 0.1 |
|  Engineering & Construction | 0.1 |
|  Auto Parts & Equipment | 0.0 |
|  Transportation Infrastructure | 0.0 |
|  Building Materials | 0.0 |
|  Health Care Technology | 0.0 |
|  Leisure Products | 0.0 |
|  U.S. Government Agency Obligations | 0.0 |
|  Mining | 0.0 |
|  Consumer Loans | 0.0 |
|  Lodging | 0.0 |
|  Credit Cards | 0.0 |
|  Packaging & Containers | 0.0 |
|  Healthcare-Services | 0.0 |
|  Airlines | 0.0 |
|  Leisure Time | 0.0 |
|  Electronics | 0.0 |
|  Home Equity Loans | 0.0 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 |
|  Investment Companies | 0.0 |
|  Housewares | 0.0 |
|  Agriculture | 0.0 |
|  Internet | 0.0 |
|  Paper & Forest Products | 0.0 |
|  Hotel & Resort REITs | 0.0 |
|  Electrical Components & Equipment | 0.0 |
|  Trucking & Leasing | 0.0 |
|  Distributors | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Toys/Games/Hobbies | 0.0 |
|  Iron/Steel | 0.0 |
|  Semiconductors | 0.0 |
|  Gas | 0.0 |
|  Apparel | 0.0 |
|  Environmental Control | 0.0 |
|  Other | 0.0 |
|  | 100.8 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (0.8) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A175

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as** <br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair** <br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair** <br>**Value** |
|  Commodity contracts |  | $— | Unrealized depreciation on OTC swap agreements | $2432 |
|  Credit contracts |  |  | Due from/to broker-variation margin swaps | 286373 \* |
|  Credit contracts | Premiums paid for OTC swap agreements | 480612 | Premiums received for OTC swap agreements | 374237 |
|  Credit contracts | Unaffiliated investments | 63116 | Options written outstanding, at value | 140882 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 892363 | Unrealized depreciation on OTC swap agreements | 1235171 |
|  Equity contracts | Due from/to broker-variation margin futures | 29559595 \* |  |  |
|  Equity contracts | Unaffiliated investments | 27185365 |  |  |
|  Foreign exchange contracts |  |  | Due from/to broker-variation margin futures | 7006018 \* |
|  Foreign exchange contracts | Unaffiliated investments | 128551 | Options written outstanding, at value | 806955 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 63004 | Unrealized depreciation on OTC cross currency exchange contracts | 96274 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 3030544 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 13495852 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 15461236 \* | Due from/to broker-variation margin futures | 1998815 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 13966032 \* | Due from/to broker-variation margin swaps | 23681746 \* |
|  Interest rate contracts |  |  | Premiums received for OTC swap agreements | 78 |
|  Interest rate contracts | Unaffiliated investments | 65727 | Options written outstanding, at value | 101313 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 1550237 | Unrealized depreciation on OTC swap agreements | 137093 |
|  |  | $92446382 |  | $49363239 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(157179) | $396554 | $— | $— | $(912485) |
|  Equity contracts | 10299660 |  | (43343795) |  |  |
|  Foreign exchange contracts | (172875) | 1238207 | (18012694) | (5642367) |  |
|  Interest rate contracts | 59778 | 62377 | (1543204) |  | (1897405) |
|  **Total** | $10029384 | $1697138 | $(62899693) | $(5642367) | $(2809890) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A176

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $(2432) |
|  Credit contracts | 28446 | (45931) |  |  | (112075) |
|  Equity contracts | (8894041) |  | 45918269 |  |  |
|  Foreign exchange contracts | (35118) | (252986) | (10478088) | (22005756) |  |
|  Interest rate contracts | (149017) | 203603 | 24620529 |  | (345044) |
|  **Total** | $(9049730) | $(95314) | $60060710 | $(22005756) | $(459551) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $24039680 |
|  Options Written (2) | 392604109 |
|  Futures Contracts - Long Positions (2) | 1946138109 |
|  Futures Contracts - Short Positions (2) | 333626992 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 120725262 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 387497884 |
|  Cross Currency Exchange Contracts (4) | 1977979 |
|  Interest Rate Swap Agreements (2) | 1523898426 |
|  Credit Default Swap Agreements - Buy Protection (2) | 88898551 |
|  Credit Default Swap Agreements - Sell Protection (2) | 87579202 |
|  Currency Swap Agreements (2) | 1606653 |
|  Total Return Swap Agreements (2) | 120371254 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  Securities on Loan | $154510535 | $(154510535) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized**<br>**Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br>**Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BARC(3) | $618115 | $(56434) | $561681 | $(308617) | $253064 |
|  BNP(3) | 41932 | (130193) | (88261) |  | (88261) |
|  BOA(3) | 153939 | (343933) | (189994) | 189994 |  |
|  BOA(4) |  | (2432) | (2432) |  | (2432) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A177

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized**<br>**Liabilities(1)** | **Net Amounts of**<br>**Recognized<br>Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  CA(3) |  | (285238) | (285238) |  | (285238) |
|  CITI(3) | $881776 | $(717961) | $163815 | $(163815) | $— |
|  DB(3) | 149747 | (669239) | (519492) | 395053 | (124439) |
|  GSI(3) | 833100 | (357182) | 475918 | (475918) |  |
|  HSBC(3) | 407819 | (5510638) | (5102819) | 4492290 | (610529) |
|  JPM(3) | 1022851 | (1477450) | (454599) | 454599 |  |
|  MSI(3) | 1776111 | (2206140) | (430029) | 430029 |  |
|  SCB(3) | 69363 | (37193) | 32170 |  | 32170 |
|  SSB(3) | 23518 | (2496472) | (2472954) | 1846879 | (626075) |
|  TD(3) |  | (2025696) | (2025696) | 1907149 | (118547) |
|  UAG(3) | 280446 | (10705) | 269741 |  | 269741 |
|  | $6258717 | $(16326906) | $(10068189) | $8767643 | $(1300546) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Fixed Income

(4) QMA (Allocation Liquidity)

**SEE NOTES TO FINANCIAL STATEMENTS.**

A178

------

<br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $154,510,535: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $9,092,491,328) | $10661188015.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,911,200,316) | 3092110201.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1722261.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $8,951,233) | 9015510.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 78689531.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 24521012.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 21388578.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 10047380.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 5000892.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 3030544.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 2442600.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 480612.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 93839.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 63004.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 43782.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 229658.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 13910067419.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 157943759.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 79384000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 13495852.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 3533721.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 3399011.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1488021.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 1374696.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $861,456) | 1049150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 554241.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 374315.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 188171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 96274.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 76422.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3448.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 262962037.0 |
|  **NET ASSETS** | $13647105382.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $13647105382.0 |
|  Net asset value and redemption price per share, $13,647,105,382 / 513,939,014 outstanding shares of beneficial interest | $26.55 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $2,974,241 foreign withholding tax, of which $325,674 is reimbursable by an affiliate) | $83906909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 39210885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 27114276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $175,631) | 230744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 150462814 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee. | 41119277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 16591776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 710471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 116588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 77501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 42728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 7793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 180719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 58851508 |
|  **NET INVESTMENT INCOME (LOSS)** | 91611306 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $30,271,470) (net of foreign capital gains taxes $(5657)) | 519679817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (62899693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (5642367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 1697138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (2809890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4283115) |
|  | 445741890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $42,111,309) (net of change in foreign capital gains taxes $728,660) | 276470785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 60060710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (22005756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (95314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (459551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1835568 |
|  | 315806442 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 761548332 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $853159638 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $91611306 | $225957086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 445741890 | 1313634152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 315806442 | 314259712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 853159638 | 1853850950 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [26,977,854 and 33,737,433 shares, respectively] | 668957935 | 796830716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [84,601,258 and 123,072,533 shares, respectively] | (2022392799) | (2887957353) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (1353434864) | (2091126637) |
|  **TOTAL INCREASE (DECREASE)** | (500275226) | (237275687) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 14147380608 | 14384656295 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $13647105382 | $14147380608 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A179

------

<br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $24.75 | $21.77 | $18.44 | $22.57 | $19.34 | $18.27 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.17 | 0.36 | 0.36 | 0.24 | 0.18 | 0.19 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.63 | 2.62 | 2.97 | (4.37) | 3.05 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.80 | 2.98 | 3.33 | (4.13) | 3.23 | 1.07 |
|  Net Asset Value, end of period | $26.55 | $24.75 | $21.77 | $18.44 | $22.57 | $19.34 |
|  **Total Return<sup>(b)</sup>**  | 7.27% | 13.69% | 18.06% | (18.30)% | 16.70% | 5.86% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $13647 | $14147 | $14385 | $10810 | $18295 | $17632 |
|  Average net assets (in millions) | $13383 | $14662 | $13110 | $13622 | $18224 | $15684 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.89 %<sup>(d)</sup> | 0.88% | 0.89% | 0.89% | 0.87% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.89 %<sup>(d)</sup> | 0.88% | 0.89% | 0.89% | 0.87% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.38 %<sup>(d)</sup> | 1.54% | 1.83% | 1.22% | 0.83% | 1.10% |
|  Portfolio turnover rate<sup>(e)</sup>  | 42% | 75% | 83% | 88% | 116% | 154% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A180

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares#** | **Value** |
|  **LONG-TERM INVESTMENTS — 90.6%** | **LONG-TERM INVESTMENTS — 90.6%** | **LONG-TERM INVESTMENTS — 90.6%** |
|  **AFFILIATED MUTUAL FUNDS — 38.3%** | **AFFILIATED MUTUAL FUNDS — 38.3%** | **AFFILIATED MUTUAL FUNDS — 38.3%** |
|  **Domestic Equity — 6.8%** | **Domestic Equity — 6.8%** | **Domestic Equity — 6.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 1005343 | $101328571 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 695825 | 38312128 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 300655 | 23547295 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Natural Resources Fund | 51915 | 3141904 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio\* | 278807 | 36665921 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM Jennison Value Portfolio\* | 178205 | 11463931 |
|  |  | 214459750 |
|  **Fixed Income — 30.9%** | **Fixed Income — 30.9%** | **Fixed Income — 30.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 83776059 | 964262444 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 1856205 | 13977222 |
|  |  | 978239666 |
|  **International Equity — 0.6%** | **International Equity — 0.6%** | **International Equity — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund | 13910 | 284450 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Emerging Markets Equity Opportunities Fund | 39915 | 763178 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison International Opportunities Fund | 549570 | 19388845 |
|  |  | 20436473 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,062,764,013)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,062,764,013)(wa) | 1213135889 |
|  | **Shares** |  |
|  **COMMON STOCKS — 16.3%** | **COMMON STOCKS — 16.3%** | **COMMON STOCKS — 16.3%** |
|  **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 4719 | 987218 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 5900 | 509406 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 11818 | 306711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 6600 | 1382898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 800 | 390840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA (France) | 153 | 54097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 260 | 115813 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 5030 | 1467050 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 5200 | 1338428 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 2100 | 688800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 5395 | 1004171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA (Norway) | 8760 | 339730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 2544 | 143550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 1600 | 741024 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 75 | 33319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman<br>Corp.(a) | 2893 | 1446442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 333 | 705194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 71226 | 943933 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 4538 | 662639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 2491 | 139280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 2001 | 652574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 62400 | 382617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 1184 | 349605 |
|  |  | 14785339 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 8050 | $372875 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 1260 | 302216 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 4300 | 977433 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 3800 | 383572 |
|  |  | 2036096 |
|  **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 8700 | 111294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 7100 | 484362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 7739 | 287846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG (Germany) | 1311 | 114421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 1600 | 151968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 12300 | 263754 |
|  |  | 1413645 |
|  **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 670 | 328240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 38700 | 419895 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 23100 | 1136751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 44000 | 424286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 5800 | 73474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 11339 | 660612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 21496 | 215307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 22600 | 272471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 14164 | 4499336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 51100 | 880095 |
|  |  | 8910467 |
|  **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 8709 | 237807 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 85871 | 708681 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 24352 | 466993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 41934 | 645711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 95268 | 788903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 18750 | 360151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 15507 | 288516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 55733 | 2637285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 223130 | 1031033 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 14113 | 1265960 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 85000 | 370026 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 90019 | 779998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 7900 | 672448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 11600 | 271208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 1638 | 51618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 10990 | 1337574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 14406 | 272537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 7390 | 301836 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 8130 | 287006 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | 13648 | 377430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. (Hong Kong) | 4200 | 63026 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 172228 | 2083303 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 53337 | 1169024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A181

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 123837 | $713352 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 12400 | 3594884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 464550 | 488483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 100700 | 1372903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 11400 | 316463 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 10911 | 282789 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 81221 | 570411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 34950 | 518578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 12800 | 164138 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 8011 | 1493411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 31100 | 287234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)^ | 61896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shizuoka Financial Group, Inc. (Japan) | 2800 | 32578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 6907 | 395109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 18682 | 309160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 32600 | 820899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. (Japan) | 1600 | 42556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 18378 | 246031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 12012 | 318154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 26100 | 1122039 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 32981 | 1492390 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 10741 | 720543 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (Singapore) | 3800 | 107554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 2500 | 136500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 37159 | 2977179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 7024 | 156541 |
|  |  | 35147953 |
|  **Beverages — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 9645 | 663580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan) | 16500 | 220558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S (Denmark) (Class B Stock) | 234 | 33154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 30865 | 2183699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom) | 3654 | 338799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 5654 | 295380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 13694 | 345309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 16000 | 528960 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 3031 | 400213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 623 | 62145 |
|  |  | 5071797 |
|  **Biotechnology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 13718 | 2546335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 1400 | 456526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.(a) | 5000 | 1396050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 619 | 342668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 2300 | 288857 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 3200 | $175904 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 2892 | 456822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 18700 | 824202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 1301 | 270177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 9300 | 1031091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 500 | 84470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 425 | 223125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 3945 | 120067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 625 | 278250 |
|  |  | 8494544 |
|  **Broadline Retail — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 55615 | 12201375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 14200 | 425432 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 2900 | 215934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 2971 | 507429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 3000 | 103185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 14133 | 792953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. (Australia) | 800 | 44646 |
|  |  | 14290954 |
|  **Building Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. (Japan) | 4300 | 126144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 2108 | 65904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 19122 | 1399539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 6371 | 748435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. (Japan) | 300 | 35215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Switzerland) | 450 | 354395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 35000 | 483000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 3600 | 495072 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 5010 | 234830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 2445 | 1069467 |
|  |  | 5012001 |
|  **Capital Markets — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 8731 | 494107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 1177 | 628200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 3562 | 288721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock) | 1677 | 290456 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. (Australia) | 1167 | 53583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 17970 | 1637247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 186 | 195161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 2853 | 426752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 7177 | 654829 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 532 | 146630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 14400 | 102269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 16411 | 486511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (Germany) | 400 | 130676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (Netherlands), 144A | 1810 | 310129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR | 800 | 98872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 2142 | 1516000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 10100 | 543244 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A182

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 700 | $| 125965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 6100 |  | 1119167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd.(a) | 52400 |  | 826348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 22100 |  | 858364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 1786 |  | 121153 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 600 |  | 134004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 11963 |  | 1685108 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 800 |  | 461392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 11300 |  | 1010446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 67500 |  | 444805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 63 |  | 82425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial,<br>Inc.(a) | 6300 |  | 966231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 5600 |  | 524328 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 2900 |  | 1529141 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 8300 |  | 289215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 20600 |  | 241210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 1200 |  | 124536 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 24589 |  | 834840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 2100 |  | 94059 |
|  |  |  | 19476124 |
|  **Chemicals — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 2900 |  | 597983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 1809 |  | 510246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 62000 |  | 441363 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE (Germany) | 1238 |  | 61231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 5000 |  | 276650 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG (Switzerland) | 838 |  | 89151 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 12600 |  | 864234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 3300 |  | 889152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 20 |  | 96991 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 5212 |  | 155398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 2000 |  | 938360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 24000 |  | 126145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. (Japan) | 1400 |  | 52978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. (Japan) | 5900 |  | 113938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 2063 |  | 148117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 11400 |  | 229026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 16798 |  | 215694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 7900 |  | 260874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA (Belgium) | 1437 |  | 49773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 4620 |  | 170490 |
|  |  |  | 6287794 |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 19902 |  | 307363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 1900 |  | 423453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 10300 |  | 156352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 428 |  | 105549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 7142 |  | 106932 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 3300 |  | 89651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 9200 |  | 928740 |
|  |  |  | 2118040 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 11100 | $1135641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 33200 | 2303416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 76373 | 396271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 39531 | 337805 |
|  |  | 4173133 |
|  **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain)(a) | 2708 | 188227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 4596 | 207853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 2111 | 296623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 2100 | 54772 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 2100 | 357903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 7334 | 170843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 4321 | 637219 |
|  |  | 1913440 |
|  **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 4087 | 203874 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (XLON) | 4294 | 396378 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (NYSE) | 10000 | 918000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 1434 | 337702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 5242 | 389266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 300 | 164688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 2919 | 761334 |
|  |  | 3171242 |
|  **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 5900 | 229805 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 5129 | 1636048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 9527 | 2026965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 12600 | 840924 |
|  |  | 4733742 |
|  **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 4958 | 69939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 21818 | 299171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1900 | 1880886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 2700 | 267408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 26163 | 69061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Finland) (Class B Stock) | 6166 | 152079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 8500 | 355015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 6100 | 437553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 7543 | 36712 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 11500 | 236561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. (Japan) | 7100 | 114277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 9900 | 976635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 135819 | 748841 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 8800 | 677688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 27614 | 2700097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. (Australia) | 4025 | 82447 |
|  |  | 9104370 |
|  **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 500 | 87735 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A183

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Containers & Packaging (cont'd.)** | **Containers & Packaging (cont'd.)** | **Containers & Packaging (cont'd.)** | **Containers & Packaging (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1600 | $| 164768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 664 |  | 125131 |
|  |  |  | 377634 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 421 |  | 90662 |
|  **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 10900 |  | 92323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 200 |  | 82004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 500 |  | 94500 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 2100 |  | 115269 |
|  |  |  | 384096 |
|  **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 1601 |  | 101510 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 33321 |  | 106380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 120211 |  | 174421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 34986 |  | 123645 |
|  |  |  | 505956 |
|  **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 51400 |  | 1487516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 34130 |  | 1249281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 1100 |  | 61140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 68605 |  | 334668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA (France) | 18268 |  | 278189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA (Norway) | 13940 |  | 217076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 61088 |  | 219723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 160694 |  | 512392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 21475 |  | 929223 |
|  |  |  | 5289208 |
|  **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 3800 |  | 229786 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 8800 |  | 913088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 12000 |  | 148493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1500 |  | 484140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 74511 |  | 707162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 2304 |  | 191508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 48171 |  | 926715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 18900 |  | 224151 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 14815 |  | 1028457 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 7700 |  | 1236466 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 9200 |  | 408296 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 11853 |  | 165231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 9149 |  | 840153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 17031 |  | 175095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 3287 |  | 223845 |
|  |  |  | 7902586 |
|  **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 15777 |  | 945497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 5774 |  | 2061260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 2600 |  | 346658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 1800 |  | 82893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 3800 |  | 199901 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 2600 |  | 1375790 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 1781 | $| 238705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 13100 |  | 281768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. (Japan) | 4800 |  | 93279 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 4700 |  | 344275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 3000 |  | 996510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 2287 |  | 614025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 5938 |  | 694039 |
|  |  |  | 8274600 |
|  **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 2400 |  | 237000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 11917 |  | 626715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 11303 |  | 496814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 400 |  | 159931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 700 |  | 114702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 8200 |  | 98485 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 9400 |  | 109722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 6500 |  | 239850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. (Japan) | 2100 |  | 56099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 2700 |  | 832572 |
|  |  |  | 2971890 |
|  **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co.(a) | 23175 |  | 888530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 15900 |  | 537420 |
|  |  |  | 1425950 |
|  **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. (Japan) | 2500 |  | 85379 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA (Germany) | 1250 |  | 155438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. (Japan) | 2700 |  | 426875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 2600 |  | 3481738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 6000 |  | 576179 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp. (Class A Stock)\* | 6700 |  | 704840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 3500 |  | 559790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 1000 |  | 767340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV (Netherlands) | 2960 |  | 96024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 22107 |  | 2741489 |
|  |  |  | 9595092 |
|  **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 128 |  | 235077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 4998 |  | 86132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\*(a) | 8800 |  | 4274776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 3311 |  | 102841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 900 |  | 91242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 7850 |  | 639069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 1800 |  | 144072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 724 |  | 26320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 8610 |  | 255143 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 63152 |  | 223225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 7547 |  | 4240961 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A184

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 13700 | $| 309163 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 13500 |  | 1003320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA (Belgium) | 200 |  | 66150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 10100 |  | 3586005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. (Australia) | 5986 |  | 165486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise PLC (United Kingdom) (Class A Stock)\* | 9735 |  | 139068 |
|  |  |  | 15588050 |
|  **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. (Japan) | 10800 |  | 292930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Switzerland) | 3 |  | 50561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 36400 |  | 745108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 2824 |  | 231069 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 3000 |  | 155430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 671 |  | 111353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 6500 |  | 196625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 5800 |  | 786596 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 1400 |  | 137480 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV (Netherlands) | 8305 |  | 237229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 4500 |  | 116190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 8586 |  | 579040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA. | 17564 |  | 1746325 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 369000 |  | 355639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. (China) | 69800 |  | 157558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan) | 9500 |  | 212658 |
|  |  |  | 6111791 |
|  **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 4000 |  | 338840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 5200 |  | 133379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 21696 |  | 131341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 7000 |  | 232835 |
|  |  |  | 836395 |
|  **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 10300 |  | 230252 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 22217 |  | 724941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 1905 |  | 487623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 1700 |  | 270300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 18700 |  | 1744710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 7374 |  | 1696610 |
|  |  |  | 5154436 |
|  **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 17355 |  | 2360453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 836 |  | 74139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 3000 |  | 90840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 1082 |  | 186374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 7700 |  | 827057 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 6900 |  | 109572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 7800 |  | 680862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 4579 |  | 358124 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 678 |  | 186174 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 11744 | $| 257954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge AB (Sweden) (Class B Stock) | 5610 |  | 112709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 4600 |  | 546306 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 400 |  | 214536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 1200 |  | 377016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 1400 |  | 760774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC. | 15527 |  | 1353489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. (Japan) | 6800 |  | 80773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A | 1255 |  | 69670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 13243 |  | 202806 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 1800 |  | 432396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 1607 |  | 635777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 5700 |  | 104606 |
|  |  |  | 10022407 |
|  **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 6300 |  | 1058400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 568 |  | 170315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 11500 |  | 624220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 4797 |  | 1585792 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 9359 |  | 645584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 2300 |  | 282049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 5290 |  | 303938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 1776 |  | 89373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1400 |  | 342272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 500 |  | 131255 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 800 |  | 586224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 894 |  | 160589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 13951 |  | 246252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 3000 |  | 528000 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 4215 |  | 1314954 |
|  |  |  | 8069217 |
|  **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc.(a) | 37400 |  | 654874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 4713 |  | 297626 |
|  |  |  | 952500 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. (Australia) | 827 |  | 154760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 1100 |  | 316778 |
|  |  |  | 471538 |
|  **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA (France) | 517 |  | 27095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 2649 |  | 223795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 4359 |  | 186760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 340 |  | 1968342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 6864 |  | 385414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 13912 |  | 471227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 5200 |  | 1133444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE (South Korea), 144A\* | 891 |  | 24184 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 600 |  | 147906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 7892 |  | 97747 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A185

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (Sweden), 144A | 1376 | $| 109286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 4400 |  | 742192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 36000 |  | 160474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 1597 |  | 436316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 1300 |  | 94003 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 5263 |  | 1537691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. (Japan) | 10600 |  | 244137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 2400 |  | 751536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 1595 |  | 98167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 7961 |  | 1179661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. (Japan) | 1700 |  | 102895 |
|  |  |  | 10122272 |
|  **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC (United Kingdom) | 12150 |  | 76083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 77911 |  | 197058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 1500 |  | 313080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 26400 |  | 282462 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 1000 |  | 105460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 8000 |  | 176075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 48700 |  | 1266216 |
|  |  |  | 2416434 |
|  **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 11600 |  | 1054440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden)<br>(Class B Stock) | 10696 |  | 296160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 635 |  | 46054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 3800 |  | 489896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 9723 |  | 1549068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 6742 |  | 459312 |
|  |  |  | 3894930 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 10400 |  | 109408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 4100 |  | 131200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. (New Zealand) | 15200 |  | 54707 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 5664 |  | 236688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 2500 |  | 484525 |
|  |  |  | 1016528 |
|  **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 6888 |  | 1048629 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 17500 |  | 107760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 23400 |  | 680106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 1116 |  | 259894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. (Singapore) | 4400 |  | 25694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB (Sweden) (Class B Stock) | 1638 |  | 66383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 11400 |  | 206462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 6942 |  | 1783110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC (United Kingdom) | 9609 |  | 296383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 10500 |  | 90007 |
|  |  |  | 4564428 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group (Australia) | 4568 | $102984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 14218 | 1494596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 21350 | 199861 |
|  |  | 1797441 |
|  **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 6506 | 292162 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 89800 | 813448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 2547 | 1033658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 4600 | 926026 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 5400 | 462186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 3170 | 1014780 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 5685 | 377743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC (United Kingdom) | 6732 | 57234 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 30593 | 1502271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 1400 | 145348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 5366 | 1554637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 29300 | 222756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 3900 | 218634 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 1500 | 92085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE (Germany) | 349 | 109975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. (Australia) | 16684 | 99187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. (Japan) | 24600 | 227851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 1500 | 96810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 5729 | 1252589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Private Ltd. (Australia) | 23917 | 79426 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 12700 | 1021334 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 4000 | 89422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 1562 | 1014260 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 4003 | 266356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 25366 | 229490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 10326 | 221863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 3500 | 278005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 5006 | 1335901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 33199 | 415527 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 50603 | 779242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ (Finland)<br>(Class A Stock) | 10439 | 112350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 6500 | 195876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 1670 | 23800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 1688 | 292002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 3161 | 409798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 6300 | 267001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 1950 | 521703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 14811 | 293328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 1200 | 96912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 885 | 619255 |
|  |  | 19062231 |
|  **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 38004 | 6697445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 27300 | 4842747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\* | 17132 | 235565 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 10400 | 38299 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A186

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Interactive Media & Services (cont'd.)** | **Interactive Media & Services (cont'd.)** | **Interactive Media & Services (cont'd.)** | **Interactive Media & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 14380 | $| 10613734 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 1337 |  | 211726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 2228 |  | 307573 |
|  |  |  | 22947089 |
|  **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 1400 |  | 418446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 1700 |  | 135592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 773 |  | 132366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 13200 |  | 1029996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 11500 |  | 278983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 1800 |  | 727596 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 2840 |  | 837175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 5600 |  | 234976 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 20600 |  | 601006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan). | 1400 |  | 55996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 4700 |  | 182760 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. (Japan) | 13600 |  | 409736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 6500 |  | 1454505 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 4000 |  | 134039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 2500 |  | 310900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel)\* | 600 |  | 95076 |
|  |  |  | 7039148 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 1800 |  | 64511 |
|  **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 5400 |  | 1066716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 962 |  | 68557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 656 |  | 469147 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 4776 |  | 230106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 460 |  | 110061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2200 |  | 892012 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 600 |  | 131280 |
|  |  |  | 2967879 |
|  **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB (Sweden) | 2114 |  | 89039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 8300 |  | 788417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 15385 |  | 359100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 9591 |  | 136505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 500 |  | 194105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 2000 |  | 379780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 500 |  | 163750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 2937 |  | 1493435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 4366 |  | 799982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 2346 |  | 44979 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 6500 |  | 176457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 8000 |  | 418800 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 2287 |  | 160319 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 2400 |  | 376392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 12500 |  | 412419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 1602 |  | 105541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 4600 |  | 141671 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 9600 |  | 140388 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 20600 | $| 515502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1700 |  | 168334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1302 |  | 909408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 7200 |  | 739152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 4364 |  | 100208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 144 |  | 52313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) (Part. Cert.) | 444 |  | 165332 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 300 |  | 107509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. (Hong Kong) | 4000 |  | 44136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 5522 |  | 155376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 13653 |  | 322680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 70500 |  | 123030 |
|  |  |  | 9784059 |
|  **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class A Stock) | 17 |  | 31364 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class B Stock) | 91 |  | 169232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 4400 |  | 62313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 4000 |  | 133599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 5200 |  | 187070 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 52000 |  | 166712 |
|  |  |  | 750290 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 50343 |  | 1796742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 2328 |  | 262935 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 36843 |  | 259411 |
|  |  |  | 2319088 |
|  **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 2808 |  | 82774 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 5489 |  | 174299 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 37986 |  | 913852 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. (Australia) | 13507 |  | 205827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 4590 |  | 143435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 13094 |  | 68171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 25805 |  | 259398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 23500 |  | 1018725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 85375 |  | 332676 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 9000 |  | 104694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 6400 |  | 372864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 13200 |  | 249638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 12138 |  | 149930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 1100 |  | 142494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 2284 |  | 161685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 8847 |  | 514932 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 43554 |  | 83227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa)\* | 326 |  | 14319 |
|  |  |  | 4992940 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A187

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp | 15000 | $169350 |
|  **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 3851 | 266797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 1200 | 120420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 5112 | 288930 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 4400 | 582824 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 42689 | 786572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 28768 | 676129 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 30249 | 444015 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 21700 | 875378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 1857 | 156322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. (Singapore) | 21200 | 114206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 1200 | 90924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 9655 | 344702 |
|  |  | 4747219 |
|  **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus (Australia) | 5345 | 23459 |
|  **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 49923 | 248731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 21706 | 295364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 600 | 146112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp.(a) | 16743 | 2397430 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 10703 | 960487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 19900 | 633019 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 42900 | 212648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 6322 | 102126 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 12548 | 1500866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 11865 | 299640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp.(a) | 32448 | 3497895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 9500 | 133353 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 3042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 900 | 149499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 3000 | 357900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 6082 | 88958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 70145 | 2447328 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 15858 | 969283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 3000 | 403260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 18500 | 1161985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 3872 | 59811 |
|  |  | 16065695 |
|  **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 84528 | 398230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 84297 | 595522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 2225 | 63114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. (Singapore) | 22400 | 122859 |
|  |  | 1179725 |
|  **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 1078 | 461765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 16192 | 988137 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Personal Care Products (cont'd.)** | **Personal Care Products (cont'd.)** | **Personal Care Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 6138 | $374648 |
|  |  | 1824550 |
|  **Pharmaceuticals — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 19600 | 191903 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 9531 | 1326421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 6319 | 190374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 33870 | 1567842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 3000 | 156653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. (Japan) | 5600 | 129741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 56700 | 809676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 4490 | 3500090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 1815 | 263821 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 35003 | 667384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 18480 | 94980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 8110 | 221314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA (France) | 229 | 27278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 10110 | 1544303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 26171 | 2071696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (Germany) | 317 | 41102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 15638 | 1898095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 16872 | 1169129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 4396 | 330727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 3100 | 153696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 39600 | 959904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA (Italy) | 1014 | 63735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 5101 | 1665068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 2300 | 126048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 12785 | 1237763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 2100 | 37805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 17300 | 534103 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 396 | 77916 |
|  |  | 21058567 |
|  **Professional Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 4600 | 1418640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\* | 35200 | 151360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 12144 | 318587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 1800 | 95139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 600 | 155622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 6659 | 343380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 2800 | 123228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 700 | 92015 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1900 | 91086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 1200 | 217428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 9500 | 558663 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 5427 | 294131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 900 | 101349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 1323 | 128499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV (Netherlands) | 466 | 77933 |
|  |  | 4167060 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A188

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 700 | $76243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 4200 | 144324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. (Hong Kong) | 11000 | 38632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. (Hong Kong) | 8600 | 49650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 2200 | 148500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 3500 | 895230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 4400 | 82487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 22500 | 217824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 1100 | 42481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Switzerland) | 568 | 85271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 4274 | 151528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 1300 | 91065 |
|  |  | 2023235 |
|  **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 5100 | 183957 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 563 | 114571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 800 | 90152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 1300 | 87737 |
|  |  | 476417 |
|  **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 3454 | 136569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 6500 | 374465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 100387 | 235780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 118794 | 193927 |
|  |  | 940741 |
|  **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 1700 | 241230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 5000 | 370655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 8079 | 1922964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 3000 | 549210 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV (Netherlands) | 204 | 130861 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XAMS) | 2688 | 2153993 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 183 | 146654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 32581 | 8980953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Japan) | 600 | 177746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 10502 | 448142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp | 11654 | 1134400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 600 | 80436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 5500 | 425700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 2900 | 204073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 5387 | 663948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 734 | 208077 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp | 149382 | 23600863 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands)(a) | 5024 | 1097694 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 7900 | 1258154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan) | 11500 | 142271 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 1900 | 154492 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 8170 | $| 250509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 2000 |  | 179840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 5771 |  | 1198175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 2800 |  | 536227 |
|  |  |  | 46257267 |
|  **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 700 |  | 270816 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 2700 |  | 945216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 2000 |  | 406180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 3100 |  | 959667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\* | 300 |  | 66375 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 300 |  | 122064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (France) | 2402 |  | 87052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 3900 |  | 215319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 7000 |  | 205800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 3322 |  | 2616507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 50177 |  | 24958542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 400 |  | 125792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 619 |  | 104929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 2700 |  | 206388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 15533 |  | 3395980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 500 |  | 59595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 9400 |  | 1281408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 4783 |  | 82137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 7900 |  | 2154251 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 6524 |  | 1994905 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 1900 |  | 1953352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 5000 |  | 111550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (New Zealand)\* | 1269 |  | 150160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 10800 |  | 842184 |
|  |  |  | 43316169 |
|  **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp | 2379 |  | 525806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 6600 |  | 678018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 854 |  | 148878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 1300 |  | 1034111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 3000 |  | 307710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 3200 |  | 938944 |
|  |  |  | 3633467 |
|  **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 40 |  | 148489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 3726 |  | 202959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 3200 |  | 95872 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 5400 |  | 362934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 1200 |  | 404352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 800 |  | 274291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 700 |  | 91826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 4500 |  | 98145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 6590 |  | 2416158 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 151172 |  | 184350 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A189

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 68238 | $| 272515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 11216 |  | 2488494 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 11004 |  | 1358884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 1600 |  | 748512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (Germany), 144A\* | 2420 |  | 79854 |
|  |  |  | 9227635 |
|  **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 93730 |  | 19230585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. (Japan) | 2000 |  | 58007 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 4800 |  | 103947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 11690 |  | 239061 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 13000 |  | 317980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 1322 |  | 119885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 2286 |  | 329938 |
|  |  |  | 20399403 |
|  **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 1332 |  | 310929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 16900 |  | 655044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 23500 |  | 599259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 2109 |  | 399092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 900 |  | 92763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 79 |  | 214159 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 1572 |  | 822753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 2054 |  | 117163 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 1678 |  | 119205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 1065 |  | 187648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 500 |  | 137140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 2100 |  | 184401 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 7800 |  | 91650 |
|  |  |  | 3931206 |
|  **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 6200 |  | 363506 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 7197 |  | 342191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 14040 |  | 554723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 5900 |  | 173811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 16325 |  | 2973272 |
|  |  |  | 4407503 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB (Sweden) (Class B Stock) | 2071 |  | 70604 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 2300 |  | 269100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 1916 |  | 122865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 981 |  | 214812 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 11200 |  | 586488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 10200 |  | 205614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 49300 |  | 985107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 12800 |  | 260864 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. (Japan) | 4100 |  | 80712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 16800 |  | 433553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 20500 |  | 464351 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 332 |  | 250129 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 500 |  | 520120 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 4700 | $| 870440 |
|  |  |  | 5334759 |
|  **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 6732 |  | 179702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 1956 |  | 37759 |
|  |  |  | 217461 |
|  **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 3200 |  | 445152 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 20970 |  | 329287 |
|  |  |  | 774439 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 26500 |  | 455021 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 3400 |  | 247201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 10911 |  | 159272 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 4800 |  | 1143648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 225296 |  | 241168 |
|  |  |  | 2246310 |
|  **TOTAL COMMON STOCKS**<br> (cost $418,338,535) | **TOTAL COMMON STOCKS**<br> (cost $418,338,535) |  | 516325594 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 333 |  | 27654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 960 |  | 101485 |
|  |  |  | 129139 |
|  **Household Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 2545 |  | 199995 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $329,013) | **TOTAL PREFERRED STOCKS**<br> (cost $329,013) |  | 329134 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 10.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 10.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 10.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 10.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 652572 |  | 22559414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 2337557 |  | 156663070 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 13229 |  | 1104357 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 53899 |  | 33465889 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF | 240183 |  | 23826154 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Gold Trust\* | 124850 |  | 7785646 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 55596 |  | 5149302 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 38346 |  | 3427749 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 44505 |  | 18895933 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 113959 |  | 22134257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 145502 |  | 29779894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF. | 16222 |  | 1345128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Short-Term Corporate Bond ETF | 21524 |  | 1711158 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A190

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | 64234 | 4729549 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $317,279,221) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $317,279,221) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $317,279,221) | 332577500 |
|  |  | **Units** |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 32045 | 7114 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** |  |
|  **ASSET-BACKED SECURITIES — 9.7%** | **ASSET-BACKED SECURITIES — 9.7%** | **ASSET-BACKED SECURITIES — 9.7%** | **ASSET-BACKED SECURITIES — 9.7%** |
|  **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 400 | 408611 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 04/22/30 | 186 | 187178 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/27 | 640 | 628952 |
|  Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 04/15/29 CAD | 500 | 366103 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 02/15/36 | 200 | 207742 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 400 | 401704 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | 09/14/27 | 69 | 68617 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 100 | 101711 |
|  World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440% | 11/15/27 | 300 | 296916 |
|  |  |  | 2667534 |
|  **Collateralized Loan Obligations — 9.5%** | **Collateralized Loan Obligations — 9.5%** | **Collateralized Loan Obligations — 9.5%** | **Collateralized Loan Obligations — 9.5%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.620%(c) | 07/21/38 | 1250 | 1250000 |
|  AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%(c) | 01/20/38 | 1250 | 1253125 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.802%(c) | 07/22/37 | 6000 | $6026120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.686%(c) | 07/15/37 | 1000 | 1004071 |
|  Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.028%(c) | 04/25/34 | 2357 | 2777389 |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.049%(c) | 04/15/32 | 5498 | 6463503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.549%(c) | 10/15/38 | 8750 | 10327031 |
|  Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420%(c) | 03/31/38 | 4050 | 4050315 |
|  Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.334%(c) | 04/15/39 | 250 | 294272 |
|  Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.269%(c) | 07/20/37 | 10000 | 10025321 |
|  Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.641%(c) | 10/16/37 | 1500 | 1506000 |
|  Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010%(c) | 07/15/34 | 1000 | 1000000 |
|  BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681%(c) | 04/19/34 | 1250 | 1252461 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(c) | 04/15/31 | 2855 | 3352860 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269%(c) | 10/15/35 | 12235 | 14383609 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 01/20/35 | 1780 | 1783038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 | 3432 | 3435409 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A191

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.505%(c) | 10/15/37 | 8100 | $9500806 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.172%(c) | 01/25/37 | 7250 | 7284710 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.910%(c) | 05/22/32 | 879 | 1034640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%(c) | 08/26/32 | 8928 | 10498987 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.619%(c) | 10/20/37 | 1500 | 1504875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%(c) | 04/17/37 | 13000 | 13046803 |
|  Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.637%(c) | 07/20/38 | 1000 | 1001435 |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.019%(c) | 01/20/38 | 6750 | 6759133 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(c) | 04/15/34 | 2859 | 2864063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%(c) | 10/20/31 | 810 | 810109 |
|  Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649%(c) | 05/24/38 | 7500 | 8854538 |
|  Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.058%(c) | 04/25/34 | 1429 | 1679083 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.684%(c) | 10/19/38 | 3750 | 4415239 |
|  ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.591%(c) | 04/21/31 | 217 | 217609 |
|  Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.780% (Cap N/A, Floor 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.780% (Cap N/A, Floor 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.780% (Cap N/A, Floor 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.780% (Cap N/A, Floor 1.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.059%(c) | 10/15/37 | 3550 | 4206624 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.929%(c) | 07/15/31 | 2541 | $2984682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.616%(c) | 07/20/38 | 1500 | 1767278 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.956%(c) | 01/15/38 | 7000 | 7015982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.631%(c) | 10/16/37 | 1500 | 1505836 |
|  Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010%(c) | 04/15/34 | 2000 | 2000000 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.733%(c) | 05/15/37 | 12000 | 14183008 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(c) | 10/12/30 | 887 | 887468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638%(c) | 07/15/31 | 610 | 610244 |
|  Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.726%(c) | 07/20/38 | 9000 | 10679674 |
|  NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.369%(c) | 07/20/37 | 5000 | 5023754 |
|  Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.956%(c) | 01/15/37 | 4000 | 4011458 |
|  OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.722%(c) | 01/18/38 | 1500 | 1504886 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(c) | 04/15/31 | 310 | 310686 |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.879%(c) | 01/15/38 | 7000 | 8247461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(c) | 10/15/39 | 8000 | 9409465 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A192

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.294%(c) | 07/15/38 | 250 | $294578 |
|  Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.381%(c) | 07/20/34 | 806 | 811718 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.698%(c) | 10/15/34 | 7500 | 7508041 |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.668%(c) | 07/15/31 | 619 | 619086 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.830%(c) | 04/17/37 | 12500 | 12547140 |
|  RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.529%(c) | 04/15/40 | 250 | 294339 |
|  Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.022%(c) | 01/20/36 | 6000 | 6047026 |
|  Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.693%(c) | 02/15/37 | 2000 | 2361624 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.614%(c) | 01/26/31 | 281 | 281676 |
|  St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.113%(c) | 01/17/32 | 4574 | 5375063 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.988%(c) | 04/25/30 | 928 | 1090248 |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.482%(c) | 04/16/31 | 239 | 239203 |
|  TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.723%(c) | 07/25/34 | 2859 | 2862425 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.512%(c) | 10/15/38 | 8000 | 9434005 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.139%(c) | 01/20/36 | 2900 | $2913173 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.008%(c) | 07/25/34 | 4550 | 5358836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.929%(c) | 04/15/37 | 8000 | 9446322 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%(c) | 01/20/37 | 7000 | 6996287 |
|  Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%(c) | 04/15/33 | 12250 | 12272410 |
|  |  |  | 300758260 |
|  **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 | 250 | 239575 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 300 | 292487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/14/38 | 800 | 824648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490% | 06/14/38 | 200 | 207754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 100 | 103058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 200 | 205871 |
|  |  |  | 1873393 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%(c) | 03/15/32 | 500 | 690984 |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 05/25/34 | 21 | 20108 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.934%(c) | 03/25/43 | 10 | 9903 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 08/25/33 | 17 | 17564 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A193

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.344%(cc) | 09/25/44 | 423 | 422732 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 69 | 69699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 210 | 209214 |
|  |  |  | 749220 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/30 | 280 | 263193 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034%(c) | 02/25/34 | 5 | 4623 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(c) | 10/25/34 | 12 | 11202 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | 11/25/34 | — (r) | 338 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.279%(c) | 01/25/35 | 11 | 10760 |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.253%(c) | 09/25/34 | 40 | 41761 |
|  |  |  | 68684 |
|  **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** |
|  Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730% | 10/25/48 | 2 | 1978 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 50 | 48064 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 91 | 87108 |
|  |  |  | 137150 |
|  **TOTAL ASSET-BACKED SECURITIES**<br>(cost $296,247,851) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $296,247,851) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $296,247,851) | 307208418 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | 07/15/60 | 108 | 105302 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% | 08/15/57 | 800 | 834685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 850 | 870999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 1260 | 1311488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.452% | 06/15/30 | 2100 | 2160822 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 325 | 306150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.208% | 09/15/57 | 400 | 407934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659% | 05/15/58 | 790 | 823929 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | 08/15/57 | 480 | 496292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277% | 09/15/57 | 650 | 665060 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%(c) | 06/15/42 | 400 | 400250 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857% | 02/15/57 | 375 | 391038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | 09/15/57 | 950 | 972489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669% | 07/15/58 | 2100 | 2186605 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.126%(c) | 09/15/38 | 300 | 298137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.776%(c) | 09/15/38 | 600 | 596274 |
|  BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.656%(c) | 11/15/41 CAD | 500 | 371557 |
|  BXMT Ltd., | BXMT Ltd., | BXMT Ltd., | BXMT Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.953%(c) | 10/18/42 | 200 | 198520 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 340 | 331032 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 11/10/49 | 356 | 350747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 326 | 320049 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A194

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | 10/12/50 | 308 | 300781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | 08/10/56 | 375 | 349133 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 09/15/37 | 125 | 115312 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | 11/15/50 | 285 | 278071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 08/15/51 | 265 | 260969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | 09/15/52 | 145 | 134865 |
|  Deco DAC (United Kingdom), | Deco DAC (United Kingdom), | Deco DAC (United Kingdom), | Deco DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.265%(c) | 08/07/30 | GBP 422 | 579877 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 302 | 296638 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.745%(cc) | 11/25/25 | 5449 | 7857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.464%(cc) | 03/25/26 | 2828 | 19812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.214%(cc) | 07/25/29 | 1503 | 55864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.828%(cc) | 07/25/31 | 15026 | 549605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%(cc) | 07/25/26 | 81 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.645%(cc) | 12/25/27 | 212 | 2439 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.526%(c) | 10/15/36 | 360 | 357750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.976%(c) | 10/15/36 | 560 | 550264 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.204%(c) | 03/15/39 | 400 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.654%(c) | 03/15/39 | 1050 | 1050000 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | 07/15/52 | 64 | 60480 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | 09/15/54 | 195 | 177528 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%(c) | 03/15/36 | 150 | $140770 |
|  Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.337%(c) | 08/17/31 | 1215 | 1669665 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 435 | 428779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | 04/15/52 | 375 | 357472 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 319 | 312648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 340 | 337603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | 08/15/52 | 240 | 224556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | 07/15/57 | 900 | 939044 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $24,814,640) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $24,814,640) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $24,814,640) | 24357936 |
|  **CORPORATE BONDS — 7.0%** | **CORPORATE BONDS — 7.0%** | **CORPORATE BONDS — 7.0%** | **CORPORATE BONDS — 7.0%** |
|  **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/01/31 | 820 | 772553 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 875 | 878517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/15/26 | 113 | 112927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 | 45 | 47155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 04/15/27 | 282 | 283774 |
|  General Electric Co., | General Electric Co., | General Electric Co., | General Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 09/19/35 | 100 | 123025 |
|  |  |  | 2217951 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
|  British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | 09/27/26(oo) | 500 | 584793 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 100 | 103596 |
|  |  |  | 688389 |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/26 | 27 | 26666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29(a) | 665 | 663657 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A195

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 500 | 499070 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 840 | 834029 |
|  |  |  | 2023422 |
|  **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
|  Levi Strauss & Co., | Levi Strauss & Co., | Levi Strauss & Co., | Levi Strauss & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/31 | 200 | 182975 |
|  William Carter Co. (The), | William Carter Co. (The), | William Carter Co. (The), | William Carter Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 03/15/27(a) | 2585 | 2568957 |
|  |  |  | 2751932 |
|  **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 06/27/28 | 300 | 353678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/27/31 | 700 | 823579 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 650 | 548082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 12 | 9231 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 500 | 456240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/28/27 | 200 | 198721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 315 | 317480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 05/12/28 | 575 | 594345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | 06/10/30 | 200 | 210354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066% | 08/21/30 | 300 | 351700 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 | 360 | 363926 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/26/29 | 185 | 183421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/01/27 | 195 | 195896 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 06/17/29(oo) | 800 | 903450 |
|  |  |  | 5510103 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 50 | 51884 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 315 | 324823 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 |  | 2150 | 2125979 |
|  |  |  |  | 2502686 |
|  **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
|  Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/17/34 | EUR | 200 | 231114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 06/29/29 | EUR | 400 | 429481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 05/25/30 | EUR | 200 | 211348 |
|  Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/27/30 | CNH | 5000 | 768106 |
|  Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/23/29 | EUR | 500 | 608876 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%(ff) | 03/19/29(oo) |  | 200 | 220000 |
|  Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(ff) | 09/13/30 | EUR | 100 | 123581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/08/29 | EUR | 100 | 127229 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | 05/21/33(oo) |  | 200 | 232428 |
|  Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/31 | EUR | 400 | 483923 |
|  Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/30 | EUR | 100 | 112412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 10/13/28 | EUR | 100 | 108520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/08/27 | EUR | 300 | 364888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/13/32 | EUR | 100 | 120993 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 |  | 545 | 479729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | 01/24/31 |  | 340 | 348507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 |  | 58 | 53062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(ff) | 02/12/36 |  | 510 | 518078 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/10/30(oo) | EUR | 200 | 241137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(ff) | 07/04/31 | EUR | 100 | 127160 |
|  Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 02/04/33 | EUR | 200 | 235944 |
|  Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 01/28/33 | MXN | 5000 | 120664 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A196

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.090%(ff) | 11/06/29 | GBP | 100 | $145981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%(ff) | 03/22/31 | EUR | 300 | 348423 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 08/16/29(oo) |  | 200 | 210000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 |  | 450 | 458450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 |  | 200 | 207810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/29/28 | CNH | 5000 | 712793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(ff) | 03/31/32 | EUR | 400 | 467022 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 |  | 250 | 258604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 |  | 390 | 412434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/13/28 | EUR | 100 | 123313 |
|  Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.063% | 10/09/30 | EUR | 100 | 118141 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%(ff) | 01/16/30(oo) | EUR | 200 | 258183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 |  | 200 | 219162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | 03/15/30 |  | 200 | 206629 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 |  | 600 | 605694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 |  | 2200 | 2284962 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 12/10/25(oo) |  | 610 | 605558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 02/18/26(oo) |  | 605 | 597118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 |  | 145 | 128454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 |  | 135 | 132267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%(ff) | 03/31/31 |  | 150 | 148363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 |  | 150 | 149260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 |  | 90 | 91796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 |  | 10 | 10222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 |  | 80 | 81551 |
|  Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%(ff) | 03/05/31 |  | 900 | 911964 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | 01/30/30 |  | 189 | 193558 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 07/16/32 | EUR | 300 | $362432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | 10/16/34 | EUR | 100 | 122724 |
|  Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/14/26 | AUD | 400 | 259036 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.316%(ff) | 10/03/29 |  | 250 | 262380 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 |  | 400 | 414484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(ff) | 06/21/30 | EUR | 100 | 125668 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 |  | 335 | 325085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | 09/11/30 |  | 150 | 150911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(ff) | 02/13/31 | EUR | 400 | 471650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414% | 05/10/29 |  | 375 | 387960 |
|  Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 02/26/30 | AUD | 950 | 578221 |
|  Fifth Third Bank NA, | Fifth Third Bank NA, | Fifth Third Bank NA, | Fifth Third Bank NA, | Fifth Third Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%(ff) | 01/28/28 |  | 450 | 453384 |
|  First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/16/26 | EUR | 400 | 463613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 08/18/25 | CNH | 1320 | 184722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/02/25 | CNH | 2200 | 307338 |
|  Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 10/01/28(x) |  | 175 | 188183 |
|  Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(ff) | 05/21/27 |  | 700 | 705727 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | 11/10/26(a)(oo) |  | 385 | 377855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 |  | 465 | 466363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | 10/23/35 |  | 192 | 189682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 |  | 135 | 137163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | 01/28/31 |  | 110 | 112545 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%(ff) | 08/17/29 |  | 325 | 302319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | 07/22/28 | GBP | 800 | 1058368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 11/19/28 |  | 200 | 202325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(ff) | 03/04/30 |  | 210 | 216003 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A197

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/30/28(oo) | 200 | $244707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(ff) | 09/16/32 | 300 | 359837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 | 270 | 292311 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 | 430 | 378524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%(ff) | 10/22/30 | 350 | 351225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.012%(ff) | 01/23/30(a) | 550 | 560145 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 | 200 | 201969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/20/28 | 100 | 139605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.151%(ff) | 03/19/34 | 200 | 282738 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%(ff) | 03/06/35 | 10 | 10667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.121%(ff) | 04/04/31 | 516 | 522004 |
|  Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(ff) | 03/25/26(oo) | 200 | 196900 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 09/27/31(oo) | 200 | 195500 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%(ff) | 05/13/31 | 560 | 570180 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 965 | 966994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 75 | 76906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 04/02/32 | 200 | 139000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 220 | 196338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 | 55 | 55961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 | 49 | 50213 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(ff) | 05/26/28 | 550 | 561660 |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 02/05/31 | 750 | 899603 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 12/29/25(oo) | 200 | 199340 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 85 | 85208 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/28 | 550 | $365188 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 09/11/30 | 200 | 199461 |
|  Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/12/31 | 470 | 562783 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 200 | 175917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | 04/13/33 | 200 | 206970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%(ff) | 11/24/30 | 1000 | 1167325 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30 | 200 | 201478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%(ff) | 01/21/29 | 210 | 214202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.018%(ff) | 02/08/30 | 200 | 214776 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666% | 09/08/31 | 500 | 614802 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(ff) | 01/24/35 | 35 | 36266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(ff) | 06/08/34 | 55 | 57428 |
|  TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | 03/05/29 | 690 | 833902 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.009%(ff) | 05/21/32 | 800 | 970669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 25 | 25963 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/28(oo) | 200 | 218000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 03/01/29 | 800 | 1060963 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%(ff) | 09/22/26 | 850 | 845394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%(ff) | 01/17/29 | 100 | 123685 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 | 273 | 274120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 95 | 97454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | 01/23/35 | 60 | 61550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 295 | 269517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 36 | 37177 |
|  |  |  | 41553558 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A198

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 | 160 | $139640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 28 | 27222 |
|  |  |  | 166862 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/29/32 | 200 | 250380 |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/11/31 | 100 | 122248 |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 | 888 | 887096 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 750 | 698020 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 555 | 571055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 150 | 154729 |
|  Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/28 | 995 | 992716 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 | 625 | 591538 |
|  |  |  | 4267782 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 50 | 44470 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/28 | 860 | 860507 |
|  |  |  | 904977 |
|  **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
|  Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/31/29 | 400 | 480141 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/29 | 1205 | 1172099 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 1380 | 1333853 |
|  Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/29 | 710 | 662176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/28/36 | 100 | 120622 |
|  Ayvens SA (France), | Ayvens SA (France), | Ayvens SA (France), | Ayvens SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/24/28 | 400 | 484698 |
|  Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.886% | 09/29/25 | 600 | 594683 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 280 | 283551 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 500 | 585662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/25/30 | 300 | 395812 |
|  Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 05/15/28 | 300 | 317405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 05/15/28 | 300 | 317405 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/17/31 | 300 | 370293 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/33 | 160 | 167684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 365 | 382154 |
|  Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/24/34 | 100 | 119426 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 1375 | 1263116 |
|  |  |  | 9050780 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 394 | 431270 |
|  **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/29/28 | 280 | 266683 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 50 | 51795 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/27 | 50 | 48650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/28 | 145 | 145544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 80 | 80483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 280 | 284899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/29 | 365 | 375220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 110 | 112616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 255 | 265004 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A199

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32(x) | 300 | 302750 |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/20/27 | 80 | 81525 |
|  Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/27 | 1315 | 1316434 |
|  OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 04/21/27 | 250 | 179457 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 325 | 319729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/26 | 282 | 286126 |
|  Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% | 05/19/28 | 400 | 441778 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/29 | 655 | 628610 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | 09/21/28 | 500 | 559114 |
|  Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | 05/15/28 | 450 | 508819 |
|  REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/01/26 | 200 | 194300 |
|  |  |  | 6449536 |
|  **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 01/15/26 | 50 | 49050 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 12/01/52 | 5 | 5141 |
|  Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 07/22/28 | 300 | 340684 |
|  Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 02/28/34 | 211 | 184861 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 | 340 | 322526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/15/28 | 1155 | 1144481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 40 | 39471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 860 | 859198 |
|  CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 12/02/26 | 300 | 345296 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | 10/20/35 | 400 | $403300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 10/20/35 | 200 | 200689 |
|  Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.010% | 01/20/33 | 372 | 386880 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/29/36 | 797 | 709041 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/01/39 | 40 | 42748 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 01/15/54 | 6 | 5777 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 | 2 | 1956 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 06/15/53(a) | 90 | 87021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 03/09/26(oo) | 115 | 108155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/29(a) | 140 | 138456 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%(ff) | 12/01/27(oo) | 200 | 228273 |
|  Emera, Inc. (Canada), | Emera, Inc. (Canada), | Emera, Inc. (Canada), | Emera, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/76 | 55 | 55413 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/52 | 200 | 183378 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/06/31 | 100 | 120742 |
|  Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/01/54 | 20 | 19868 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 | 70 | 72433 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/15/55 | 6 | 6015 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 | 15 | 14326 |
|  Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 1500 | 1516875 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.866% | 09/15/28 | 45 | 42844 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A200

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 75 | 71724 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874%(ff) | 01/28/26(oo) | 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049119 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/22/32 | 400 | 356284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 12/15/27 | 500 | 526815 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 65 | 60428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 | 230 | 232564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 | 55 | 56388 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 | 110 | 96458 |
|  Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.281%(c) | 07/24/26 | 400 | 465667 |
|  MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 11/18/27 | 100 | 111670 |
|  National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.530% | 09/20/28 | 300 | 361349 |
|  National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 09/01/28 | 200 | 218269 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 | 40 | 40916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 | 100 | 103884 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 | 150 | 141547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 720 | 662884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 55 | 50590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | 03/15/28(oo) | 275 | 304651 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/27 | 600 | 704459 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 | 50 | 39624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/15/34 | 120 | 119972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 185 | 187042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 55 | 56684 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/05/31 | 500 | 511489 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 36 | 34145 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  San Diego Gas & Electric Co.,  | San Diego Gas & Electric Co.,  | San Diego Gas & Electric Co.,  | San Diego Gas & Electric Co.,  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 45 | 41973 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 | 24 | 23292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/35 | 49 | 48122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/01/55 | 15 | 13724 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | 12/15/26(oo) | 825 | 834930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | 10/15/26(oo) | 2100 | 2149653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | 01/15/29(oo) | 1300 | 1409717 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/26 | 15 | 15007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/15/32 | 270 | 282299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 30 | 29609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 55 | 55995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 | 90 | 93500 |
|  |  |  | 19197341 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/31 | 1100 | 1294194 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |  |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/29 | 400 | 482960 |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/17/32 | 400 | 482639 |
|  |  |  | 965599 |
|  **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |  |
|  Ferrovial SE, | Ferrovial SE, | Ferrovial SE, | Ferrovial SE, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/13/30 | 100 | 125216 |
|  Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/14/36 | 100 | 101221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/11/35 | 100 | 124215 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 206 | 199717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 200 | 164835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 294 | 285033 |
|  |  |  | 1000237 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29(a) | 700 | 668127 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A201

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 425 | 440341 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 | 700 | 676757 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/27 | 300 | 299079 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/01/31 | 1325 | 722382 |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/15/42 | 55 | 36959 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/29 | 46 | 45641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31 | 330 | 351618 |
|  |  |  | 3240904 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 | 240 | 250786 |
|  **Foods — 0.4%** | **Foods — 0.4%** | **Foods — 0.4%** | **Foods — 0.4%** |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 | 825 | 750744 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | 1750 | 2255007 |
|  Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 450 | 531118 |
|  Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/16/27 | 2300 | 3140047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/16/27 | 1192 | 1627363 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/01/28 | 500 | 507782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 11/15/53 | 45 | 50615 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 | 210 | 209716 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 | 500 | 476729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 420 | 393117 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 100 | 101177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 | 20 | 20018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 175 | 174561 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 07/03/31 | 650 | 494662 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/31 | 625 | 580661 |
|  |  |  | 11313317 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/20/27 | 36 | 35720 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 | 135 | 140689 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 | 35 | 36708 |
|  Terega SA (France), | Terega SA (France), | Terega SA (France), | Terega SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 09/17/30 | 600 | 626198 |
|  |  |  | 839315 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/08/34 | 500 | 581142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/08/29 | 400 | 481310 |
|  Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.539% | 02/01/32(a) | 290 | 252973 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 1195 | 1147366 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | 300 | 311400 |
|  |  |  | 2774191 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31 | 100 | 90943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 1315 | 1260186 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/30 | 300 | 283656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/51 | 55 | 36441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/52 | 70 | 56260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/49 | 5 | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/15/34 | 40 | 40304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/54 | 35 | 34015 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 350 | 339702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 425 | 411811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/28 | 425 | 419489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A202

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 11/01/27 | 685 | 683639 |
|  |  |  | 3660890 |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 2315 | 2453749 |
|  **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/15/28 | 827 | 830241 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 50 | 50089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 10/15/29(a) | 1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121228 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/29 | 2155 | 1954348 |
|  Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/01/27 | 81 | 81201 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/01/28 | 600 | 596095 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 1740 | 1672575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 12/15/27 | 20 | 19909 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 795 | 790427 |
|  |  |  | 7116113 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/30(a) | 220 | 213944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 115 | 110004 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/32 | 875 | 803256 |
|  |  |  | 1127204 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/03/31 | 450 | 417528 |
|  Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%(ff) | 09/30/41 | 400 | 437632 |
|  Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/20/30 | 600 | 817413 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
|  Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 05/16/44 | 300 | 398901 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071474 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 216 | 222049 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 55 | 53621 |
|  Netflix, Inc., | Netflix, Inc., | Netflix, Inc., | Netflix, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/29 | 100 | 125746 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/15/54 | 15 | 14018 |
|  |  |  | 415434 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 03/10/27 | 700 | 793458 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 375 | 369268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33(a) | 250 | 234625 |
|  |  |  | 603893 |
|  **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/15/26 | 169 | 169211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/15/27 | 350 | 351263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 315 | 321694 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/28 | 25 | 25297 |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/15/27 | 700 | 697725 |
|  |  |  | 1565190 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 190 | 187343 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 320 | 320045 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/15/32 | 1150 | 1168530 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A203

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/26 | 625 | 623555 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299473 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 475 | 501398 |
|  **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/32(a) | 265 | 246627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/01/31 | 86 | 80253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/30 | 50 | 47656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/30 | 476 | 461368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/28 | 90 | 89178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 316 | 314921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 235 | 234104 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 110 | 101370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 120 | 87078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 330 | 226150 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 100 | 58705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/33 | 85 | 84759 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/31 | 200 | 138302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/30 | 200 | 141915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/28 | 375 | 343403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 1425 | 1360264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/01/30 | 1550 | 720900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/30 | 1000 | 494997 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/01/29(d) | 110 | 73309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 07/01/28 | 275 | 198592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 07/01/26 | 2610 | 2318518 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | 11/15/27 | 550 | 566277 |
|  TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/23/31 | 200 | 237921 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 | 705 | 715465 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 900 | 1123953 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/29 | 690 | 911611 |
|  |  |  | 11377596 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 10/01/31 | 515 | 578153 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763% | 04/14/27 | 400 | 399880 |
|  Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 03/01/29 | 100 | 108802 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 | 200 | 204961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 | 225 | 229268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/06/28 | 110 | 115039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 | 20 | 21439 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 | 145 | 148966 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | 387741 |
|  |  |  | 2194249 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%(ff) | 05/29/29(oo) | 100 | 123918 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | 500 | 584332 |
|  |  |  | 708250 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/07/28 | 200 | 247729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/16/29 | 300 | 414585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 355 | 363257 |
|  European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.422%(s) | 05/28/37 | 400 | 177889 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 07/15/27 | 300 | 314356 |
|  |  |  | 1517816 |
|  **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 455 | 405576 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 | 30 | 36631 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A204

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 | 400 | $406961 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 03/22/29 (oo) | 600 | 701752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(ff) | 12/01/33 (oo) | 180 | 183956 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 | 250 | 256287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 125 | 126872 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 30 | 21599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 40 | 38213 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 | 35 | 32578 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 425 | 415119 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 950 | 951251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 575 | 577502 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/29 | 140 | 138210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/30 | 455 | 443166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 140 | 135424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 700 | 669234 |
|  MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 35 | 34965 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/45 | 24 | 18322 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 400 | 541922 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 255 | 236742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/21/28 | 800 | 919395 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | 04/29/31 | 840 | 782468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 75 | 81789 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% | 09/10/54 | 10 | 9329 |
|  TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%(ff) | 10/25/27 (oo) | 600 | 675319 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Transocean, Inc., | Transocean, Inc., | Transocean, Inc., | Transocean, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 05/15/29 | 265 | 244253 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9084835 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 01/15/34 | 60 | 62049 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 905 | 925488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 350 | 358706 |
|  |  |  | 1346243 |
|  **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 180 | 148317 |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 08/01/28 | 450 | 450275 |
|  Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 120 | 98775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 544 | 380800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 1605 | 1008165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 405 | 238444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 313 | 220840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 250 | 209750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 250 | 211780 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | 06/07/32 | 600 | 721966 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 220 | 214321 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 03/15/31 | 115 | 103873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 12/15/29 | 230 | 233518 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/30/28 | 325 | 312386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/30/31 (a) | 350 | 303856 |
|  |  |  | 4857066 |
|  **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/29 | 1225 | 1216511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 255 | 263401 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A205

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 280 | $276961 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 20 | 21113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 215 | 225718 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 07/15/77 | 45 | 44640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(ff) | 01/15/84 | 40 | 44550 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 10/01/54 (a) | 50 | 51149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30 (oo) | 795 | 810706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 11/15/26 (oo) | 815 | 819040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/34 | 65 | 65852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 40 | 40607 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 | 35 | 34407 |
|  Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/25/31 | 700 | 824627 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 | 210 | 211837 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 250 | 262511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/30 | 110 | 117553 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/31/30 | 385 | 378036 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 | 400 | 402011 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/15/79 | 95 | 94300 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 35 | 33025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 35 | 32419 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29 (oo) | 1005 | 979522 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 745 | 716846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 40 | 33464 |
|  |  |  | 8000806 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |  |
|  Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/20/29 | 700 | 759664 |
|  Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 05/04/28 | 200 | 222039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/20/30 | 100 | 107563 |
|  Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/03/27 | 200 | 229309 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/01/28 | 1690 | 1678684 |
|  Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 07/15/27 | 1000 | 1148513 |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/15/31 | 200 | 175395 |
|  P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 01/26/29 | 600 | 665622 |
|  Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | 01/25/28 | 3000 | 423947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/14/27 | 7000 | 991276 |
|  Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 12/14/29 | 100 | 105729 |
|  |  |  | 6507741 |
|  **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/35 | 300 | 303140 |
|  Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/15/32 | 400 | 399659 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/01/31 | 500 | 421983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/28 | 584 | 540728 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 420 | 396130 |
|  Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/03/27 | 400 | 463053 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/29 | 280 | 220549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 20 | 18466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 50 | 52357 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A206

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 02/06/35 | EUR | 100 | 92263 |
|  Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/15/33 | CAD | 300 | 222069 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/20/31 | EUR | 1100 | 1290640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/06/30 | EUR | 600 | 757869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/29 | GBP | 500 | 691340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/06/34 | EUR | 200 | 256953 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 |  | 830 | 853490 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29 (a) |  | 925 | 873671 |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 07/15/26 |  | 650 | 639073 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | 02/15/28 |  | 1178 | 1248135 |
|  VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/15/30 |  | 385 | 387241 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/30 |  | 10 | 9588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/01/26 |  | 30 | 29815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 |  | 125 | 124639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/28 |  | 440 | 438135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 |  | 5 | 5069 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/23/32 | EUR | 400 | 485127 |
|  WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 04/15/28 | EUR | 100 | 112929 |
|  |  |  |  | 11334111 |
|  **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 12/01/28 |  | 430 | 440954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 |  | 950 | 999043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 |  | 535 | 633489 |
|  eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/30/28 | EUR | 1600 | 2074191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 11/30/28 |  | 1200 | 1321500 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 |  | 50 | 47934 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/01/29 | 425 | 394673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/01/31 | 375 | 335835 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/29 | 900 | 858935 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/32 (a) | 365 | 374812 |
|  |  |  | 7481366 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | 06/20/27 (oo) | 200 | 269503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/28/27 | 100 | 116959 |
|  |  |  | 386462 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/15/33 | 565 | 483385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 | 325 | 294373 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/15/31 | 90 | 81881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/35 | 120 | 120866 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 | 40 | 41837 |
|  |  |  | 1022342 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 260 | 265818 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 40 | 29512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 | 40 | 36516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 | 110 | 109828 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/12/34 | 16 | 16574 |
|  |  |  | 458248 |
|  **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/29 | 725 | 529091 |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/30/31 | 400 | 489462 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A207

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | 11/30/29 (d) |  | 975 | 1002387 |
|  Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 05/17/33 | EUR | 300 | 293829 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/01/29 |  | 1650 | 1668251 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/15/30 |  | 1925 | 1674134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 |  | 500 | 508725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | 12/15/30 |  | 600 | 680099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/15/29 |  | 1945 | 2238192 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 |  | 55 | 66725 |
|  Sprint LLC, | Sprint LLC, | Sprint LLC, | Sprint LLC, | Sprint LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 03/01/26 |  | 25 | 25216 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 02/15/26 |  | 50 | 49241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 02/15/29 |  | 370 | 347445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 02/15/31 |  | 284 | 258612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/28 |  | 35 | 35048 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | GBP | 830 | 1055789 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 |  | 210 | 219941 |
|  |  |  |  | 11142187 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(ff) | 07/18/29 (oo) | EUR | 300 | 319170 |
|  Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/14/27 | EUR | 400 | 480980 |
|  La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 04/21/32 | EUR | 100 | 104894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/12/30 | EUR | 100 | 121862 |
|  Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | 06/20/29 | EUR | 100 | 107724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 05/25/32 | EUR | 300 | 325514 |
|  SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/29/37 | EUR | 100 | 93023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/01/35 | CAD | 300 | 225984 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
|  Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/02/29 | 300 | 340126 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 | 410 | 406468 |
|  |  |  | 2525745 |
|  **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/01/29 | 410 | 419827 |
|  **TOTAL CORPORATE BONDS**<br>(cost $222,814,565) | **TOTAL CORPORATE BONDS**<br>(cost $222,814,565) | **TOTAL CORPORATE BONDS**<br>(cost $222,814,565) | 222368298 |
|  **FLOATING RATE AND OTHER LOANS — 0.4%** | **FLOATING RATE AND OTHER LOANS — 0.4%** | **FLOATING RATE AND OTHER LOANS — 0.4%** | **FLOATING RATE AND OTHER LOANS — 0.4%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.077%(c) | 01/28/32 | 325 | 324492 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.172%(c) | 11/17/28 | 462 | 449478 |
|  |  |  | 773970 |
|  **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.316%(c) | 03/01/29 | 1414 | 1364283 |
|  **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.314%(c) | 03/18/30 | 342 | 342628 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 01/02/28 | 118 | 105828 |
|  **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.812%(c) | 01/18/28 | 495 | 487141 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730%(c) | 07/01/31 | 3125 | 3673566 |
|  **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
|  Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.780%(c) | 05/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | 1192739 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A208

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 1 Month EURIBOR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.079%(c) | 07/17/29 | 4075 | $4778718 |
|  |  |  | 5971457 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $11,971,694) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $11,971,694) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $11,971,694) | 12718873 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.455%(c) | 12/25/41 | 220 | 225843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.555%(c) | 03/25/42 | 115 | 124485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.555%(c) | 03/25/42 | 60 | 63877 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | 09/26/33 | 103 | 102989 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | 11/25/41 | 40 | 40025 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105%(c) | 11/25/41 | 180 | 181286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.405%(c) | 09/25/41 | 430 | 433473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655%(c) | 12/25/41 | 200 | 202238 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/15/43 | 54 | 8209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/25/49 | 73 | 14940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/25/50 | 338 | 56206 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 07/25/65 | 100 | 96270 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $1,513,068) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $1,513,068) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $1,513,068) | 1549841 |
|  **SOVEREIGN BONDS — 3.1%** | **SOVEREIGN BONDS — 3.1%** | **SOVEREIGN BONDS — 3.1%** | **SOVEREIGN BONDS — 3.1%** |
|  Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/20/34 | 200 | 232982 |
|  Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 05/06/31 | 1000 | 1054208 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/21/34 | AUD | 1700 | $1065497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/21/54 | AUD | 1420 | 919582 |
|  Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 05/28/30 | EUR | 100 | 128986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 11/30/41 | EUR | 200 | 280548 |
|  Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 06/10/27 | EUR | 400 | 500487 |
|  Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/20/29 |  | 200 | 203376 |
|  Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/22/31 | EUR | 200 | 206691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/25/32 | EUR | 300 | 360191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 05/25/34 | EUR | 400 | 474465 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | 02/15/28 |  | 2016 | 1998229 |
|  Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/27/33 | EUR | 130 | 165958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/23/34 | EUR | 600 | 779878 |
|  Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 04/18/30 | EUR | 5665 | 6744944 |
|  Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/10/26 | EUR | 2630 | 3104361 |
|  Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 03/09/29 | CAD | 300 | 224678 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 01/27/32 |  | 900 | 790911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/14/32 | EUR | 121 | 144993 |
|  China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/29/43 | CNH | 12500 | 2221746 |
|  City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 12/01/43 | CAD | 450 | 321024 |
|  City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 07/30/53 | CAD | 150 | 102160 |
|  City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/28/35 | CAD | 300 | 202254 |
|  City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 10/18/52 | CAD | 250 | 156063 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A209

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 04/22/32 |  | 400 | $316900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/22/26 | EUR | 1300 | 1533249 |
|  Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/19/31 |  | 350 | 360150 |
|  Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/17/31 | EUR | 1000 | 1097331 |
|  Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 01/21/40 | EUR | 1500 | 1292276 |
|  Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/14/34 | CZK | 40050 | 2007203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/11/32 | CZK | 6110 | 299487 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 09/23/32 |  | 450 | 415125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/37 |  | 236 | 240750 |
|  Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/12/32 | EUR | 140 | 174861 |
|  European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 07/04/34 | EUR | 610 | 735335 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/30 |  | 200 | 188224 |
|  French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/25/35 | EUR | 2255 | 2991494 |
|  Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.097% | 08/01/38 |  | 500 | 499010 |
|  Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/04/35 | EUR | 1840 | 1922354 |
|  Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/17/34 | EUR | 120 | 155138 |
|  Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/07/33 | CNH | 2000 | 304999 |
|  Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/24/35 | HUF | 430520 | 1263820 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/16/34 | EUR | 300 | 356212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/28/32 | EUR | 700 | 715974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 6Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/25/29 | EUR | 500 | 604807 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 04/15/28 | 300 | $330916 |
|  Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | 05/28/31 | 400 | 406562 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | 03/12/33 | 900 | 886555 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/18/27 | 100 | 114665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 10/21/34 | 100 | 151913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 200 | 204078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/12/34 | 790 | 798394 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 07/01/30 | 6282 | 7495698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/01/33 | 336 | 429137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/35 | 765 | 917527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 02/01/35 | 40 | 48962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 10/01/40 | 500 | 586704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 03/01/35 | 135 | 159225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 10/01/54 | 220 | 259937 |
|  Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 03/20/52 | 48550 | 226496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 09/20/54 | 4150 | 24721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/20/55 | 169950 | 1082560 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/20/43 | 350900 | 2157519 |
|  Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/30/34 | 170 | 171716 |
|  Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.124% | 03/18/29 | 500 | 600177 |
|  Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 03/17/31 | 300 | 298624 |
|  Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% | 05/26/27 | 494 | 566318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 06/01/32 | 300 | 333680 |
|  Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/16/29 | 300 | 380774 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A210

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 05/29/31 | MXN | 42540 | $2159470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/23/34 | MXN | 20500 | 997660 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 01/17/30 | EUR | 900 | 954468 |
|  Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 07/15/27 | EUR | 4930 | 5675108 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 03/11/33 | EUR | 1100 | 1077904 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | 02/03/29 | EUR | 1040 | 1135491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 04/28/33 | EUR | 300 | 297479 |
|  Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/05/50 | CAD | 625 | 367102 |
|  Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 12/01/51 | CAD | 400 | 231069 |
|  Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/02/33 | CAD | 2080 | 1536182 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/01/33 | CAD | 2030 | 1490089 |
|  Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/02/48 | CAD | 500 | 305664 |
|  Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 04/30/31 | EUR | 200 | 236166 |
|  Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088% | 03/31/43 | EUR | 314 | 347750 |
|  Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 12/01/34 | CAD | 115 | 93798 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/31/34 | EUR | 300 | 396048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/04/28 | GBP | 958 | 1359985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 10/17/29 |  | 1390 | 1305843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/17/49 |  | 475 | 340256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/06/51 |  | 2100 | 1425175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/33 |  | 830 | 858569 |
|  Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 01/31/30 | ZAR | 11235 | 623733 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 09/30/29 |  | 200 | 192344 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% | 05/26/30 | EUR | 25 | 27967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/29/35 | EUR | 30 | 29334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 07/13/30 | EUR | 1100 | 1110674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/29/35 | EUR | 25 | 24445 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/09/39 | EUR | 600 | 543329 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/15/27 | EUR | 1260 | 1477260 |
|  SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 01/22/31 | EUR | 600 | 707691 |
|  Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/23/35 | EUR | 200 | 241680 |
|  Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 11/25/30 | EUR | 500 | 508500 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 10/31/50 | EUR | 1800 | 1150555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 10/31/40 | EUR | 880 | 742866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/31/34 | EUR | 1239 | 1498827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 10/31/33 | EUR | 665 | 815501 |
|  Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/17/34 | THB | 55489 | 1872122 |
|  United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/31/35 | GBP | 4939 | 4671946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/31/54 | GBP | 1579 | 1877542 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $98,135,651) | **TOTAL SOVEREIGN BONDS**<br>(cost $98,135,651) | **TOTAL SOVEREIGN BONDS**<br>(cost $98,135,651) | **TOTAL SOVEREIGN BONDS**<br>(cost $98,135,651) | 99199361 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/50 |  | 1634 | 1585418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/53 |  | 996 | 998391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 |  | 1638 | 1638646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/55 |  | 1748 | 1776917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/01/54 |  | 682 | 708996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 (h) |  | 1280 | 1462426 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 |  | 1140 | 961043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 |  | 1951 | 1635401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/52 |  | 2810 | 2457470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 |  | 1232 | 1115361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 |  | 728 | 715345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/53 |  | 1078 | 1058727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 |  | 842 | 844066 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A211

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/53 | 1157 | $1179376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 | 701 | 718365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/54 | 1443 | 1477162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 585 | 661107 |
|  Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.998%(s) | 07/15/32 | 139 | 101309 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/51 | 1618 | 1432562 |
|  U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/15/30 | 306 | 297982 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $23,067,334) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $23,067,334) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $23,067,334) | 22826070 |
|  **U.S. TREASURY OBLIGATIONS — 3.8%** | **U.S. TREASURY OBLIGATIONS — 3.8%** | **U.S. TREASURY OBLIGATIONS — 3.8%** |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 11/15/50 (h) | 9420 | 4964634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 02/15/42 (h) | 14450 | 10507859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/15/51 (h) | 2780 | 1763128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/15/44 (h) | 8700 | 6697641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 08/15/42 (h) | 1800 | 1510594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/15/48 (k) | 2600 | 2056844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/43 | 605 | 541570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42 | 184 | 167842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 (h) | 8240 | 7551187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/54 | 2946 | 2808827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 | 165 | 161545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43 (h) | 1428 | 1426438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 (h) | 1710 | 1756758 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 10/15/29 | 3066 | 3104008 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/30/26 | 420 | 417867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/33 | 180 | 173559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/30/27 | 3090 | 3089759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/28 | 8945 | 8959675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/31/27 | 5740 | 5753677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/30 | 2020 | 2028364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/31/30 | 7130 | 7197401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/31/32 | 170 | 171541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/31/32 (h) | 2965 | 2990480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/31/25 (k) | 8000 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/31/26 | 5799 | 5833029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35 | 1980 | 1983403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/31/29 | 6888 | 7077293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/31/31 | 1540 | 1588125 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.026%(s) | 08/15/41 (h)(k) | 10845 | 4920604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.203%(s) | 05/15/43 (h) | 4745 | 1940989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.481%(s) | 05/15/44 | 1845 | 714526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.769%(s) | 08/15/44 | 1035 | 395601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.298%(s) | 11/15/40 (k) | 5590 | 2645185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.895%(s) | 02/15/43 (h)(k) | 5840 | 2426119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 825 | 289206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663%(s) | 02/15/50 | 2545 | 742942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.878%(s) | 11/15/41 | 585 | 261037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 | 675 | 211849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 210 | 75481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%(s) | 02/15/39 (h) | 220 | 115612 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.968%(s) | 05/15/42 (k) | 7965 | $| 3450646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.991%(s) | 11/15/43 | 1510 |  | 600986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.007%(s) | 05/15/39 | 220 |  | 113709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%(s) | 08/15/39 | 220 |  | 112061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(s) | 11/15/39 | 215 |  | 107906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.056%(s) | 02/15/40 | 215 |  | 106277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%(s) | 05/15/40 | 215 |  | 104650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.095%(s) | 08/15/40 | 215 |  | 103050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.111%(s) | 02/15/41 | 215 |  | 100364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.117%(s) | 05/15/41 | 215 |  | 98959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%(s) | 02/15/42 | 215 |  | 94465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%(s) | 08/15/42 | 215 |  | 91757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.196%(s) | 11/15/42 | 215 |  | 90560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(s) | 02/15/45 | 1020 |  | 380225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(s) | 08/15/43 | 215 |  | 86679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(s) | 02/15/44 | 215 |  | 84353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(s) | 11/15/44 | 215 |  | 81174 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $127,474,693) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $127,474,693) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $127,474,693) |  | 120830020 |
|  **TOTAL LONG-TERM INVESTMENTS**<br>(cost $2,604,750,278) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $2,604,750,278) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $2,604,750,278) |  | 2873434048 |
|  |  | **Shares** |  |  |
|  **SHORT-TERM INVESTMENTS — 10.4%** | **SHORT-TERM INVESTMENTS — 10.4%** | **SHORT-TERM INVESTMENTS — 10.4%** | **SHORT-TERM INVESTMENTS — 10.4%** | **SHORT-TERM INVESTMENTS — 10.4%** |
|  **AFFILIATED MUTUAL FUNDS — 10.0%** | **AFFILIATED MUTUAL FUNDS — 10.0%** | **AFFILIATED MUTUAL FUNDS — 10.0%** | **AFFILIATED MUTUAL FUNDS — 10.0%** | **AFFILIATED MUTUAL FUNDS — 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 294787613 |  | 294787613 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $22,964,066; includes $22,891,130 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $22,964,066; includes $22,891,130 of cash collateral for securities on loan)(b)(wa) | 22980152 |  | 22964067 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS** <br> (cost $317,751,679) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS** <br> (cost $317,751,679) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS** <br> (cost $317,751,679) |  | 317751680 |
| **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)#** |  |  |
|  **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.4%** | **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.4%** | **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.4%** | **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.4%** | **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | 09/18/25 | 12100 |  | 11987987 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $11,987,947) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $11,987,947) |  |  |  |
|  OPTIONS PURCHASED\*~ — 0.0%<br>(cost $151,945) | OPTIONS PURCHASED\*~ — 0.0%<br>(cost $151,945) | OPTIONS PURCHASED\*~ — 0.0%<br>(cost $151,945) |  | 135274 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $329,891,571) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $329,891,571) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $329,891,571) |  | 329874941 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.0%**<br>(cost $2,934,641,849) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.0%**<br>(cost $2,934,641,849) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.0%**<br>(cost $2,934,641,849) |  | 3203308989 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A212

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $482,642) | $(588844) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.0%**<br> (cost $2,934,159,207) | 3202720145 |
|  **Liabilities in excess of other assets(z) — (1.0)%** | (32190081) |
|  **NET ASSETS — 100.0%** | $3170530064 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $0 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $22,455,816; cash collateral of $22,891,130 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Freedom Mortgage Corp., Sr. Unsec'd. Notes, 144A, 12.000%, 10/01/28 | 09/14/23 | $171500 | $188183 | 0.0% |
|  Freedom Mortgage Holdings LLC, Sr. Unsec'd. Notes, 144A, 8.375%, 04/01/32 | 02/04/25 | 300000 | 302750 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $471500 | $490933 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

**Options Purchased:**

**Exchange Traded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $97.00 | 14 | 35 | $2538 |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 28 | 70 | 175 |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 3 | 8 | 19 |
|  3 Month SOFR | Put | 12/12/25 | $96.00 | 14 | 35 | 2363 |
|  **Total Exchange Traded** (cost $6,690) |  |  |  |  |  | $5095 |

---

#### OTC Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs MXN<br> Call | MSI | 07/30/25 | 26.00 – EUR | 745 | $75 |
|  Currency Option EUR vs PLN<br> Call | CITI | 07/21/25 | 5.00 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | 3 |
|  Currency Option EUR vs TRY<br> Call | JPM | 07/14/25 | 80.00 – EUR | 742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A213

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 90.00 |  | EUR | 751 | $499 |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 6.70 |  |  | 902 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 6.50 |  |  | 521 | 34 |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 1100.00 |  |  | 907 |  |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.95 |  |  | 10370 | 554 |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 5000.00 |  |  | 857 | 1 |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 155.00 |  |  | 861 | 3 |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1550.00 |  |  | 858 |  |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1750.00 |  |  | 2430 | 32 |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 22.00 |  |  | 907 | 3 |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 70.00 |  |  | 451 |  |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 99.00 |  |  | 431 | 254 |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 32.00 |  |  | 1738 | 37 |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 21.00 |  |  | 451 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.00 |  | EUR | 794 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.05 |  | EUR | 394 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.05 |  | EUR | 1005 | 1 |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 4.90 |  |  | 2714 |  |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.00 |  |  | 428 | 1 |
|  Currency Option USD vs CNH | Put | DB | 09/24/25 | 7.00 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10370 | 33523 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 5579 | 737 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 1550 | 205 |
|  Currency Option USD vs KRW | Put | JPM | 09/25/25 | 1331.00 |  |  | 2430 | 36425 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 870 | 73 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 870 | 73 |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 16.00 |  |  | 522 | 11 |
|  **Total OTC Traded** (cost $74,234) |  |  |  |  |  |  |  | $72713 |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  5-Year Interest Rate Swap, 09/29/30 | Call | CITI | 09/25/25 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/4.450% |  | 443 | $2918 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/4.450% |  | 1570 | 1 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/4.450% |  | 190 |  |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/4.450% |  | 1570 | 14852 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/4.450% |  | 190 | 1797 |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 2.05% | 3 Month EURIBOR(Q)/1.944% | 2.05%(A) | EUR | 2205 | 1346 |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 3.50% | 3 Month EURIBOR(Q)/1.944% | 3.50%(A) | EUR | 2205 | 1 |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.02% | 1 Day TONAR(A)/0.477% | 1.02%(A) | JPY | 193150 | 134 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A214

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased (continued):
**OTC Swaptions**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.52% | 1 Day TONAR(A)/0.477% | 1.52 %(A) | JPY | 193150 | $— |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.60% | CDX.NA.IG.44.V1(Q) | 1.00 %(Q) |  | 19790 | 21734 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.63% | CDX.NA.IG.44.V1(Q) | 1.00 %(Q) |  | 15830 | 14683 |
|  **Total OTC Swaptions** (cost $71,021) |  |  |  |  |  |  |  |  | $57466 |
|  **Total Options Purchased** (cost $151,945) | **Total Options Purchased** (cost $151,945) |  |  |  |  |  |  |  | $135274 |

---

#### Options Written:
**Exchange Traded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 15 | 38 | $(9375) |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 16 | 40 | (10000) |
|  3 Month SOFR | Put | 12/12/25 | $95.63 | 14 | 35 | (263) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 15 | 38 | (6375) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 2 | 5 | (850) |
|  **Total Exchange Traded** (premiums received $39,811) |  |  |  |  |  | $(26863) |

---

**OTC Traded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 22.35 – EUR | 745 | $(7372) |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 4.28 – EUR | 750 | (2454) |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 48.00 – EUR | 742 | (7313) |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 49.50 – EUR | 751 | (8675) |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 5.70 – | 902 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 5.65 – | 521 | (1691) |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 940.00 – | 907 | (2960) |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.25 – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10370 | (23876) |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 4300.00 – | 857 | (426) |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 145.00 – | 861 | (3839) |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1390.00 – | 858 | (521) |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1385.00 – | 2430 | (23366) |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 19.40 – | 907 | (489) |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 41.00 – | 451 | (152) |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 42.00 – | 431 | (2201) |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 29.15 – | 1738 | (14105) |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 18.20 – | 451 | (31) |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.14 – EUR | 794 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.14 – EUR | 394 | (17) |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.14 – EUR | 1005 | (423) |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 6.00 – | 2714 | (282049) |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.50 – | 428 | (6138) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 – | 3569 | (61969) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 – | 435 | (1316) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 – | 435 | (1316) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 – | 435 | (3124) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 – | 435 | (3124) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A215

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written (continued):
**OTC Traded**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 17.70 |  | 522 | $(6101) |
|  **Total OTC Traded** (premiums received $345,233) |  |  |  |  |  |  | $(465048) |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  5-Year Interest Rate Swap, 09/29/30 | Call | CITI | 09/25/25 | 3.04% | 1 Day SOFR(A)/4.450% | 3.04%(A) |  | 885 | $(2874) |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/4.450% | 3.21%(A) |  | 3140 | (9874) |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/4.450% | 3.21%(A) |  | 380 | (1195) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.53% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) |  | 19790 | (30961) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.55% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) |  | 15830 | (35729) |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 2.20% | 3 Month EURIBOR(Q)/2.20%(A) | 1.944% | EUR | 4410 | (1208) |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.27% | 1 Day TONAR(A)/1.27%(A) | 0.477% | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386300 | (12) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.44.V1(Q) |  | 2580 | (942) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 07/16/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) |  | 13080 | (1006) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) |  | 19790 | (8040) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.88% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) |  | 15830 | (5092) |
|  **Total OTC Swaptions** (premiums received $97,598) | **Total OTC Swaptions** (premiums received $97,598) | **Total OTC Swaptions** (premiums received $97,598) | **Total OTC Swaptions** (premiums received $97,598) | **Total OTC Swaptions** (premiums received $97,598) | **Total OTC Swaptions** (premiums received $97,598) | **Total OTC Swaptions** (premiums received $97,598) |  |  | $(96933) |
|  **Total Options Written** (premiums received $482,642) | **Total Options Written** (premiums received $482,642) | **Total Options Written** (premiums received $482,642) | **Total Options Written** (premiums received $482,642) | **Total Options Written** (premiums received $482,642) | **Total Options Written** (premiums received $482,642) | **Total Options Written** (premiums received $482,642) |  |  | $(588844) |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /**<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 39 | 3 Month EuroSTR | Sep. 2025 | $11264154 | $(1561) |
| 432 | 2 Year U.S. Treasury Notes | Sep. 2025 | 89866125 | 301454 |
| 1724 | 5 Year U.S. Treasury Notes | Sep. 2025 | 187916000 | 2126835 |
| 9 | 10 Year Canadian Government Bonds | Sep. 2025 | 806315 | 7270 |
| 8 | 10 Year Euro-Bund | Sep. 2025 | 1226482 | (2928) |
| 22 | 10 Year Korea Treasury Bonds | Sep. 2025 | 1930542 | (2141) |
| 18 | 10 Year U.K. Gilt | Sep. 2025 | 2298557 | 31269 |
| 836 | 10 Year U.S. Treasury Notes | Sep. 2025 | 93736500 | 1652088 |
| 651 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 74386925 | 1506272 |
| 701 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 80943594 | 2530396 |
| 129 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 15367125 | 586296 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A216

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /**<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 37 | Euro-BTP Italian Government Bond | Sep. 2025 | $5273682 | $16374 |
| 173 | Mini MSCI EAFE Index | Sep. 2025 | 23196705 | 175474 |
| 56 | Russell 2000 E-Mini Index | Sep. 2025 | 6136760 | 204976 |
| 208 | S&P 500 E-Mini Index | Sep. 2025 | 65039000 | 2261269 |
| 34 | Short Euro-BTP | Sep. 2025 | 4323230 | (6408) |
|  |  |  |  | 11386935 |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 48 | 3 Month CME SOFR | Sep. 2025 | 11479800 | 2317 |
| 55 | 1 Year Eris SOFR Swap Futures | Sep. 2025 | 5472462 | (4294) |
| 22 | 2 Year U.S. Treasury Notes | Sep. 2025 | 4576516 | (10362) |
| 105 | 5 Year Euro-Bobl | Sep. 2025 | 14555221 | 8529 |
| 39 | 5 Year U.S. Treasury Notes | Sep. 2025 | 4251000 | (17936) |
| 25 | 10 Year Australian Treasury Bonds | Sep. 2025 | 1885917 | (9385) |
| 21 | 10 Year Euro-Bund | Sep. 2025 | 3219514 | 14349 |
| 1 | 10 Year Japanese Government Bonds | Sep. 2025 | 965383 | (2569) |
| 38 | 10 Year U.S. Treasury Notes | Sep. 2025 | 4260750 | (90258) |
| 15 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 1713984 | (6562) |
| 9 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 1039219 | (28687) |
| 6 | 30 Year Euro Buxl | Sep. 2025 | 839219 | 13853 |
| 221 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 26326625 | (845443) |
| 74 | British Pound Currency | Sep. 2025 | 6347813 | (89405) |
| 15 | Canadian Dollar Currency | Sep. 2025 | 1105200 | (6421) |
| 363 | Euro Currency | Sep. 2025 | 53705850 | (1567530) |
| 78 | Euro Schatz Index | Sep. 2025 | 9854141 | 10314 |
| 19 | Euro-OAT | Sep. 2025 | 2771669 | 14548 |
|  |  |  |  | (2614942) |
|  |  |  |  | $8771993 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 113 | $73386 | $74326 | $940 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | AUD | 32 | 20629 | 20756 | 127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 35 | 22980 | 23212 | 232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 100 | 64292 | 65843 | 1551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 31 | 20439 | 20536 | 97 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 31 | 19729 | 20239 | 510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 2183 | 1426446 | 1437038 | 10592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 395 | 258094 | 260343 | 2249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 32 | 20748 | 20863 | 115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 31 | 20239 | 20514 | 275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 30 | 19125 | 19491 | 366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 30 | 19429 | 19705 | 276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 17 | 10935 | 11021 | 86 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 36167 | 6348296 | 6653460 | 305164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | BRL | 31166 | 5621764 | 5686558 | 64794 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | GBP | 15 | 20502 | 20846 | 344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 261 | 354583 | 358608 | 4025 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A217

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  British Pound (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 131 | $179209 | $179287 | $78 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 131 | 179005 | 179287 | 282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 85 | 116538 | 116687 | 149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 12 | 15735 | 15941 | 206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 14 | 19005 | 19175 | 170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 179 | 242396 | 246103 | 3707 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CAD | 486 | 355847 | 357241 | 1394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CAD | 23 | 16602 | 16755 | 153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 36 | 26491 | 26562 | 71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 27 | 19888 | 20107 | 219 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CLP | 484938 | 522001 | 520443 |  | (1558) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CNH | 1272 | 177924 | 178032 | 108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CNH | 954 | 133145 | 133490 | 345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CNH | 620 | 86436 | 86734 | 298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | CNH | 616 | 86223 | 86412 | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 3055 | 428131 | 429508 | 1377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SSB | CNH | 3484 | 489568 | 489814 | 246 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CZK | 1435 | 65801 | 68516 | 2715 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | DKK | 761 | 117042 | 120874 | 3832 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 2948 | 3284154 | 3477893 | 193739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 2346 | 2670641 | 2767722 | 97081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 395 | 451000 | 465618 | 14618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 808 | 913947 | 953246 | 39299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 783 | 902000 | 923538 | 21538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 414 | 473000 | 488897 | 15897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 398 | 454733 | 469544 | 14811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 148 | 168612 | 174417 | 5805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 31 | 36374 | 36977 | 603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 28 | 33061 | 33244 | 183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 399 | 455000 | 470527 | 15527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 372 | 428000 | 438514 | 10514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 305 | 351607 | 359780 | 8173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 5388 | 6156168 | 6356380 | 200212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 892 | 1030051 | 1052133 | 22082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 254 | 288990 | 299366 | 10376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 62 | 70294 | 72865 | 2571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 8145 | 9253224 | 9609108 | 355884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 808 | 916646 | 953245 | 36599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 309 | 357576 | 364623 | 7047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 200 | 231023 | 235952 | 4929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 138 | 158248 | 162980 | 4732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 21 | 24669 | 24783 | 114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 382 | 442677 | 452087 | 9410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 121 | 139716 | 142684 | 2968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 85 | 98641 | 101122 | 2481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 85 | 98090 | 100293 | 2203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 60 | 69765 | 71520 | 1755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 57 | 65839 | 66901 | 1062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 6 | 7168 | 7341 | 173 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A218

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 2433 | $314205 | $311485 | $— | $(2720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 475 | 60788 | 60794 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 433 | 55864 | 55379 |  | (485) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | HUF | 126677 | 350694 | 372944 | 22250 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/29/25 | HSBC | INR | 153628 | 1784500 | 1787407 | 2907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | INR | 412526 | 4787019 | 4795654 | 8635 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | 2846514 | 172000 | 175764 | 3764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 99262025 | 6078321 | 6129152 | 50831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 27988818 | 1716000 | 1728231 | 12231 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | ILS | 609 | 165333 | 180906 | 15573 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 180884 | 1280897 | 1259358 |  | (21539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 27526 | 191418 | 191641 | 223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | JPY | 44537 | 308000 | 310080 | 2080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 51668 | 355793 | 359723 | 3930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 48953 | 334000 | 340826 | 6826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 82146 | 576000 | 571920 |  | (4080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 40203 | 280160 | 279901 |  | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | JPY | 8331 | 56874 | 58187 | 1313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 80510 | 560045 | 562323 | 2278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 17667 | 122258 | 123393 | 1135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 1855 | 12822 | 12956 | 134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 1212 | 8332 | 8462 | 130 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | MXN | 7418 | 387428 | 394394 | 6966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | MXN | 980 | 51111 | 52075 | 964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | MXN | 4085 | 212506 | 217192 | 4686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | 36733 | 1890464 | 1941345 | 50881 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 55107 | 1908000 | 1929039 | 21039 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | NZD | 87 | 50037 | 52998 | 2961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | NZD | 938 | 565095 | 572254 | 7159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 584 | 354161 | 356263 | 2102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 233 | 141528 | 142416 | 888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 115 | 68205 | 69904 | 1699 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 2607 | 723000 | 734245 | 11245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1896 | 529510 | 534033 | 4523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1004 | 278355 | 282786 | 4431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 944 | 263741 | 265949 | 2208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 859 | 240661 | 242065 | 1404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | PEN | 4139 | 1134698 | 1165801 | 31103 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 51920 | 906255 | 920379 | 14124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 41355 | 719250 | 733099 | 13849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 156614 | 2798680 | 2776265 |  | (22415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 72202 | 1251495 | 1279905 | 28410 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | PLN | 1904 | 502232 | 528046 | 25814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | PLN | 1027 | 276779 | 284659 | 7880 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A219

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | SGD | 227 | $177771 | $178986 | $1215 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | SGD | 393 | 302650 | 310179 | 7529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | SGD | 47 | 36713 | 37126 | 413 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 22723 | 1260535 | 1281270 | 20735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 7994 | 450297 | 450786 | 489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | ZAR | 3780 | 212506 | 213160 | 654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | ZAR | 33278 | 1866581 | 1868967 | 2386 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | KRW | 182460 | 132712 | 135278 | 2566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | KRW | 3902396 | 2873000 | 2898213 | 25213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | KRW | 62331 | 45874 | 46292 | 418 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 3353 | 354257 | 354960 | 703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | SEK | 558 | 58874 | 59029 | 155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | SEK | 4309 | 451718 | 457775 | 6057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SEK | 490 | 51352 | 52039 | 687 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CHF | 286 | 353660 | 361700 | 8040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CHF | 52 | 64192 | 66313 | 2121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CHF | 953 | 1174231 | 1212838 | 38607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 214 | 263487 | 271867 | 8380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 110 | 135947 | 139879 | 3932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 76 | 93464 | 96223 | 2759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 2 | 2100 | 2163 | 63 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | THB | 5722 | 176729 | 176303 |  | (426) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | THB | 3707 | 113757 | 114224 | 467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | THB | 15826 | 485000 | 489709 | 4709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 1947 | 60002 | 60260 | 258 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 117115 | 2874176 | 2919049 | 44873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | TRY | 11365 | 280279 | 280105 |  | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | HSBC | TRY | 5818 | 142000 | 143274 | 1274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | UAG | TRY | 31794 | 776500 | 782914 | 6414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/30/25 | BARC | TRY | 24423 | 592919 | 597303 | 4384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/22/25 | MSI | TRY | 13293 | 282511 | 287321 | 4810 |  |
|  |  |  |  | $98619825 | $100654730 | 2088561 | (53656) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 139 | $90569 | $91707 | $— | $(1138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 81 | 51056 | 53260 |  | (2204) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 31 | 20108 | 20671 |  | (563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | AUD | 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289778 |  | (3925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 544 | 356254 | 358070 |  | (1816) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 417 | 269837 | 274745 |  | (4908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 103 | 67080 | 67976 |  | (896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 1390 | 901741 | 915447 |  | (13706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 109 | 70765 | 71719 |  | (954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 40 | 25948 | 26105 |  | (157) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A220

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Australian Dollar (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 29 | $18696 | $18858 | $— | $(162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | AUD | 1818 | 1156827 | 1197344 |  | (40517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 186 | 121326 | 122513 |  | (1187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 49 | 32086 | 32411 |  | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 47 | 29835 | 30778 |  | (943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 31 | 19832 | 20176 |  | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 12 | 7630 | 7684 |  | (54) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 31166 | 5664474 | 5733459 |  | (68985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | HSBC | BRL | 5001 | 900000 | 920001 |  | (20001) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | GBP | 5 | 6906 | 6983 |  | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 7340 | 9711380 | 10076350 |  | (364970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 1666 | 2204082 | 2286915 |  | (82833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 3867 | 5230118 | 5307977 |  | (77859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 1496 | 2020365 | 2053765 |  | (33400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 65 | 87904 | 88944 |  | (1040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 10 | 13594 | 13734 |  | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 2 | 2426 | 2453 |  | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 3 | 4405 | 4415 |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 524 | 708068 | 720180 |  | (12112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 106 | 142381 | 144888 |  | (2507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 176 | 236653 | 241983 |  | (5330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 93 | 125224 | 127721 |  | (2497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 38 | 50471 | 51501 |  | (1030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 38 | 50821 | 51775 |  | (954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 17 | 23398 | 23896 |  | (498) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 7 | 9999 | 10162 |  | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 4 | 4851 | 4944 |  | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 3 | 4170 | 4257 |  | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 43 | 57522 | 58504 |  | (982) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | CAD | 390 | 274201 | 286937 |  | (12736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | CAD | 6 | 4326 | 4410 |  | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 4576 | 3363185 | 3364475 |  | (1290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 1599 | 1177464 | 1175544 | 1920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 17 | 12355 | 12416 |  | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CAD | 26 | 19027 | 18941 | 86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 118 | 86169 | 86688 |  | (519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 6 | 4135 | 4149 |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 4 | 3071 | 3087 |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | CAD | 1199 | 877767 | 881878 |  | (4111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | CAD | 1371 | 993172 | 1007973 |  | (14801) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 73806 | 10351712 | 10375696 |  | (23984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 47927 | 6722002 | 6737576 |  | (15574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 5047 | 707000 | 709483 |  | (2483) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 49841 | 2269154 | 2376163 |  | (107009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CZK | 27563 | 1278881 | 1314062 |  | (35181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 21179 | 944000 | 1009703 |  | (65703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 14991 | 693456 | 714689 |  | (21233) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | EUR | 159 | 183091 | 187727 |  | (4636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1854 | 2124533 | 2187740 |  | (63207) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A221

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 356 | $406749 | $420507 | $— | $(13758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 2 | 2709 | 2758 |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 356 | 399000 | 420480 |  | (21480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 327 | 367000 | 385454 |  | (18454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 45868 | 50469874 | 54113104 |  | (3643230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 9721 | 11138495 | 11468945 |  | (330450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 3195 | 3515754 | 3769543 |  | (253789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1509 | 1780429 | 1780841 |  | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1098 | 1266083 | 1295907 |  | (29824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 616 | 703000 | 726201 |  | (23201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 408 | 467218 | 481268 |  | (14050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 303 | 351851 | 357947 |  | (6096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 265 | 306636 | 313142 |  | (6506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 230 | 263682 | 271883 |  | (8201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 13 | 15507 | 15752 |  | (245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1 | 1104 | 1139 |  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 2011 | 2362663 | 2373017 |  | (10354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 1763 | 1988000 | 2080118 |  | (92118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 1074 | 1242310 | 1267417 |  | (25107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 775 | 903903 | 914376 |  | (10473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 386 | 453673 | 455661 |  | (1988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 24969 | 28794569 | 29457636 |  | (663067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 4288 | 4814609 | 5058805 |  | (244196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 180 | 209538 | 212747 |  | (3209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 101 | 118932 | 119712 |  | (780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 50366 | 57675036 | 59419749 |  | (1744713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 3508 | 4016963 | 4138479 |  | (121516) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 49879 | 57004244 | 58845342 |  | (1841098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 3508 | 4008998 | 4138479 |  | (129481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 601 | 686074 | 708604 |  | (22530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | EUR | 307 | 352330 | 363754 |  | (11424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 63 | 72251 | 74598 |  | (2347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 46 | 53875 | 53877 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 178 | 206198 | 211243 |  | (5045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 128 | 147283 | 150972 |  | (3689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 102 | 117662 | 120541 |  | (2879) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 89 | 102364 | 105029 |  | (2665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 88 | 101365 | 103845 |  | (2480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 84 | 97106 | 99582 |  | (2476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 69 | 79526 | 81229 |  | (1703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 44 | 50498 | 51626 |  | (1128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 43 | 50033 | 51153 |  | (1120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 332 | 380007 | 392883 |  | (12876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 93 | 106193 | 109647 |  | (3454) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | HUF | 601016 | 1712253 | 1769429 |  | (57176) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | INR | 195454 | 2244000 | 2272165 |  | (28165) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 40002 | 283270 | 278507 | 4763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 266225 | 1858611 | 1853524 | 5087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 25297 | 176729 | 176126 | 603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 57127 | 401000 | 397733 | 3267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 51032 | 353139 | 355297 |  | (2158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | JPY | 55757 | 394000 | 388196 | 5804 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A222

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Japanese Yen (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 51327 | $354720 | $357355 | $— | $(2635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 121483 | 843636 | 845796 |  | (2160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 849 | 5909 | 5908 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 159 | 1105 | 1107 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | JPY | 159 | 1114 | 1109 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | JPY | 10734 | 74906 | 74969 |  | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 15373 | 106940 | 107375 |  | (435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 11502 | 79730 | 80339 |  | (609) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | MXN | 3349 | 175892 | 178046 |  | (2154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | MXN | 16744 | 875383 | 890172 |  | (14789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | MXN | 21318 | 1117889 | 1133346 |  | (15457) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | MXN | 12811 | 659400 | 677090 |  | (17690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 12797 | 659400 | 676344 |  | (16944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 10860 | 565200 | 573933 |  | (8733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | MXN | 8568 | 447000 | 452827 |  | (5827) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CA | TWD | 186952 | 6359451 | 6544333 |  | (184882) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | NOK | 30 | 2909 | 2928 |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | NOK | 264 | 26038 | 26205 |  | (167) |
|  Romanian Leu, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | RON | 606 | 138367 | 140294 |  | (1927) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | SGD | 2067 | 1613335 | 1628521 |  | (15186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 4768 | 3735727 | 3771153 |  | (35426) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SGD | 3939 | 3083340 | 3115848 |  | (32508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SGD | 1954 | 1518660 | 1545194 |  | (26534) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 11302 | 636110 | 637305 |  | (1195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ZAR | 10757 | 594000 | 604159 |  | (10159) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 107236 | 76146 | 79507 |  | (3361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 75456 | 55893 | 55944 |  | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 8310844 | 6180031 | 6172259 | 7772 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CHF | 1583 | 1953767 | 2000401 |  | (46634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | CHF | 51 | 63719 | 65421 |  | (1702) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | THB | 5750 | 177924 | 177188 | 736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | THB | 31708 | 979802 | 977033 | 2769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | THB | 15958 | 492377 | 491706 | 671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 169783 | 5253833 | 5253792 | 41 |  |
|  |  |  |  | $346857305 | $357814262 | 33525 | (10990482) |
|  |  |  |  |  |  | $2122086 | $(11044138) |

---

#### Cross currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |  |  |  |
|  07/22/25 | Buy | AUD | 541 | CHF | 288 | $— | $(7904) | GSI |
|  07/22/25 | Buy | CHF | 288 | EUR | 308 | 1706 |  | GSI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A223

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Cross currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type**  | **Notional**<br>**Amount (000)** | **Notional**<br>**Amount (000)** | **In Exchange**<br>**For (000)** | **In Exchange**<br>**For (000)** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** |  |  |  |
|  07/22/25 | Buy | EUR | 76 | HUF | 30474 | $— | $(568) | RBC |
|  07/22/25 | Buy | EUR | 295 | JPY | 47234 | 18590 |  | MSI |
|  07/22/25 | Buy | EUR | 308 | CHF | 288 |  | (1410) | BNP |
|  07/22/25 | Buy | EUR | 356 | SGD | 522 | 8341 |  | HSBC |
|  07/22/25 | Buy | EUR | 543 | CHF | 508 |  | (1144) | HSBC |
|  07/22/25 | Buy | EUR | 1060 | PLN | 4532 |  | (6160) | CITI |
|  07/22/25 | Buy | GBP | 76 | SGD | 132 | 267 |  | HSBC |
|  07/22/25 | Buy | GBP | 195 | JPY | 38143 | 2718 |  | MSI |
|  07/22/25 | Buy | JPY | 47477 | EUR | 295 |  | (16903) | CITI |
|  07/22/25 | Buy | JPY | 95044 | EUR | 589 |  | (33177) | MSI |
|  07/22/25 | Buy | PLN | 3952 | EUR | 914 | 17404 |  | BNP |
|  07/22/25 | Buy | SEK | 3400 | EUR | 308 |  | (3043) | GSI |
|  |  |  |  |  |  | $49026 | $(70309) |  |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 06/20/30 | 1.000 %(Q) | 500 | $79794 | $13 | $79781 | MSI |
|  Dominican Republic | 06/20/30 | 1.000 %(Q) | 500 | 17697 | 13 | 17684 | MSI |
|  Emirate of Abu Dhabi | 06/20/30 | 1.000 %(Q) | 500 | (14946) | 13 | (14959) | MSI |
|  Federal Republic of Nigeria | 06/20/30 | 1.000 %(Q) | 500 | 80081 | 13 | 80068 | MSI |
|  Federation of Malaysia | 06/20/30 | 1.000 %(Q) | 750 | (18642) | 20 | (18662) | MSI |
|  Federative Republic of Brazil | 06/20/30 | 1.000 %(Q) | 2250 | 46855 | 59 | 46796 | MSI |
|  Kingdom of Bahrain | 06/20/30 | 1.000 %(Q) | 500 | 22408 | 13 | 22395 | MSI |
|  Kingdom of Morocco | 06/20/30 | 1.000 %(Q) | 500 | (820) | 13 | (833) | MSI |
|  Kingdom of Saudi Arabia | 06/20/30 | 1.000 %(Q) | 1250 | (18310) | 33 | (18343) | MSI |
|  People's Republic of China | 06/20/30 | 1.000 %(Q) | 2250 | (50944) | 59 | (51003) | MSI |
|  Republic of Argentina | 06/20/30 | 1.000 %(Q) | 500 | 128804 | 13 | 128791 | MSI |
|  Republic of Chile | 06/20/30 | 1.000 %(Q) | 1500 | (32401) | 39 | (32440) | MSI |
|  Republic of Colombia | 06/20/30 | 1.000 %(Q) | 1750 | 89789 | 46 | 89743 | MSI |
|  Republic of Indonesia | 06/20/30 | 1.000 %(Q) | 2000 | (20667) | 53 | (20720) | MSI |
|  Republic of Ivory Coast | 06/20/30 | 1.000 %(Q) | 500 | 59823 | 13 | 59810 | MSI |
|  Republic of Panama | 06/20/30 | 1.000 %(Q) | 500 | 19251 | 13 | 19238 | MSI |
|  Republic of Peru | 06/20/30 | 1.000 %(Q) | 750 | (6434) | 20 | (6454) | MSI |
|  Republic of Philippines | 06/20/30 | 1.000 %(Q) | 750 | (12557) | 20 | (12577) | MSI |
|  Republic of South Africa | 06/20/30 | 1.000 %(Q) | 2250 | 84846 | 59 | 84787 | MSI |
|  Republic of Turkey | 06/20/30 | 1.000 %(Q) | 2250 | 178877 | 59 | 178818 | MSI |
|  Sultanate of Oman | 06/20/30 | 1.000 %(Q) | 500 | (401) | 13 | (414) | MSI |
|  United Mexican States | 06/20/30 | 1.000 %(Q) | 2250 | 6716 | 59 | 6657 | MSI |
|  |  |  |  | $638819 | $656 | $638163 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A224

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices - Sell Protection(2)\*\*:** |  |
|  CDX.EM.43.V1 | 06/20/30 | 1.000 %(Q) | 25000 | 1.565% | $(612069) | $(5391) | $(606678) | MSI |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |  |
|  China Development Bank | 06/20/29 | 1.000 %(Q) |  | 415 | $(9573) | $(3372) | $(6201) | JPM |
|  Industrial & Commercial Bank of China Ltd. | 06/20/29 | 1.000 %(Q) |  | 415 | (9406) | (2942) | (6464) | JPM |
|  Israel Electric Corp. Ltd. | 03/20/32 | 1.000 %(Q) |  | 400 | 9473 | 15979 | (6506) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000 %(Q) |  | 270 | (3325) | 3590 | (6915) | BNP |
|  Republic of Italy | 12/20/27 | 1.000 %(Q) | EUR | 1370 | (37727) | (25141) | (12586) | BARC |
|  Republic of South Africa | 12/20/28 | 1.000 %(Q) |  | 900 | 10380 | 61098 | (50718) | JPM |
|  Republic of South Africa | 12/20/28 | 1.000 %(Q) |  | 600 | 6920 | 39863 | (32943) | MSI |
|  |  |  |  |  | $(33258) | $89075 | $(122333) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Kingdom of Norway | 12/20/25 | — %(Q) | 420 | 0.042% | $(83) | $(98) | $15 | BARC |
|  People's Republic of China | 06/20/29 | 1.000 %(Q) | 830 | 0.424% | 17969 | 8196 | 9773 | JPM |
|  Republic of Estonia | 12/20/26 | 1.000 %(Q) | 240 | 0.266% | 2613 | 669 | 1944 | JPM |
|  Republic of France | 06/20/34 | 0.250 %(Q) | 465 | 0.608% | (12534) | (9196) | (3338) | CITI |
|  Republic of France | 12/20/34 | 0.250 %(Q) | 1195 | 0.631% | (35767) | (27126) | (8641) | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) | 470 | 0.631% | (14067) | (14510) | 443 | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) | 40 | 0.631% | (1197) | (1296) | 99 | BOA |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) | 185 | 0.924% | 1154 | (1089) | 2243 | CITI |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) | 185 | 0.924% | 1154 | (1089) | 2243 | CITI |
|  |  |  |  |  | $(40758) | $(45539) | $4781 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** |  |  |  |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000 %(Q) | 2646 | $(96097) | $(203079) | $(106982) |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000 %(Q) | 34153 | (607001) | (766843) | (159842) |
|  |  |  |  | $(703098) | $(969922) | $(266824) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A225

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>June 30,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000 %(Q) | 14020 | 0.510% | $292902 | $314793 | $21891 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500%(M) | 500 | \* | $(7288) | $(12360) | $5072 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500%(M) | 480 | \* | (7004) | (6101) | (903) | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500%(M) | 600 | \* | 548 | 712 | (164) | GSI |
|  |  |  |  |  | $(13744) | $(17749) | $4005 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount<br>(000)#** | **Notional**<br> **Amount<br>(000)#** | **Termination**<br>**Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
| AUD | 455 | 12/03/28 | 2.650 %(S) | 6 Month BBSW(2)(S)/3.775% | $(14701) | $(8157) | $6544 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A226

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at**<br>**June 30,**<br>**2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  AUD | 910 | 12/03/32 | 2.850%(S) | 6 Month BBSW(2)(S)/ 3.775% | $(44442) | $(40208) | $4234 |
|  AUD | 1080 | 12/03/33 | 2.800%(S) | 6 Month BBSW(2)(S)/ 3.775% | (76788) | (60464) | 16324 |
|  AUD | 340 | 12/03/34 | 2.850%(S) | 6 Month BBSW(2)(S)/ 3.775% | (21493) | (21375) | 118 |
|  AUD | 190 | 12/03/38 | 2.900%(S) | 6 Month BBSW(2)(S)/ 3.775% | (19063) | (17928) | 1135 |
|  CAD | 740 | 12/03/26 | 3.850%(S) | 1 Day CORRA(2)(S)/ 2.750% | (1711) | 11030 | 12741 |
|  CAD | 995 | 12/03/29 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.750% | 1690 | 28315 | 26625 |
|  CAD | 865 | 12/03/30 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.750% | (985) | 27703 | 28688 |
|  CAD | 100 | 12/03/53 | 3.300%(S) | 1 Day CORRA(2)(S)/ 2.750% | (1320) | 1307 | 2627 |
|  CHF | 800 | 08/10/31 | (0.220)%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | (35844) | (35844) |
|  CHF | 250 | 03/31/33 | 1.909%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | 39215 | 39215 |
|  CHF | 415 | 03/20/34 | 1.258%(A) | 1 Day SARON(1)(A)/ (0.032)% | (30329) | (39029) | (8700) |
|  CHF | 340 | 12/13/34 | 0.371%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | (4717) | (4717) |
|  CHF | 140 | 05/08/35 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.032)% | 26949 | 26261 | (688) |
|  CLP | 264250 | 08/12/26 | 3.620%(S) | 1 Day CLOIS(2)(S)/ 5.000% |  | (4434) | (4434) |
|  CNH | 10000 | 03/04/26 | 1.765%(Q) | 7 Day China Fixing Repo Rates(1)(Q)/ 2.300% |  | (1666) | (1666) |
|  CNH | 76685 | 08/20/26 | 2.440%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | (93) | 118176 | 118269 |
|  CNH | 12180 | 03/01/28 | 2.955%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 67800 | 67800 |
|  CNH | 28550 | 05/11/28 | 2.600%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 43012 | 130874 | 87862 |
|  CNH | 6900 | 06/01/28 | 2.473%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 28178 | 28178 |
|  CNH | 31900 | 05/10/29 | 2.650%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 155136 | 201294 | 46158 |
|  CNH | 13520 | 05/15/29 | 2.027%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 1150 | 39677 | 38527 |
|  CNH | 6040 | 11/11/29 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 1033 | 436 | (597) |
|  CNH | 37700 | 06/11/30 | 1.447%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | (9291) | (9291) |
|  COP | 851000 | 08/12/31 | 5.910%(Q) | 1 Day COOIS(2)(Q)/ 8.729% |  | (29186) | (29186) |
|  CZK | 25000 | 08/12/26 | 2.062%(A) | 6 Month PRIBOR(2)(S)/ 3.480% |  | (13832) | (13832) |
|  DKK | 3200 | 04/08/32 | 1.581%(A) | 6 Month CIBOR(2)(S)/ 2.110% | (15299) | (31910) | (16611) |
|  EUR | 1840 | 04/23/26 | 3.076%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (26532) | (26532) |
|  EUR | 460 | 10/11/29 | 2.101%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (2004) | (2004) |
|  EUR | 2265 | 05/11/31 | 2.650%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (56105) | (76800) | (20695) |
|  EUR | 1500 | 03/20/33 | 2.996%(A) | 6 Month EURIBOR(2)(S)/ 2.049% |  | 66864 | 66864 |
|  EUR | 1827 | 02/15/34 | 2.231%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 21918 | 21918 |
|  EUR | 1169 | 02/15/34 | 2.258%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 10946 | 10946 |
|  EUR | 45 | 03/20/34 | 2.560%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 149 | 873 | 724 |
|  EUR | 1625 | 05/11/34 | 2.650%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 42416 | 44028 | 1612 |
|  EUR | 1075 | 03/20/38 | 2.982%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | (36871) | (36871) |
|  EUR | 925 | 11/24/41 | 0.565%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 207368 | 207368 |
|  EUR | 925 | 11/24/41 | 0.600%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (207639) | (207639) |
|  EUR | 2243 | 11/25/41 | 0.629%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 490211 | 490211 |
|  EUR | 2243 | 11/25/41 | 0.663%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (491158) | (491158) |
|  EUR | 2165 | 02/17/42 | 0.536%(A) | 6 Month EURIBOR(2)(S)/ 2.049% |  | (799244) | (799244) |
|  EUR | 1140 | 03/22/42 | 1.257%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 185642 | 185642 |
|  EUR | 1140 | 03/22/42 | 1.310%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (184416) | (184416) |
|  EUR | 960 | 02/24/43 | 2.910%(A) | 6 Month EURIBOR(1)(S)/ 2.049% | 796 | (16281) | (17077) |
|  EUR | 960 | 02/24/43 | 2.960%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% | (442) | 32320 | 32762 |
|  EUR | 200 | 05/11/44 | 1.150%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (47246) | (54962) | (7716) |
|  EUR | 1050 | 05/11/52 | 1.200%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (259158) | (353200) | (94042) |
|  EUR | 1235 | 11/28/54 | 1.468%(A) | 6 Month EURIBOR(1)(S)/ 2.049% | (886) | 85036 | 85922 |
|  GBP | 1780 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | (65128) | 69240 | 134368 |
|  GBP | 5750 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | (79656) | 223668 | 303324 |
|  GBP | 1035 | 05/08/27 | 1.050%(A) | 1 Day SONIA(2)(A)/ 4.217% | (71495) | (71422) | 73 |
|  GBP | 2405 | 05/08/28 | 1.100%(A) | 1 Day SONIA(1)(A)/ 4.217% | 389270 | 234548 | (154722) |
|  GBP | 400 | 05/08/29 | 1.100%(A) | 1 Day SONIA(2)(A)/ 4.217% | (44791) | (51269) | (6478) |
|  GBP | 2500 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | (192636) | 470860 | 663496 |
|  GBP | 595 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | (13710) | 112064 | 125774 |
|  GBP | 3995 | 05/08/33 | 1.150%(A) | 1 Day SONIA(2)(A)/ 4.217% | (730465) | (1016239) | (285774) |
|  GBP | 1410 | 05/08/34 | 1.200%(A) | 1 Day SONIA(1)(A)/ 4.217% | 388430 | 398218 | 9788 |
|  GBP | 895 | 05/08/40 | 3.950%(A) | 1 Day SONIA(2)(A)/ 4.217% | (47153) | (42315) | 4838 |
|  GBP | 170 | 05/08/41 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | 21904 | (82919) | (104823) |
|  GBP | 650 | 05/08/43 | 1.250%(A) | 1 Day SONIA(1)(A)/ 4.217% | 310954 | 349160 | 38206 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A227

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at**<br>**June 30,**<br>**2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  GBP | 305 | 05/08/44 | 3.950%(A) | 1 Day SONIA(1)(A)/ 4.217% | $9648 | $23307 | $13659 |
|  GBP | 230 | 05/08/45 | 3.950%(A) | 1 Day SONIA(1)(A)/ 4.217% | 13236 | 18972 | 5736 |
|  GBP | 3880 | 05/08/46 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | 632999 | (2333687) | (2966686) |
|  GBP | 305 | 05/08/52 | 1.250%(A) | 1 Day SONIA(1)(A)/ 4.217% | 44587 | 212929 | 168342 |
|  GBP | 165 | 05/08/55 | 3.900%(A) | 1 Day SONIA(2)(A)/ 4.217% | (11794) | (20819) | (9025) |
|  HUF | 100000 | 08/10/31 | 2.748%(A) | 6 Month BUBOR(2)(S)/ 6.500% |  | (51544) | (51544) |
|  ILS | 1415 | 07/08/30 | 3.950%(A) | 1 Day SHIR(2)(A)/ 4.500% | 422 | 2674 | 2252 |
|  JPY | 225000 | 07/08/25 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (258) | (8257) | (7999) |
|  JPY | 160000 | 07/08/26 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (3752) | (11587) | (7835) |
|  JPY | 150000 | 07/08/27 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.477% | 15106 | 20110 | 5004 |
|  JPY | 475000 | 07/08/27 | 0.500%(A) | 1 Day TONAR(2)(A)/ 0.477% | (17152) | (9584) | 7568 |
|  JPY | 189000 | 04/11/28 | 0.609%(A) | 1 Day TONAR(1)(A)/ 0.477% |  | 5853 | 5853 |
|  JPY | 640000 | 07/08/28 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (60967) | (128668) | (67701) |
|  JPY | 131500 | 07/31/28 | 0.268%(A) | 1 Day TONAR(2)(A)/ 0.477% |  | (15414) | (15414) |
|  JPY | 220000 | 07/08/29 | 0.650%(A) | 1 Day TONAR(2)(A)/ 0.477% | (8324) | (7308) | 1016 |
|  JPY | 85000 | 07/08/30 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.477% | 28861 | 30540 | 1679 |
|  JPY | 502500 | 07/08/31 | 0.000%(A) | 1 Day TONAR(2)(A)/ 0.477% | 7103 | (205742) | (212845) |
|  JPY | 80000 | 07/08/31 | 0.800%(A) | 1 Day TONAR(1)(A)/ 0.477% | 2458 | 2420 | (38) |
|  JPY | 19935 | 07/08/32 | 0.050%(A) | 1 Day TONAR(1)(A)/ 0.477% | 6247 | 9399 | 3152 |
|  JPY | 215000 | 07/08/32 | 0.900%(A) | 1 Day TONAR(2)(A)/ 0.477% | (19360) | (2909) | 16451 |
|  JPY | 15000 | 07/08/33 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.477% | (3895) | (8037) | (4142) |
|  JPY | 55000 | 07/08/34 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.477% | (26357) | (35570) | (9213) |
|  JPY | 100000 | 07/08/34 | 1.050%(A) | 1 Day TONAR(2)(A)/ 0.477% | 6511 | (422) | (6933) |
|  JPY | 273000 | 07/08/35 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.477% | 5829 | (203983) | (209812) |
|  JPY | 25000 | 07/08/38 | 0.200%(A) | 1 Day TONAR(2)(A)/ 0.477% | (21132) | (25975) | (4843) |
|  JPY | 60000 | 07/08/40 | 1.400%(A) | 1 Day TONAR(2)(A)/ 0.477% | (11857) | (5879) | 5978 |
|  JPY | 361000 | 07/08/41 | 0.250%(A) | 1 Day TONAR(2)(A)/ 0.477% | 9143 | (509577) | (518720) |
|  JPY | 15000 | 07/08/43 | 0.300%(A) | 1 Day TONAR(2)(A)/ 0.477% | (17571) | (24728) | (7157) |
|  JPY | 85000 | 07/08/45 | 1.600%(A) | 1 Day TONAR(2)(A)/ 0.477% | (29792) | (22115) | 7677 |
|  JPY | 75000 | 07/08/46 | 0.350%(A) | 1 Day TONAR(2)(A)/ 0.477% | 8850 | (147248) | (156098) |
|  JPY | 30000 | 07/08/48 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | (40085) | (61886) | (21801) |
|  JPY | 30000 | 07/08/49 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | (43357) | (65499) | (22142) |
|  JPY | 90000 | 07/08/49 | 1.700%(A) | 1 Day TONAR(1)(A)/ 0.477% | (221) | 34009 | 34230 |
|  JPY | 330500 | 07/08/51 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | 36498 | (786955) | (823453) |
|  JPY | 60000 | 07/08/52 | 0.450%(A) | 1 Day TONAR(1)(A)/ 0.477% | 74035 | 148712 | 74677 |
|  JPY | 25100 | 07/31/53 | 1.102%(A) | 1 Day TONAR(1)(A)/ 0.477% |  | 38819 | 38819 |
|  JPY | 100000 | 07/08/54 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.477% | 8802 | (55249) | (64051) |
|  KRW | 120000 | 04/19/28 | 3.135%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | 1850 | 1850 |
|  KRW | 2410000 | 08/13/31 | 1.630%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | (87413) | (87413) |
|  KRW | 816265 | 03/10/33 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | (6414) | 25426 | 31840 |
|  KRW | 125000 | 11/24/33 | 3.610%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | 7426 | 7426 |
|  KRW | 979000 | 03/10/34 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | 2916 | 32617 | 29701 |
|  KRW | 1236000 | 03/10/35 | 3.200%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | 44312 | 47411 | 3099 |
|  MXN | 5000 | 12/24/25 | 6.740%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 322 | (2061) | (2383) |
|  MXN | 2380 | 12/30/25 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 71 | 153 | 82 |
|  MXN | 5000 | 08/02/28 | 6.740%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% |  | (6017) | (6017) |
|  MXN | 2380 | 05/09/34 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% |  | 814 | 814 |
|  NOK | 1975 | 08/10/31 | 1.460%(A) | 6 Month NIBOR(2)(S)/ 4.370% |  | (25114) | (25114) |
|  NZD | 695 | 08/10/31 | 1.876%(S) | 3 Month BBR(2)(Q)/ 3.290% |  | (41570) | (41570) |
|  PLN | 1560 | 08/10/31 | 1.665%(A) | 6 Month WIBOR(2)(S)/ 5.040% |  | (63010) | (63010) |
|  SEK | 4000 | 08/10/31 | 0.530%(A) | 3 Month STIBOR(2)(Q)/ 2.127% |  | (41212) | (41212) |
|  SGD | 600 | 07/29/31 | 1.120%(S) | 1 Day SORA(2)(S)/ 1.560% | (1559) | (18795) | (17236) |
|  THB | 22500 | 08/17/31 | 1.320%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | (1068) | (1068) |
|  THB | 9500 | 04/18/34 | 2.895%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 34355 | 34355 |
|  THB | 8370 | 04/22/34 | 2.818%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 28575 | 28575 |
|  THB | 5700 | 12/16/34 | 2.173%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 9686 | 9686 |
|  THB | 12375 | 09/10/35 | 2.400%(Q) | 1 Day THOR(2)(Q)/ 1.739% | 25883 | 29680 | 3797 |
|  TWD | 35100 | 02/17/28 | 1.390%(Q) | 3 Month TAIBOR(1)(Q)/ 1.678% |  | 3868 | 3868 |
|  | 52095 | 08/19/25 | 4.395%(T) | 1 Day SOFR(2)(T)/ 4.450% | 716 | (116908) | (117624) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A228

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at**<br>**June 30,**<br>**2025** | **Value at**<br>**June 30,**<br>**2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
| 40260 | 08/31/25 | 4.805 %(A) | 1 Day SOFR(1)(A)/ 4.450% | $— |  | $(90029) | $(90029) |
| 4335 | 11/12/25 | 4.200 %(T) | 1 Day SOFR(1)(T)/ 4.450% | 1511 |  | 8993 | 7482 |
| 2010 | 04/23/26 | 4.861 %(A) | 1 Day SOFR(2)(A)/ 4.450% |  |  | 15728 | 15728 |
| 35000 | 05/11/26 | 4.750 %(A) | 1 Day SOFR(2)(A)/ 4.450% | 147840 |  | 251677 | 103837 |
| 66340 | 05/17/26 | 4.669 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | (437669) | (437669) |
| 8465 | 09/25/26 | 4.699 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 1566 |  | (106918) | (108484) |
| 3315 | 09/25/26 | 4.699 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | (41870) | (41870) |
| 28140 | 05/13/27 | 4.497 %(A) | 1 Day SOFR(2)(A)/ 4.450% | 6533 |  | 497331 | 490798 |
| 3330 | 08/15/28 | 1.220 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | 316164 | 316164 |
| 1810 | 09/28/28 | 4.396 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | (53098) | (53098) |
| 1730 | 11/07/28 | 4.223 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | (42259) | (42259) |
| 17515 | 05/13/29 | 4.253 %(A) | 1 Day SOFR(1)(A)/ 4.450% | (18623) |  | (538955) | (520332) |
| 850 | 05/17/29 | 4.143 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | (22711) | (22711) |
| 400 | 02/22/32 | 3.989 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | (10665) | (10665) |
| 630 | 03/28/32 | 3.841 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | (11242) | (11242) |
| 460 | 12/10/34 | 3.911 %(A) | 1 Day SOFR(2)(A)/ 4.450% |  |  | 7754 | 7754 |
| 2235 | 08/15/39 | 3.771 %(A) | 1 Day SOFR(2)(A)/ 4.450% |  |  | (40280) | (40280) |
| 17820 | 12/20/44 | 3.995 %(A) | 1 Day SOFR(2)(A)/ 4.450% |  |  | 36386 | 36386 |
| 845 | 05/11/45 | 4.000 %(A) | 1 Day SOFR(2)(A)/ 4.450% | (35847) |  | 3580 | 39427 |
| 770 | 05/11/49 | 1.350 %(A) | 1 Day SOFR(2)(A)/ 4.450% | (300510) |  | (315769) | (15259) |
| 10980 | 12/16/49 | 3.805 %(A) | 1 Day SOFR(2)(A)/ 4.450% | (77640) |  | (304770) | (227130) |
| 220 | 04/30/54 | 4.027 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | (3807) | (3807) |
| 420 | 05/10/54 | 3.850 %(A) | 1 Day SOFR(2)(A)/ 4.450% | (2393) |  | (5611) | (3218) |
| 2590 | 05/11/54 | 1.350 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 1182250 |  | 1162821 | (19429) |
| 710 | 05/11/54 | 1.350 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 311266 |  | 318766 | 7500 |
| 3975 | 12/14/54 | 3.136 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 16380 |  | 91850 | 75470 |
| 13760 | 12/14/54 | 3.136 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 201236 |  | 317950 | 116714 |
| 400 | 12/15/54 | 3.638 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | 18657 | 18657 |
| 9720 | 12/16/54 | 3.719 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 75344 |  | 372715 | 297371 |
| 13585 | 12/20/54 | 3.825 %(A) | 1 Day SOFR(1)(A)/ 4.450% |  |  | 259924 | 259924 |
| 1035 | 05/11/55 | 3.850 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 46537 |  | 12040 | (34497) |
| 455 | 05/10/74 | 3.420 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 4698 |  | 24827 | 20129 |
| 690 | 05/11/74 | 1.950 %(A) | 1 Day SOFR(1)(A)/ 4.450% | 3109 |  | 26310 | 23201 |
|  |  |  |  | $1771759 |  | $(2772467) | $(4544226) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid(Received)** | **Upfront<br>Premiums<br>Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
| **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  | |
| BRL | 3298 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/0.055% | $(24278) |  | $— | $(24278) | GSI |
| BRL | 3298 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/0.055% | 29490 |  |  | 29490 | GSI |
| CNH | 1200 | 07/31/30 | 2.515%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/2.300% | 8655 |  |  | 8655 | MSI |
| CNH | 700 | 11/24/30 | 2.495%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/2.300% | 5184 |  |  | 5184 | MSI |
| MYR | 8100 | 08/12/26 | 2.605%(Q) | 3 Month KLIBOR(2)(Q)/3.500% | (15878) |  | (36) | (15842) | HSBC |
| MYR | 1505 | 02/28/32 | 3.625%(Q) | 3 Month KLIBOR(2)(Q)/3.500% | 7648 |  |  | 7648 | JPM |
|  |  |  |  |  | $10821 |  | $(36) | $10857 |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A229

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Total return swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month<br> U.S. Treasury Bill<br> +8bps(Q)/ 4.315% | BOA | 03/31/26 | 4647 | $(552) | $— | $(552) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS<br> -40bps(T)/<br> 3.930% | GSI | 09/19/25 | (19993) | 61565 |  | 61565 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +24bps(T)/<br> 4.570% | JPM | 08/13/25 | 1095 | 11783 |  | 11783 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> -30bps(T)/<br> 4.030% | JPM | 09/03/25 | 3555 | 92348 |  | 92348 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +23bps(T)/<br> 4.560% | JPM | 11/06/25 | 14400 | 121862 |  | 121862 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +19.5bps(T)/<br> 4.525% | CITI | 12/12/25 | 25820 | 367409 |  | 367409 |
|  |  |  |  |  | $654415 | $— | $654415 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $130763 | $(109747) | $1542344 | $(959134) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $3510162 |
|  GS | 597000 | 11492616 |
|  MLC |  | 8201858 |
|  Total | $597000 | $23204636 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A230

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Level 3** |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $214459750 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 978239666 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 20436473 |  |  |  |
|  Common Stocks | 376938460 | 139387134 |  | \*\* |
|  Preferred Stocks |  | 329134 |  |  |
|  Unaffiliated Exchange-Traded Funds | 332577500 |  |  |  |
|  Warrants |  | 7114 |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 2667534 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations. |  | 300758260 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 1873393 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 690984 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans. |  | 749220 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 263193 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 68684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 137150 |  |  |
|  Commercial Mortgage-Backed Securities |  | 24357936 |  |  |
|  Corporate Bonds |  | 222368298 |  |  |
|  Floating Rate and Other Loans |  | 12718873 |  |  |
|  Residential Mortgage-Backed Securities |  | 1549841 |  |  |
|  Sovereign Bonds |  | 99199361 |  |  |
|  U.S. Government Agency Obligations |  | 22826070 |  |  |
|  U.S. Treasury Obligations |  | 120830020 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 317751680 |  |  |  |
|  U.S. Treasury Obligation |  | 11987987 |  |  |
|  Options Purchased | 5095 | 130179 |  |  |
|  **Total** | $**2240408624** | $**962900365** | $**—** | **\*\*** |
|  **Liabilities** |  |  |  |  |
|  Options Written | $**(26863)** | $**(561981)** | $**—** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Futures Contracts | $11463883 | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 2122086 |  |  |
|  OTC Cross Currency Exchange Contracts |  | 49026 |  |  |
|  OTC Packaged Credit Default Swap Agreements |  | 814941 |  |  |
|  Centrally Cleared Credit Default Swap Agreement. |  | 21891 |  |  |
|  OTC Credit Default Swap Agreements. |  | 50211 |  |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 5292609 |  |  |
|  OTC Interest Rate Swap Agreements |  | 50977 |  |  |
|  OTC Total Return Swap Agreements |  | 654967 |  |  |
|  **Total** | $**11463883** | $**9056708** | $**—** |  |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts | $(2691890) | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (11044138) |  |  |
|  OTC Cross Currency Exchange Contracts |  | (70309) |  |  |
|  OTC Packaged Credit Default Swap Agreements |  | (788191) |  |  |
|  Centrally Cleared Credit Default Swap Agreements. |  | (266824) |  |  |
|  OTC Credit Default Swap Agreements. |  | (137971) |  |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (9836835) |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A231

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  OTC Interest Rate Swap Agreements | $— | $(40156) | $— |
|  OTC Total Return Swap Agreement |  | (552) |  |
|  **Total** | $**(2691890)** | $**(22184976)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan) | 48.3 |
|  Unaffiliated Exchange-Traded Funds | 10.5 |
|  Collateralized Loan Obligations | 9.5 |
|  U.S. Treasury Obligations | 4.2 |
|  Sovereign Bonds | 3.1 |
|  Banks | 2.4 |
|  Semiconductors & Semiconductor Equipment | 1.5 |
|  Software | 1.4 |
|  Pharmaceuticals | 0.9 |
|  Commercial Mortgage-Backed Securities | 0.8 |
|  Interactive Media & Services | 0.7 |
|  U.S. Government Agency Obligations | 0.7 |
|  Insurance | 0.7 |
|  Technology Hardware, Storage & Peripherals | 0.6 |
|  Capital Markets | 0.6 |
|  Electric | 0.6 |
|  Telecommunications | 0.6 |
|  Aerospace & Defense | 0.6 |
|  Oil, Gas & Consumable Fuels | 0.5 |
|  Financial Services | 0.5 |
|  Broadline Retail | 0.5 |
|  Media | 0.5 |
|  Entertainment | 0.4 |
|  Automobiles | 0.4 |
|  Real Estate Investment Trusts (REITs) | 0.4 |
|  Foods | 0.4 |
|  Retail | 0.3 |
|  Hotels, Restaurants & Leisure | 0.3 |
|  Health Care Equipment & Supplies | 0.3 |
|  Machinery | 0.3 |
|  Specialty Retail | 0.3 |
|  Consumer Staples Distribution & Retail | 0.3 |
|  Oil & Gas | 0.3 |
|  Commercial Services | 0.3 |
|  Biotechnology | 0.3 |
|  Electrical Equipment | 0.3 |
|  Health Care Providers & Services | 0.3 |
|  Pipelines | 0.3 |
|  Electric Utilities | 0.2 |
|  Chemicals | 0.2 |
|  Home Builders | 0.2 |
|  IT Services | 0.2 |
|  Diversified Financial Services | 0.2 |
|  Real Estate | 0.2 |

---

---

| | |
|:---|:---|
|  Food Products | 0.2% |
|  Auto Manufacturers | 0.2 |
|  Trading Companies & Distributors | 0.2 |
|  Diversified Telecommunication Services | 0.2 |
|  Ground Transportation | 0.2 |
|  Beverages | 0.2 |
|  Building Products | 0.2 |
|  Metals & Mining | 0.2 |
|  Multi-Utilities | 0.1 |
|  Consumer Finance | 0.1 |
|  Industrial Conglomerates | 0.1 |
|  Tobacco | 0.1 |
|  Building Materials | 0.1 |
|  Communications Equipment | 0.1 |
|  Professional Services | 0.1 |
|  Household Products | 0.1 |
|  Textiles, Apparel & Luxury Goods | 0.1 |
|  Healthcare-Services | 0.1 |
|  Specialized REITs | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Construction Materials | 0.1 |
|  Electronic Equipment, Instruments & Components | 0.1 |
|  Life Sciences Tools & Services | 0.1 |
|  Healthcare-Products | 0.1 |
|  Apparel | 0.1 |
|  Transportation | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Household Durables | 0.1 |
|  Lodging | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Mining | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Airlines | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Construction & Engineering | 0.1 |
|  Consumer Loans | 0.1 |
|  Personal Care Products | 0.1 |
|  Industrial REITs | 0.1 |
|  Computers | 0.1 |
|  Leisure Time | 0.1 |
|  Residential Mortgage-Backed Securities | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Energy Equipment & Services | 0.0 \* |
|  Automobile Components | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A232

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
| Packaging & Containers | 0.0\*% |
| Electrical Components & Equipment | 0.0\* |
| Passenger Airlines | 0.0\* |
| Housewares | 0.0\* |
| Semiconductors | 0.0\* |
| Independent Power & Renewable Electricity Producers | 0.0\* |
| Engineering & Construction | 0.0\* |
| Electronics | 0.0\* |
| Health Care REITs | 0.0\* |
| Retail REITs | 0.0\* |
| Gas | 0.0\* |
| Gas Utilities | 0.0\* |
| Investment Companies | 0.0\* |
| Water Utilities | 0.0\* |
| Marine Transportation | 0.0\* |
| Home Equity Loans | 0.0\* |
| Miscellaneous Manufacturing | 0.0\* |
| Credit Cards | 0.0\* |
| Agriculture | 0.0\* |
| Iron/Steel | 0.0\* |
| Internet | 0.0\* |
| Diversified REITs | 0.0\* |
| Machinery-Diversified | 0.0\* |

---

---

| | |
|:---|:---|
| Residential REITs | 0.0 |
| Health Care Technology | 0.0 |
| Trucking & Leasing | 0.0 |
| Savings & Loans | 0.0 |
| Diversified Consumer Services | 0.0 |
| Containers & Packaging | 0.0 |
| Other | 0.0 |
| Environmental Control | 0.0 |
| Transportation Infrastructure | 0.0 |
| Mortgage Real Estate Investment Trusts (REITs) | 0.0 |
| Student Loans | 0.0 |
| Options Purchased | 0.0 |
| Distributors | 0.0 |
| Leisure Products | 0.0 |
| Office REITs | 0.0 |
|  | 101.0 |
| Options Written | (0.0) |
| Liabilities in excess of other assets | (1.0) |
|  | 100.0 |

---

\* Less than 0.05%

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Commodity contracts |  | $— | Unrealized depreciation on OTC swap agreements | $552 |
|  Credit contracts | Due from/to broker-variation margin swaps | 21891 \* | Due from/to broker-variation margin swaps | 266824 \* |
|  Credit contracts | Premiums paid for OTC swap agreements | 130763 | Premiums received for OTC swap agreements | 109711 |
|  Credit contracts | Unaffiliated investments | 36417 | Options written outstanding, at value | 81770 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 836400 | Unrealized depreciation on OTC swap agreements | 918462 |
|  Equity contracts | Due from/to broker-variation margin futures | 2641719 \* |  |  |
|  Foreign exchange contracts |  |  | Due from/to broker-variation margin futures | 1663356 \* |
|  Foreign exchange contracts | Unaffiliated investments | 72713 | Options written outstanding, at value | 465048 |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br> cross currency exchange contracts | 49026 | Unrealized depreciation on OTC cross currency exchange contracts | 70309 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 2122086 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 11044138 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A233

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $8822164 \* | Due from/to broker-variation margin futures | $1028534 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 5292609 \* | Due from/to broker-variation margin swaps | 9836835 \* |
|  Interest rate contracts |  |  | Premiums received for OTC swap agreements | 36 |
|  Interest rate contracts | Unaffiliated investments | 26144 | Options written outstanding, at value | 42026 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 705944 | Unrealized depreciation on OTC swap agreements | 40120 |
|  |  | $20757876 |  | $25567721 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(1)** | **Options**<br> **Written** | **Futures** | **Forward**<br>**&Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $(204104) |
|  Credit contracts | (104570) | 241729 |  |  | (301628) |
|  Equity contracts |  |  | (2089415) |  |  |
|  Foreign exchange contracts | (101258) | 715290 | (4054040) | (9019615) |  |
|  Interest rate contracts | 1735 | 40115 | (2626268) |  | 305685 |
|  **Total** | $(204093) | $997134 | $(8769723) | $(9019615) | $(200047) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options**<br>**Purchased(2)** | **Options**<br> **Written** | **Futures** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(552) |
|  Credit contracts | 23286 | (32037) |  |  | (136368) |
|  Equity contracts |  |  | 5978132 |  |  |
|  Foreign exchange contracts | (23151) | (148842) | (2630741) | (17197876) |  |
|  Interest rate contracts | (52325) | 106108 | 14142967 |  | (876909) |
|  **Total** | $(52190) | $(74771) | $17490358 | $(17197876) | $(1013829) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $153691 |
|  Options Written (2) | 236846496 |
|  Futures Contracts - Long Positions (2) | 719970888 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A234

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Short Positions (2) | $132898107 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 83782776 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 305958342 |
|  Cross Currency Exchange Contracts (4) | 3405268 |
|  Interest Rate Swap Agreements (2) | 658577557 |
|  Credit Default Swap Agreements - Buy Protection (2) | 57908283 |
|  Credit Default Swap Agreements - Sell Protection (2) | 59430903 |
|  Total Return Swap Agreements (2) | 66858409 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  Securities on Loan | $22455816 | $(22455816) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized**<br>**Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br>**Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BARC(4) | $318347 | $(65870) | $252477 | $(176449) | $76028 |
|  BNP(4) | 22914 | (11551) | 11363 |  | 11363 |
|  BNP(6) | 21380 | (8690) | 12690 |  | 12690 |
|  BOA(3) |  | (552) | (552) | 552 |  |
|  BOA(4) | 45213 | (104689) | (59476) |  | (59476) |
|  CA(4) |  | (184882) | (184882) |  | (184882) |
|  CITI(4) | 547363 | (210017) | 337346 | (215043) | 122303 |
|  CITI(5) | 18422 | (24179) | (5757) |  | (5757) |
|  CITI(6) | 8592 | (75614) | (67022) |  | (67022) |
|  DB(4) | 82571 | (509983) | (427412) | 427412 |  |
|  GSI(4) | 468551 | (177976) | 290575 | (290575) |  |
|  GSI(5) | 39926 | (23648) | 16278 |  | 16278 |
|  GSI(6) | 46750 | (49958) | (3208) |  | (3208) |
|  HSBC(4) | 454287 | (4083477) | (3629190) | 3616823 | (12367) |
|  HSBC(6) | 20056 | (497962) | (477906) |  | (477906) |
|  JPM(4) | 391700 | (460936) | (69236) | 69236 |  |
|  MSI(4) | 1364120 | (1507314) | (143194) | 143087 | (107) |
|  MSI(5) | 65611 | (34541) | 31070 |  | 31070 |
|  MSI(6) | 48228 | (812262) | (764034) |  | (764034) |
|  RBC(6) |  | (568) | (568) |  | (568) |
|  SSB(4) | 246 | (1870340) | (1870094) | 1513259 | (356835) |
|  TD(4) |  | (2007910) | (2007910) | 1844341 | (163569) |
|  UAG(4) | 6414 |  | 6414 |  | 6414 |
|  WBC(5) | 3707 | (22390) | (18683) |  | (18683) |
|  | $3974398 | $(12745309) | $(8770911) | $6932643 | $(1838268) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A235

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) PGIM Fixed Income

(5) Putnam

(6) J.P. Morgan

**SEE NOTES TO FINANCIAL STATEMENTS.**

A236

------

<br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

**STATEMENT OF ASSETS AND LIABILITIES (unaudited)**

as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $22,455,816: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,554,126,157) | $1672421420.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,380,515,692) | 1530887569.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8447.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $1,786,998) | 1807578.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 9456437.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 8873820.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7086505.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 2122086.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 1542344.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 1444348.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 1413555.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 597000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 130763.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 49026.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 5016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 7418.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3237853332.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 29750134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 22891130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 11044138.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 959134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable. | 666156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 651063.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $482,642) | 588844.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 386608.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 121473.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 109747.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 77474.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 70309.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3198.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2904.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 67323268.0 |
|  **NET ASSETS** | $3170530064.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $3170530064.0 |
|  Net asset value and redemption price per share, $3,170,530,064 / 141,337,046 outstanding shares of beneficial interest | $22.43 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $5,047 foreign withholding tax) | $19054615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $330,998 foreign withholding tax, of which $40,206 is reimbursable by an affiliate) | 7784715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 7037964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $12,313) | 13480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 33890774 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 9163068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 3919763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 392034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 56719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 32138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 28546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 63891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13669249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (741348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (210749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 12717152 |
|  **NET INVESTMENT INCOME (LOSS)** | 21173622 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $27,637,174) (net of foreign capital gains taxes $4,015) | 56386455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (8769723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (9019615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 997134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (200047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (836290) |
|  | 38557914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $25,647,781) (net of change in foreign capital gains taxes $(1004)) | 97737408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 17490358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (17197876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (74771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1013829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 623317 |
|  | 97564607 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 136122521 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $157296143 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $21173622 | $57416848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 38557914 | 173255712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 97564607 | 31103055 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 157296143 | 261775615 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [7,375,540 and 10,646,838 shares, respectively] | 159181359 | 220238557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [22,191,162 and 37,543,485 shares, respectively] | (468476948) | (773391054) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (309295589) | (553152497) |
|  **TOTAL INCREASE (DECREASE)** | (151999446) | (291376882) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3322529510 | 3613906392 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period. | $3170530064 | $3322529510 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A237

------

<br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br>June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $21.28 | $19.74 | $17.66 | $20.93 | $19.70 | $18.06 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.14 | 0.34 | 0.34 | 0.21 | 0.02 | (0.01) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.01 | 1.20 | 1.74 | (3.48) | 1.21 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.15 | 1.54 | 2.08 | (3.27) | 1.23 | 1.64 |
|  Net Asset Value, end of period | $22.43 | $21.28 | $19.74 | $17.66 | $20.93 | $19.70 |
|  **Total Return<sup>(b)</sup>**  | 5.40% | 7.80% | 11.78% | (15.62)% | 6.24% | 9.08% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $3171 | $3323 | $3614 | $3554 | $6028 | $6487 |
|  Average net assets (in millions) | $3162 | $3526 | $3518 | $4535 | $6263 | $6109 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.81 %<sup>(d)</sup> | 0.83% | 0.84% | 0.82% | 0.45% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.87 %<sup>(d)</sup> | 0.91% | 0.91% | 0.90% | 0.57% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.35 %<sup>(d)</sup> | 1.63% | 1.84% | 1.12% | 0.10% | (0.08)% |
|  Portfolio turnover rate<sup>(e)(f)</sup>  | 27% | 70% | 85% | 69% | 79% | 41% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(f) The Portfolio accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
(unaudited)

1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of June 30, 2025 consisted of 34 separate portfolios. The information presented in these financial statements pertains only to the 4 Portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The Portfolios have the following investment objective(s):

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| | |
|:---|:---|
| **Portfolio** | **Investment Objective(s)** |
|  AST Balanced Asset Allocation Portfolio<br> ("Balanced Asset Allocation") | Highest potential total return<br>consistent with its specified level<br>of risk tolerance. |
|  AST Multi-Asset Diversified Portfolio<br> ("Multi-Asset Diversified") formerly known as<br> AST Advanced Strategies Portfolio | High level of absolute return by<br>using traditional and<br>non-traditional investment<br>strategies and by investing in<br>domestic and foreign equity and<br>fixed income securities, derivative<br>instruments and other investment<br>companies. |
|  AST PGIM Aggressive Multi-Asset Portfolio<br> ("PGIM Aggressive Multi-Asset") formerly known as<br> AST Prudential Growth Allocation Portfolio | Total return. |
|  AST Preservation Asset Allocation Portfolio<br> ("Preservation Asset Allocation") | Highest potential total return<br>consistent with its specified level<br>of risk tolerance. |

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2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies.* The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in

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accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments") and/or AST Investment Services, Inc., the co-managers of the Portfolio, as applicable (collectively, the "Investment Manager" or "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*Financial/Commodity Futures Contracts:* A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial and/or commodity futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates.

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Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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*Currency Swaps:* Certain Portfolios entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolio's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the

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U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants and Rights:* Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:*Certain Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The

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Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

---

| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
|  Balanced Asset Allocation | Jennison Associates LLC ("Jennison") (a wholly-owned subsidiary of PGIM, Inc.); J.P. Morgan Investment Management, Inc. ("J.P. Morgan"); PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.); PGIM Limited; PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") (a wholly-owned subsidiary of PGIM, Inc.); Putnam Investment Management LLC ("Putnam") |
|  Multi-Asset Diversified | Jennison; J.P. Morgan; PFI; PGIM Quantitative Solutions; PGIM Real Estate (a business unit of PGIM, Inc.); Putnam |
|  PGIM Aggressive Multi-Asset | Jennison; PFI; PGIM Limited; PGIM Quantitative Solutions; PGIM Real Estate |
|  Preservation Asset Allocation | J.P. Morgan; Jennison; PFI; PGIM Limited; PGIM Quantitative Solutions; Putnam |

---

*Management Fees and Expense Limitations:* The Investment Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at

B8

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the respective annual rate specified below. The Investment Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Investment Manager under the agreements are reflected in the Statement of Operations.

The Investment Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain Portfolios so that management fees plus other annual ordinary operating expenses, excluding taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales, do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Management Fee** | **Effective Management**<br> **Fee,**<br> **before any waivers**<br> **and/or expense**<br> **reimbursements** | **Effective Management**<br> **Fee,**<br> **after any waivers**<br> **and/or expense**<br> **reimbursements** |
|  Balanced Asset Allocation<sup>#</sup>  | 0.6225% first $15 billion;<br> 0.6025% on next $5 billion;<br> 0.5825% on next $5 billion;<br> 0.5625% on next $5 billion;<br> 0.5425% on next $5 billion;<br> 0.5225% on next $5 billion;<br> 0.5025% in excess of $40 billion | 0.58% | 0.52% |
|  Multi-Asset Diversified | 0.6125% first $10 billion;<br> 0.5925% on next $2.5 billion;<br> 0.5725% on next $2.5 billion;<br> 0.5525% on next $5 billion;<br> 0.5325% in excess of $20 billion | 0.61% | 0.52% |
|  PGIM Aggressive Multi-Asset | 0.6425% first $6 billion;<br> 0.6125% on next $4 billion;<br> 0.5925% on next $2.5 billion;<br> 0.5725% on next $2.5 billion;<br> 0.5525% on next $5 billion;<br> 0.5325% in excess of $20 billion | 0.62% | 0.62% |
|  Preservation Asset Allocation<sup>#</sup>  | 0.6225% first $15 billion;<br> 0.6025% on next $5 billion;<br> 0.5825% on next $5 billion;<br> 0.5625% on next $5 billion;<br> 0.5425% on next $5 billion;<br> 0.5225% on next $5 billion;<br> 0.5025% in excess of $40 billion | 0.58% | 0.54% |

---

---

| | |
|:---|:---|
| **Portfolio** | **Fee Waivers and/or**<br> **Expense Limitations<sup>(1)</sup>**  |
|  Multi-Asset Diversified | contractually waive 0.05%<br> through June 30, 2026 |

---

<sup>(1)</sup> For Balanced Asset Allocation, Multi-Asset Diversified and Preservation Asset Allocation, the Investment Manager and Prudential Annuities Distributors, Inc. ("PAD") have agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the management and distribution fee they receive from other portfolios of the Trust and Funds of other affiliated investment companies due to the Portfolios' investment in any such portfolios/funds. The Investment Manager has also agreed to waive a portion of its investment management fee equal to the amount of the management fee received by the subadviser due to the Portfolios' investment in any fund managed or subadvised by the Subadviser. 

<sup>#</sup> Management fees are calculated based on an aggregation of net assets of Aggressive Asset Allocation, Balanced Asset Allocation, Multi-Asset Diversified Plus and Preservation Asset Allocation.

B9

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The Trust, on behalf of the Portfolios, has entered into an agreement with PAD, which serves as the distributor for the shares of each Portfolio. The Trust, on behalf of the Portfolios, has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan") for the shares of each Portfolio. Under the 12b-1 Plan, the shares of each covered Portfolio are charged an annual fee, primarily to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The annual shareholder services and distribution fee (the "12b-1 fee") for each covered Portfolio's shares is 0.25% of the average daily net assets of the Portfolios. The 12b-1 fee is waived for the assets of Balanced Asset Allocation, Multi-Asset Diversified and Preservation Asset Allocation Portfolios, that are invested in other Portfolios.

The Trust, on behalf of certain Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended June 30, 2025, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
|  Balanced Asset Allocation | $5292 |
|  Multi-Asset Diversified | 377 |
|  PGIM Aggressive Multi-Asset | 15709 |
|  Preservation Asset Allocation | 306 |

---

AST Investment Services, Inc., Jennison, PAD, PGIM Investments, PGIM Limited, PGIM, Inc., PGIM Real Estate and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the PGIM Core Government Money Market Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the PGIM Core Government Money Market Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended June 30, 2025, no Rule 17a-7 transactions were entered into by the Portfolios.

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income

B10

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event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  Balanced Asset Allocation | $461574 |
|  Multi-Asset Diversified | 184700 |
|  PGIM Aggressive Multi-Asset | 325674 |
|  Preservation Asset Allocation | 40206 |

---

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  Balanced Asset Allocation | $716929 |
|  Multi-Asset Diversified | 349718 |
|  PGIM Aggressive Multi-Asset | 574487 |
|  Preservation Asset Allocation | 63671 |

---

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
|  Balanced Asset Allocation | $6582354285 | $7409336984 |
|  Multi-Asset Diversified | 1627124129 | 1964181767 |
|  PGIM Aggressive Multi-Asset | 4925739030 | 6166485467 |
|  Preservation Asset Allocation | 640977333 | 870585426 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2025, is presented as follows:

B11

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#### Balanced Asset Allocation

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |  |  |  |  |
| <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  |
| $1624867938 | $— | $292000000 | $(43798166) | $102487472 | $1391557244 | 13806501 | $— | $— |
| <br> AST Large-Cap Value Portfolio<sup>\*</sup>  | <br> AST Large-Cap Value Portfolio<sup>\*</sup>  | <br> AST Large-Cap Value Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| 615333318 |  | 108000000 | (10005972) | 31931918 | 529259264 | 9612409 |  |  |
| <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| 4257580120 | 189554620 | 585419212 | 107124441 | 66127657 | 4034967626 | 350561914 |  |  |
| <br> AST Small-Cap Equity Portfolio<sup>\*</sup>  | <br> AST Small-Cap Equity Portfolio<sup>\*</sup>  | <br> AST Small-Cap Equity Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| 434439986 |  | 44000000 | (11759000) | 3121478 | 381802464 | 4874904 |  |  |
| <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund |  |  |  |  |  |  |
| 36882757 | 26585072 | 62633000 | 1781768 | (700180) | 1916417 | 93712 | 83072 |  |
| <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund |  |  |  |  |
| 27963262 | 20690000 | 44175000 | 1194420 | (725312) | 4947370 | 258754 |  |  |
| <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund |  |  |  |  |  |  |
|  | 45030000 | 22285000 | 1384788 | 1091510 | 25221298 | 416743 |  |  |
| <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| 76282001 | 120041000 | 95605000 | 1125253 | 701204 | 102544458 | 13618122 |  |  |
| $7073349382 | $401900692 | $1254117212 | $47047532 | $204035747 | $6472216141 |  | $83072 | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
| <br> PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup>  | <br> PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup>  | <br> PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup>  | <br> PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup>  | <br> PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup>  | <br> PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wa)</sup>  |  |  |  |
|  | 148033 | 148032 |  |  | 1 | 1 | 18 |  |
| <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  |  |  |  |  |
| 2610885565 | 5043915654 | 5363904651 |  |  | 2290896568 | 2290896568 | 51268547 |  |
| <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  |  |  |  |  |
| 239766356 | 1410148956 | 1452194018 | 88 | (34312) | 197687070 | 197825547 | 193294<sup>(1)</sup> |  |
| $2850651921 | $6454212643 | $6816246701 | $88 | $(34312) | $2488583639 |  | $51461859 | $— |
| $9924001303 | $6856113335 | $8070363913 | $47047620 | $204001435 | $8960799780 |  | $51544931 | $— |

---

#### Multi-Asset Diversified

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |  |  |  |  |
| <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| $167246950 | $8860000 | $12749000 | $8055292 | $3528503 | $174941745 | 1735705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| <br> AST Large-Cap Value Portfolio<sup>\*</sup>  | <br> AST Large-Cap Value Portfolio<sup>\*</sup>  | <br> AST Large-Cap Value Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| 150461229 | 7245701 | 14604000 | 4839958 | 1948992 | 149891880 | 2722337 |  |  |
| <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| 655740456 | 4119316 | 159710739 | 6527454 | 17456221 | 524132708 | 45537160 |  |  |
| <br> AST Small-Cap Equity Portfolio<sup>\*</sup>  | <br> AST Small-Cap Equity Portfolio<sup>\*</sup>  | <br> AST Small-Cap Equity Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| 87047850 | 235570 | 15750490 | (3962579) | 2114529 | 69684880 | 889746 |  |  |
| <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund |  |  |  |  |

---

B12

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| $— | $8529300 | $8548984 | $— | $19684 | $— |  | $— | $— |
| <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup> |  |  |  |  |  |  |
| 19660879 | 13458575 | 17665705 | 291423 | 78038 | 15823210 | 2101356 |  |  |
| $1080157364 | $42448462 | $229028918 | $15751548 | $25145967 | $934474423 |  | $— | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
| <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |  |  |  |
| 387876372 | 1159579412 | 1233399745 |  |  | 314056039 | 314056039 | 8395171 |  |
| <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |  |  |  |  |
| 204302930 | 741077968 | 794638179 | 5226 | (3435) | 150744510 | 150850105 | 170929<sup>(1)</sup> |  |
| $592179302 | $1900657380 | $2028037924 | $5226 | $(3435) | $464800549 |  | $8566100 | $— |
| $1672336666 | $1943105842 | $2257066842 | $15756774 | $25142532 | $1399274972 |  | $8566100 | $— |

---

#### PGIM Aggressive Multi-Asset

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |  |  |  |
| <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup>  |  |  |  |  |  |  |
| $1652088523 | $253304444 | $266014301 | $42107155 | $30293711 | $1711779532 | 148721071 | $— | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
| <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  |  |  |  |
| $1247772178 | $3390209708 | $3416167416 | $— | $— | $1221814470 | 1221814470 | $27114276 | $— |
| <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |  |  |  |
| 243784351 | 620029557 | 705279622 | 4154 | (22241) | 158516199 | 158627238 | 175631<sup>(1)</sup> |  |
| $1491556529 | $4010239265 | $4121447038 | $4154 | $(22241) | $1380330669 |  | $27289907 | $— |
| $3143645052 | $4263543709 | $4387461339 | $42111309 | $30271470 | $3092110201 |  | $27289907 | $— |

---

#### Preservation Asset Allocation

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |  |  |  |  |
| <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  | <br> AST Large-Cap Growth Portfolio<sup>\*</sup>  |  |  |  |
| $123545387 | $— | $25999999 | $(6013361) | $9796544 | $101328571 | 1005343 | $— | $— |
| <br> AST Large-Cap Value Portfolio<sup>\*</sup> | <br> AST Large-Cap Value Portfolio<sup>\*</sup> | <br> AST Large-Cap Value Portfolio<sup>\*</sup> | <br> AST Large-Cap Value Portfolio<sup>\*</sup> | <br> AST Large-Cap Value Portfolio<sup>\*</sup> | <br> AST Large-Cap Value Portfolio<sup>\*</sup> |  |  |  |
| 46253243 |  | 9499999 | (1896162) | 3455046 | 38312128 | 695825 |  |  |
| <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | <br> AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |  |  |  |
| 1024541832 | 25292752 | 126996561 | 27043624 | 14380797 | 964262444 | 83776059 |  |  |
| <br> AST Small-Cap Equity Portfolio<sup>\*</sup> | <br> AST Small-Cap Equity Portfolio<sup>\*</sup> | <br> AST Small-Cap Equity Portfolio<sup>\*</sup> | <br> AST Small-Cap Equity Portfolio<sup>\*</sup> | <br> AST Small-Cap Equity Portfolio<sup>\*</sup> | <br> AST Small-Cap Equity Portfolio<sup>\*</sup> |  |  |  |
| 30055186 |  | 6000000 | (353844) | (154047) | 23547295 | 300655 |  |  |
| <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund |  |  |  |
| 5166021 | 3566650 | 8585000 | 249675 | (112896) | 284450 | 13910 | 11651 |  |
| <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund |  |  |  |
| 4161115 | 2855000 | 6320000 | 180165 | (113102) | 763178 | 39915 |  |  |

---

B13

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund |  |  |  |
| $21781187 | $675001 | $6295000 | $2864811 | $362846 | $19388845 | 549570 | $— | $— |
| <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund |  |  |  |
|  | 5835000 | 3035000 | 193251 | 148653 | 3141904 | 51915 |  |  |
| <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  | <br> PSF PGIM High Yield Bond Portfolio<sup>\*</sup>  |  |  |  |
| 10682338 | 15494999 | 12450000 | 159743 | 90142 | 13977222 | 1856205 |  |  |
| <br> PSF PGIM Jennison Blend Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Blend Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Blend Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Blend Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Blend Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Blend Portfolio<sup>\*</sup>  |  |  |  |
| 39796048 |  | 5715000 | 2520211 | 64662 | 36665921 | 278807 |  |  |
| <br> PSF PGIM Jennison Value Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Value Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Value Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Value Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Value Portfolio<sup>\*</sup>  | <br> PSF PGIM Jennison Value Portfolio<sup>\*</sup>  |  |  |  |
| 16043679 |  | 5000001 | 699667 | (279414) | 11463931 | 178205 |  |  |
| $1322026036 | $53719402 | $215896560 | $25647780 | $27639231 | $1213135889 |  | $11651 | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
| <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup>  |  |  |  |
| 380540165 | 680451332 | 766203884 |  |  | 294787613 | 294787613 | 7026313 |  |
| <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  | <br> PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup>  |  |  |  |
| 28025066 | 118934112 | 123993055 | 1 | (2057) | 22964067 | 22980152 | 12313<sup>(1)</sup> |  |
| $408565231 | $799385444 | $890196939 | $1 | $(2057) | $317751680 |  | $7038626 | $— |
| $1730591267 | $853104846 | $1106093499 | $25647781 | $27637174 | $1530887569 |  | $7050277 | $— |

---

\* Non-income producing security.

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2024 are subject to such review.

7. Borrowings

The Trust, on behalf of the Portfolios, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | **SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 |

---

B14

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---

| | |
|:---|:---|
|  | **SCA** |
| &nbsp;&nbsp; **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on<br>Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios did not utilize the SCA during the reporting period ended June 30, 2025.

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of June 30, 2025, all Portfolios offer only a single share class to investors.

As of June 30, 2025, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
|  Balanced Asset Allocation | 652814920 | 82.7% |
|  Multi-Asset Diversified | 143117284 | 82.1 |
|  PGIM Aggressive Multi-Asset | 414804319 | 80.7 |
|  Preservation Asset Allocation | 107618503 | 76.1 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of<br>Shareholders** | **Percentage of<br>Outstanding Shares** |
|  Affiliated: |  |  |
|  Balanced Asset Allocation | 2 | 82.7% |
|  Multi-Asset Diversified | 2 | 82.1 |
|  PGIM Aggressive Multi-Asset | 2 | 80.7 |
|  Preservation Asset Allocation | 2 | 76.1 |
|  Unaffiliated: |  |  |
|  Balanced Asset Allocation | 1 | 17.2 |
|  Multi-Asset Diversified | 1 | 17.9 |
|  PGIM Aggressive Multi-Asset | 1 | 19.3 |
|  Preservation Asset Allocation | 1 | 23.6 |

---

For U.S. GAAP purposes, the securities and other assets transferred were recorded at fair value, and the historical cost basis of the assets transferred was not carried forward to the Portfolios.

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9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **Balanced<br>Asset<br>Allocation** | **Multi-Asset<br>Diversified** | **PGIM<br>Aggressive<br>Asset<br>Allocation** | **Preservation<br>Asset<br>Allocation** |
|  Asset Allocation | X | X | X | X |
|  Asset-Backed and/or Mortgage-Backed Securities | X | X |  | X |
|  Asset Transfer Program | X | X | X | X |
|  Blend Style | X | X | X | X |
|  Covenant-Lite | X | X |  | X |
|  Credit | X | X | X | X |
|  Derivatives | X | X | X | X |
|  Emerging Markets | X | X | X | X |
|  Equity Securities | X | X | X | X |
|  Exchange-Traded Funds (ETF) | X | X | X | X |
|  Expense | X | X |  | X |
|  Fixed Income Securities | X | X | X | X |
|  Foreign Investment | X | X | X | X |
|  Fund of Funds | X | X | X | X |
|  High Yield | X | X | X | X |
|  Interest Rate | X | X | X | X |
|  Investment Style |  |  | X |  |
|  Large Company | X | X | X | X |
|  Liquidity Allocation | X | X |  | X |
|  Liquidity and Valuation | X | X | X | X |
|  Loan | X | X |  | X |
|  Market and Management | X | X | X | X |
|  Portfolio Turnover | X | X | X |  |
|  Prepayment or Call | X | X |  | X |
|  Quantitative Model |  |  | X |  |
|  Real Estate | X | X | X | X |
|  Regulatory | X | X | X | X |
|  Small Sized Company | X | X |  | X |
|  Sovereign Debt Securities | X | X | X | X |

---

*Asset Allocation Risk:* The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

*Asset-Backed and/or Mortgage-Backed Securities Risk:* Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns.

B16

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Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

*Asset Transfer Program Risk:* Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Covenant-Lite Risk:* Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be "covenant-lite," which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio's exposure to losses may be increased, which could result in an adverse impact on the Portfolio's net income and net asset value.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

*Emerging Markets Risk:* The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's

B17

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subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. In recent years, the Federal Open Market Committee (FOMC) began implementing increases to the federal funds interest rate and there may be further rate increases. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Fund of Funds Risk:* In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

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*High Yield Risk:* Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

*Investment Style Risk:* Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

*Large Company Risk:* Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

*Liquidity Allocation Risk:* The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

*Loan Risk:* A Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including

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anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a Portfolio Manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can adversely affect the liquidity and volatility of investments held by the Portfolio, and there is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

*Prepayment or Call Risk:* Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Real Estate Risk:* Investments in real estate investment trusts (REITs) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

*Small Sized Company Risk:* Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

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*Sovereign Debt Securities Risk:* Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

10. Reorganization

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST T. Rowe Price Asset Allocation Portfolio ("T. Rowe Price Asset Allocation") (the "Merged Portfolio") for shares of Balanced Asset Allocation (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on November 26, 2024 and the reorganization took place at the close of business on December 6, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment** <br> **Cost** |
| T. Rowe Price Asset Allocation | $13852805910 | $11705196004 |

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The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 6, 2024:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | | **Shares** |
| T. Rowe Price Asset Allocation |  | 291536444 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Balanced Asset Allocation | 479609664 | $13889495857 |

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For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
| T. Rowe Price Asset Allocation | $2147609906 | $13889495857 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Balanced Asset Allocation |  | $11910178462 |

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Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2024 would have been as follows:

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| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Balanced Asset Allocation | $435861165 | $2448513324 | $2884374490 |

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(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: T. Rowe Price Asset Allocation $245,271,921.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: T. Rowe Price Asset Allocation $1,760,978,318.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

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Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 6, 2024.

11. Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of June 30, 2025.

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#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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#### Advanced Series Trust

#### Approval of Advisory Agreements

#### Renewal of Management and Subadvisory Agreements

#### The Trust's Board of Trustees
The Board of Trustees (the Board) of Advanced Series Trust (the Trust, and each series thereof, the Portfolios) consists of eight individuals, six of whom are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on directors or trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Governance Committee, the Compliance Committee, and the Investment Review and Risk Committee. Each committee is chaired by an Independent Trustee.

#### Annual Approval of the Trust's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Trust's management agreements with PGIM Investments LLC (PGIM Investments) and AST Investment Services, Inc. (ASTIS), as applicable,<sup>1</sup> and each Portfolio's subadvisory agreement(s). As is further discussed and explained below, in considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 17-18, 2025 (the Meeting) and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each Portfolio's beneficial shareholders.

In advance of the Meeting, the Trustees requested and received materials relating to the agreements and had the opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of the Manager and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board's decision to approve an agreement. In connection with its deliberations, the Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from the Manager and subadviser personnel such as portfolio managers.

The Board determined that the overall arrangements between the Trust and the Manager, which serves as the Trust's investment manager pursuant to a management agreement, and between the Manager and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with the Manager, are in the best interests of the Trust, each Portfolio and each Portfolio's shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each Portfolio as part of its consideration of agreements for multiple portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.

The material factors and conclusions that formed the basis for the Board's determinations to approve the renewal of the agreements are discussed separately below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by the Manager and each subadviser. The Board considered the services provided by the Manager, including but not limited to the oversight of the subadvisers, the provision of accounting oversight, recordkeeping, compliance and other services to the Trust, such as the Manager's role as administrator of the Trust's liquidity risk management program and as valuation designee. With respect to the Manager's

<sup>1</sup> When used herein, the term "Manager" refers to (1) PGIM Investments with respect to each Portfolio solely managed by PGIM Investments; and (2) PGIM Investments and ASTIS collectively with respect to each Portfolio jointly managed by PGIM Investments and ASTIS.

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oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board noted that the PGIM Fixed Income unit of PGIM, Inc., the PGIM Real Estate unit of PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), and Jennison Associates LLC (Jennison), which serve as subadvisers to certain of the Portfolios, are each affiliated with the Manager. The Board also considered that the Manager pays the salaries of all of the officers and Trustees that are employed by the Manager or its affiliates. The Board also considered the investment subadvisory services provided by each subadviser, as well as compliance with each Portfolio's investment restrictions, policies and procedures. The Board considered the Manager's evaluation of the subadvisers, as well as the Manager's recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager's senior management personnel responsible for the oversight of each Portfolio and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers' portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to the Manager's and each subadviser's organizational structure, senior management, investment operations, and other relevant information pertaining to the Manager and each subadviser. The Board also noted that it received favorable compliance reports from the Trust's Chief Compliance Officer (CCO) with respect to the Manager and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by the Manager and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the services provided by the Manager and each subadviser under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by the Manager
The Board was provided with information on the profitability of the Manager and its affiliates from serving as the Trust's investment manager. The Board discussed with the Manager the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. The Board considered information regarding the profitability of PGIM, Inc., Jennison and PGIM Quantitative Solutions, each of which are affiliates of the Manager, on a consolidated basis. Taking these factors into account, the Board concluded that the profitability of the Manager and its affiliates in relation to the services rendered was not unreasonable.

The Board concluded that the level of profitability of a subadviser not affiliated with the Manager may not be as significant as the Manager's profitability given the arm's length nature of the process by which the subadvisory fee rates were negotiated by the Manager and the unaffiliated subadvisers, as well as the fact that the Manager compensates the subadvisers out of its management fee.

#### Economies of Scale
The Board received and discussed information concerning whether the Manager realizes economies of scale as each Portfolio's assets grow beyond current levels. The Board noted that the management fee schedules for most of the Portfolios of the Trust contain breakpoints, which have the effect of decreasing the fee rate as assets increase, and that at current asset levels the effective fee rates for many of the Portfolios reflected some of these rate reductions. The Board took note that the fee structure for those Portfolios currently results in benefits to Portfolio shareholders whether or not the Manager realizes any economies of scale. The Board considered that economies of scale, if any, may be shared with the Portfolios in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of the Manager's costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to the Manager and the Subadvisers
The Board considered potential ancillary benefits that might be received by the Manager, the subadvisers, and their affiliates as a result of their relationship with the Trust. The Board concluded that potential benefits to be derived by the Manager included compensation

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received by insurance company affiliates of the Manager from the subadvisers, as well as benefits to its reputation or other intangible benefits resulting from the Manager's association with the Trust. The Board also considered information provided by the Manager regarding the regulatory requirement that insurance companies determine that the fees and charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of the Manager at least annually review and represent that the fees and charges of the variable contracts using the Trust's Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions that may be received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by the Manager and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Portfolios / Fees and Expenses / Other Factors
With respect to each Portfolio, the Board also considered certain additional factors and made related conclusions relating to the historical performance of the Portfolios (depending on each Portfolio's inception date) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2024, except as otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio's benchmark index and/or performance or custom benchmark index (as applicable), and to a universe of mutual funds that were determined by Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio (the Peer Universe).

The Board also considered each Portfolio's actual management fee, as well as each Portfolio's net total expense ratio, for the calendar year 2024. The Board considered the management fee for each Portfolio as compared to the management fee charged by the Manager to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the variable contracts.

The mutual funds included in each Peer Universe and each Peer Group were objectively selected by Broadridge, an independent provider of mutual fund data. To the extent that the Manager deemed appropriate, and for reasons addressed in detail with the Board, the Manager may have provided, and the Board may have considered, supplemental data compiled by Broadridge for the Board's consideration. Further, to the extent that it deemed appropriate, and for the reasons summarized below, for certain Portfolios the Board considered information provided by a different, independent third-party provider, JDL Consultants, Inc. (JDL Consultants). The comparisons used by the Board placed the Portfolios in various quartiles over various periods, with the 1st quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The sections below summarize certain key factors considered by the Board and the Board's conclusions regarding each Portfolio's performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Balanced Asset Allocation Portfolio** | &nbsp;&nbsp;&nbsp;**AST Balanced Asset Allocation Portfolio** | &nbsp;&nbsp;&nbsp;**AST Balanced Asset Allocation Portfolio** | &nbsp;&nbsp;&nbsp;**AST Balanced Asset Allocation Portfolio** | &nbsp;&nbsp;&nbsp;**AST Balanced Asset Allocation Portfolio** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile | 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees: 3<sup>rd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 3<sup>rd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 3<sup>rd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 3<sup>rd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 3<sup>rd</sup> Quartile* |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses: 3<sup>rd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 3<sup>rd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 3<sup>rd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 3<sup>rd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 3<sup>rd</sup> Quartile* |

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• The Board noted that the Portfolio outperformed its custom benchmark index over the one- and three-year periods and underperformed its custom benchmark index over the five- and ten-year periods.

• The Board noted that in connection with the Portfolio's repositioning in December 2024, the investment management fee for the Portfolio was reduced.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Multi-Asset Diversified Portfolio** (formerly, AST Advanced Strategies Portfolio)\* | &nbsp;&nbsp;&nbsp;**AST Multi-Asset Diversified Portfolio** (formerly, AST Advanced Strategies Portfolio)\* | &nbsp;&nbsp;&nbsp;**AST Multi-Asset Diversified Portfolio** (formerly, AST Advanced Strategies Portfolio)\* | &nbsp;&nbsp;&nbsp;**AST Multi-Asset Diversified Portfolio** (formerly, AST Advanced Strategies Portfolio)\* | &nbsp;&nbsp;&nbsp;**AST Multi-Asset Diversified Portfolio** (formerly, AST Advanced Strategies Portfolio)\* |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 2<sup>nd</sup> Quartile | 3<sup>rd</sup> Quartile | 2<sup>nd</sup> Quartile | 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 1<sup>st</sup> Quartile* |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* |

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• The Board noted that the Portfolio outperformed its custom benchmark index over the one- and ten-year periods and underperformed its custom benchmark index over the three- and five-year periods.

• The Board noted that the Portfolio underwent a repositioning in December 2024 with a change in investment strategy and a new subadviser added to the Portfolio replacing a prior subadviser, and as a result, the Portfolio's performance prior to December 2024 was not attributable to the Portfolio's current subadvisers. In this regard, the Board considered the Manager's assertion that the new mix of subadvisers should be afforded more time to develop their own performance record.

• The Board noted that in connection with the Portfolio's repositioning in December 2024, the investment management fee for the Portfolio was reduced. The Board also noted that the Manager has contractually agreed to waive 0.05% of its investment management fees through June 30, 2026.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*\** *The Board considered the Manager's assertion that the Peer Universe selected for the Portfolio by Broadridge did not provide a meaningful basis for peer fund performance and expense comparisons, due to the fact that, unlike the funds in the Peer Universe, the Portfolio was structured to allocate assets in underlying funds following traditional strategies and to allocate assets in non-traditional investment strategies. Consequently, the Board considered an alternative peer performance and peer expense analysis prepared at the request of the Board by JDL Consultants, which utilized peer groups reflective of the Portfolio's traditional and non-traditional investment strategies.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST PGIM Aggressive Multi-Asset Portfolio** (formerly, AST Prudential Growth Allocation Portfolio) | &nbsp;&nbsp;&nbsp;**AST PGIM Aggressive Multi-Asset Portfolio** (formerly, AST Prudential Growth Allocation Portfolio) | &nbsp;&nbsp;&nbsp;**AST PGIM Aggressive Multi-Asset Portfolio** (formerly, AST Prudential Growth Allocation Portfolio) | &nbsp;&nbsp;&nbsp;**AST PGIM Aggressive Multi-Asset Portfolio** (formerly, AST Prudential Growth Allocation Portfolio) | &nbsp;&nbsp;&nbsp;**AST PGIM Aggressive Multi-Asset Portfolio** (formerly, AST Prudential Growth Allocation Portfolio) |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 1<sup>st</sup> Quartile | 2<sup>nd</sup> Quartile | 3<sup>rd</sup> Quartile | 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 2<sup>nd</sup> Quartile* |

---

• The Board noted that the Portfolio outperformed its custom benchmark index over the one- and three-year periods and underperformed its custom benchmark index over the five- and ten-year periods.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AST Preservation Asset Allocation Portfolio** | &nbsp;&nbsp;&nbsp;**AST Preservation Asset Allocation Portfolio** | &nbsp;&nbsp;&nbsp;**AST Preservation Asset Allocation Portfolio** | &nbsp;&nbsp;&nbsp;**AST Preservation Asset Allocation Portfolio** | &nbsp;&nbsp;&nbsp;**AST Preservation Asset Allocation Portfolio** |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
|  | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile | 2<sup>nd</sup> Quartile | 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Actual Management Fees: 2<sup>nd</sup> Quartile* |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* | &nbsp;&nbsp;&nbsp;*Net Total Expenses: 1<sup>st</sup> Quartile* |

---

• The Board noted that the Portfolio outperformed its custom benchmark index over the one- and three-year periods and underperformed its custom benchmark index over the remaining periods.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Trust, each Portfolio and its beneficial shareholders.

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### June 30, 2025

---

| | |
|:---|:---|
| ![LOGO](g28611g42c79.jpg)  | &nbsp;&nbsp; <br> **AST Aggressive Asset Allocation Portfolio**<br> **(formerly, AST Capital Growth Asset Allocation)**<br> **AST J.P. Morgan Aggressive Multi-Asset**<br> **Portfolio**<br> **AST J.P. Morgan Conservative Multi-Asset**<br> **Portfolio**<br> **AST J.P. Morgan Moderate Multi-Asset Portfolio**<br> **AST Multi-Asset Diversified Plus Portfolio**<br> **(formerly, AST Academic Strategies Asset**<br> **Allocation Portfolio)** |

---

![LOGO](g28611g86n19.jpg)

------

Advanced Series Trust **Table of Contents** Financial Statements and Other Information June 30, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

 ∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**<br>

---

| | | |
|:---|:---|:---|
| Section A | [Schedule of Investments, Financial Statements, and Financial Highlights](#edgar28611_1) |  |
|  | [Glossary](#edgar28611_2) | A1 |
|  | [AST Aggressive Asset Allocation Portfolio](#edgar28611_3) | A3 |
|  | [AST J.P. Morgan Aggressive Multi-Asset Portfolio](#edgar28611_4) | A64 |
|  | [AST J.P. Morgan Conservative Multi-Asset Portfolio](#edgar28611_5) | A75 |
|  | [AST J.P. Morgan Moderate Multi-Asset Portfolio](#edgar28611_6) | A86 |
|  | [AST Multi-Asset Diversified Plus Portfolio](#edgar28611_7) | A96 |
| Section B | [Notes to Financial Statements](#edgar28611_8) |  |
| <br> ∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar28611_9)** | <br> ∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar28611_9)** |  |

---

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

------

---

| | |
|:---|:---|
| <br> ***Glossary*** <br>|  |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

The following abbreviations are used in the Portfolios' descriptions:

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Renminbi |
| CNY | China Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwanese Dollar |
| USD | US Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

---

| |
|:---|
|  144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
| A — Annual payment frequency for swaps |
| ADR — American Depositary Receipt |
| ASX — Australian Securities Exchange |
| BARC — Barclays Bank PLC |
| BBR — New Zealand Bank Bill Rate |
| BBSW — Australian Bank Bill Swap Reference Rate |

---

---

| |
|:---|
| BNP — BNP Paribas S.A. |
| BOA — Bank of America, N.A. |
| BOS — BofA Securities, Inc. |
| BROIS — Brazil Overnight Index Swap |
| BTP — Buoni del Tesoro Poliennali |
| BUBOR — Budapest Interbank Offered Rate |
| CA — Credit Agricole Securities Inc. |
| CDX — Credit Derivative Index |
| CIBOR — Copenhagen Interbank Offered Rate |
| CITI — Citibank, N.A. |
| CLO — Collateralized Loan Obligation |
| CLOIS — Sinacofi Chile Interbank Rate Average |
| CMBX — Commercial Mortgage-Backed Index<br> CME — Chicago Mercantile Exchange<br> COOIS — Colombia Overnight Interbank Reference Rate<br> CORRA — Canadian Overnight Repo Rate Average<br> CPI — Consumer Price Index<br> CVA — Certificate Van Aandelen (Bearer)<br> CVT — Convertible Security<br> DAC — Designated Activity Company<br> DB — Deutsche Bank AG<br> DJ — Dow Jones<br> EAFE — Europe, Australasia, Far East<br> EM — Emerging Markets<br> EMTN — Euro Medium Term Note<br> ETF — Exchange-Traded Fund<br> EURIBOR — Euro Interbank Offered Rate<br> EuroSTR — Euro Short-Term Rate<br> FHLMC — Federal Home Loan Mortgage Corporation<br> FTSE — Financial Times Stock Exchange<br> GDR — Global Depositary Receipt<br> GMTN — Global Medium Term Note<br> GS — Goldman Sachs & Co. LLC<br> GSI — Goldman Sachs International<br> HSBC — HSBC Bank PLC<br> iBoxx — Bond Market Indices<br> IO — Interest Only (Principal amount represents notional)<br> JPM — JPMorgan Chase Bank N.A.<br> KLIBOR — Kuala Lumpur Interbank Offered Rate<br> KWCDC — Korean Won Certificate of Deposit<br> LME — London Metal Exchange<br> LP — Limited Partnership<br> M — Monthly payment frequency for swaps<br> ML — Merrill Lynch International<br> MLC — Merrill Lynch Capital Services, Inc. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

---

| | |
|:---|:---|
| <br> ***Glossary (CONTINUED)***<br>|  |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

MSC — Morgan Stanley & Co. LLC

MSCI — Morgan Stanley Capital International

MSI — Morgan Stanley & Co International PLC

MTN — Medium Term Note

N/A — Not Applicable

NASDAQ — National Association of Securities Dealers Automated Quotations

NIBOR — Norwegian Interbank Offered Rate

NSA — Non-Seasonally Adjusted

NYSE — New York Stock Exchange

OAT — Obligations Assimilables du Tresor

OTC — Over-the-counter

PIK — Payment-in-Kind

PJSC — Public Joint-Stock Company

PRFC — Preference Shares

PRI — Primary Rate Interface

PRIBOR — Prague Interbank Offered Rate

Q — Quarterly payment frequency for swaps

RBD — RBC Dominion Securities, Inc.

RBOB — Reformulated Gasoline Blendstock for Oxygen Blending

REITs — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

S — Semiannual payment frequency for swaps

S&P — Standard & Poor's

SARON — Swiss Average Rate Overnight

SC — Standard Chartered PLC

SCB — Standard Chartered Bank

SGMX — Sigma X MTF

SHIR — Shekel Overnight Interest Rate

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

SORA — Singapore Overnight Rate Average

SPDR — Standard & Poor's Depositary Receipts

SPI — Share Price Index

SSB — State Street Bank & Trust Company

STIBOR — Stockholm Interbank Offered Rate

STOXX — Stock Index of the Eurozone

STRIPs — Separate Trading of Registered Interest and Principal of Securities

T — Swap payment upon termination

TAIBOR — Taiwan Interbank Offered Rate

TD — The Toronto-Dominion Bank

THOR — Thai Overnight Repurchase Rate

TIPS — Treasury Inflation-Protected Securities

TONAR — Tokyo Overnight Average Rate

TOPIX — Tokyo Stock Price Index

TSX — Toronto Stock Exchange

UAG — UBS AG

ULSD — Ultra-Low Sulfur Diesel

USOIS — United States Overnight Index Swap

WBC — Westpac Banking Corp.

WIBOR — Warsaw Interbank Offered Rate

WTI — West Texas Intermediate

XAMS — Amsterdam Stock Exchange

XLON — London Stock Exchange

XNGS — NASDAQ Global Select Exchange

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **LONG-TERM INVESTMENTS — 90.7%** | **LONG-TERM INVESTMENTS — 90.7%** |  |  |
|  **AFFILIATED MUTUAL FUNDS — 24.5%** | **AFFILIATED MUTUAL FUNDS — 24.5%** |  |  |
|  **Domestic Equity — 13.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 9208589 | $| 928133731 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 6474764 |  | 356500500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 3261008 |  | 255402156 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Natural Resources Fund | 208048 |  | 12591067 |
|  |  |  | 1552627454 |
|  **Fixed Income — 11.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 109587992 |  | 1261357790 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 6827808 |  | 51413391 |
|  |  |  | 1312771181 |
|  **International Equity — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund | 32458 |  | 663769 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Emerging Markets Equity Opportunities Fund | 125113 |  | 2392168 |
|  |  |  | 3055937 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $2,301,510,137)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $2,301,510,137)(wa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868454572 |
|  **COMMON STOCKS — 44.8%** | **COMMON STOCKS — 44.8%** | **COMMON STOCKS — 44.8%** | **COMMON STOCKS — 44.8%** |
|  **Aerospace & Defense — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 47391 |  | 9914233 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 53800 |  | 4645092 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 104352 |  | 2708236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 83991 |  | 17598634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 4800 |  | 2345040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA (France) | 1007 |  | 356047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 2260 |  | 1006680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 52084 |  | 2964100 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 40634 |  | 11851313 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 70061 |  | 18033001 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 8500 |  | 2788000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 63013 |  | 11728610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA (Norway) | 80170 |  | 3109148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 22339 |  | 1260520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\* | 19983 |  | 1721935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 19400 |  | 8984916 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 768 |  | 341187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 29343 |  | 14670913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 5270 |  | 11160272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 594668 |  | 7880925 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp.(a) | 57216 |  | 8354680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 17380 |  | 971773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 29931 |  | 9761224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 496900 |  | 3046835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 9651 |  | 2849695 |
|  |  |  | 160053009 |
|  **Air Freight & Logistics — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 65355 |  | 3027235 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 10956 |  | 2627844 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 39900 |  | 9069669 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Air Freight & Logistics (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 35100 | $3542994 |
|  |  | 18267742 |
|  **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 59100 | 756031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 59500 | 4059090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michelin SCA (France) | 117019 | 4352430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG (Germany) | 11411 | 995926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 14500 | 1377210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 104500 | 2240837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13781524 |
|  **Automobiles — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 224399 | 3493900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 11613 | 5689335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 483700 | 5248145 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 228112 | 11225392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 359300 | 3464678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 35200 | 445911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 28288 | 1049972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 93205 | 5430138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 201832 | 2021577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 187300 | 2258132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 141490 | 44945713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 424000 | 7302549 |
|  |  | 92575442 |
|  **Banks — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 74172 | 2025337 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 710656 | 5864939 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 192645 | 3694312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 317572 | 4890059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 847171 | 7015320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 152064 | 2920856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 148837 | 2769194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 533057 | 25224257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 1911240 | 8831402 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 121399 | 10889698 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 695000 | 3025504 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 735736 | 6375013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 83100 | 7073472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 50400 | 1178352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 16425 | 517601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 93763 | 11411733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 80222 | 1517663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 57995 | 2368737 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 68680 | 2424547 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | 127281 | 3519902 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 14497 | 1463907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. (Hong Kong) | 12700 | 190578 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 1406420 | 17012325 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. (India), ADR(a) | 51096 | 1718869 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 415477 | $9106296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 1097970 | 6324757 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 156666 | 45419040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 4085072 | 4295529 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp.(a) | 16555 | 3211504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 850200 | 11591280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 100100 | 2778769 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 86164 | 2233181 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 737282 | 5177897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 295112 | 4378787 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 383887 | 5266930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 77800 | 997654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 8048 | 888580 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 123744 | 23068357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 294700 | 2721797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)^ | 306596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shizuoka Financial Group, Inc. (Japan) | 49400 | 574773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock) | 18195 | 317149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 58780 | 3362463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 151840 | 2512732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 282100 | 7103549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. (Japan) | 22000 | 585144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 150832 | 2019231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 103972 | 2753837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 279019 | 11995027 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 294561 | 13328885 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 91906 | 6165365 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (Singapore) | 24700 | 699102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 37200 | 2031120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 350882 | 28112666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 55587 | 1238841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 9211 | 1141980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 16600 | 862204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346188003 |
|  **Beverages — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 81977 | 5640048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan) | 141400 | 1890113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S (Denmark) (Class B Stock) | 2869 | 406490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 302948 | 21433571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom)(a) | 31425 | 2913726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 45879 | 2396840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 128524 | 3240875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 109600 | 3623376 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Beverages (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 36041 | $4758854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 6790 | 677312 |
|  |  | 46981205 |
|  **Biotechnology — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 136511 | 25339172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 13500 | 4402215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.(a) | 60398 | 16863726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 5587 | 3092868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 3587 | 1977226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 30000 | 3767700 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 37800 | 2077866 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 22730 | 3590445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 150800 | 6646510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 10001 | 2076892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 93400 | 10355258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 4800 | 810912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 3922 | 2059050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 32568 | 991212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 10947 | 4873604 |
|  |  | 88924656 |
|  **Broadline Retail — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 22541 | 2556375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 576041 | 126377635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 143500 | 4299260 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 18900 | 1407294 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 2735 | 7148278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 25071 | 4281976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 34500 | 1186630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 118305 | 6637680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. (Australia) | 6622 | 369556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154264684 |
|  **Building Products — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. (Japan)(a) | 34900 | 1023816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 18155 | 567591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 179792 | 13158977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 58781 | 6905312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. (Japan) | 2100 | 246506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Switzerland) | 3640 | 2866663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 310200 | 4280760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 70977 | 7496591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 31100 | 4276872 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 38670 | 1812552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 22727 | 9941017 |
|  |  | 52576657 |
|  **Capital Markets — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 84392 | 4775930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 10879 | 5806449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 34789 | 2819850 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock)(a) | 15599 | $2701747 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. (Australia) | 10800 | 495887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 168760 | 15375724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc.(a) | 1729 | 1814153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 33328 | 4985202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 66765 | 6091639 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 4973 | 1370658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 93500 | 664040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 165211 | 4897752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (Germany) | 2477 | 809210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (Netherlands), 144A | 23162 | 3968624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR | 16031 | 1981271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 24761 | 17524598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 112917 | 6073418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 13413 | 2413669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 46600 | 8549702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 373400 | 5888518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 203900 | 7919476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 8075 | 547766 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 6200 | 1384708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 128534 | 18105299 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 10700 | 6171118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 100200 | 8959884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 580200 | 3823345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 336 | 439598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 57300 | 8788101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 48300 | 4522329 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 27000 | 14236830 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 64200 | 2237058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 201400 | 2358238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 10100 | 1048178 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc.(a) | 14500 | 1399250 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. (Canada) | 30856 | 1307882 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 202589 | 6878255 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 64573 | 1304375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190439731 |
|  **Chemicals — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 25029 | 5161008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 16831 | 4747352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 464900 | 3309515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 17600 | 973808 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG (Switzerland) | 4658 | 495542 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 130188 | 8929595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 33600 | 9053184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 10451 | 215903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 164 | 795322 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 44883 | 1338202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 23219 | 10893890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 154600 | 812581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. (Japan) | 48100 | 928882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 15287 | 1097559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 95400 | 1916586 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Chemicals (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 120874 | $| 1552078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 2500 |  | 858400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 71500 |  | 2361072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA (Belgium) | 15706 |  | 544007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 37594 |  | 1387319 |
|  |  |  | 57371805 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 146643 |  | 2264725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 19600 |  | 4368252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 95400 |  | 1448157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 3979 |  | 981261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 60557 |  | 906679 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 28000 |  | 760677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 80700 |  | 8146665 |
|  |  |  | 18876416 |
|  **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 102200 |  | 10456082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 420469 |  | 29172139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 563590 |  | 2924259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 349312 |  | 2984984 |
|  |  |  | 45537464 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain)(a) | 19271 |  | 1339481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 31617 |  | 1429870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 20749 |  | 2915510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 25858 |  | 1379336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 16000 |  | 417307 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 20800 |  | 3544944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 61702 |  | 1437323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 50532 |  | 7451974 |
|  |  |  | 19915745 |
|  **Construction Materials — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 31966 |  | 1594573 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (XLON) | 36935 |  | 3409459 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (NYSE) | 87200 |  | 8004960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 12288 |  | 2893785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 39116 |  | 2904721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc.(a) | 2400 |  | 1317504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 26525 |  | 6918251 |
|  |  |  | 27043253 |
|  **Consumer Finance — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 36400 |  | 1417780 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 47941 |  | 15292220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 88444 |  | 18817346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 121600 |  | 8115584 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43642930 |
|  **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 32465 |  | 457959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 209734 |  | 2875898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 21723 |  | 21504466 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 23400 | $| 2317536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 296755 |  | 783325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Finland) (Class B Stock) | 62872 |  | 1550686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 67528 |  | 2820405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 42700 |  | 3062871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 40177 |  | 195542 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 98800 |  | 2032368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. (Japan) | 54600 |  | 878805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 91700 |  | 9046205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 1110397 |  | 6122200 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 84100 |  | 6476541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 359108 |  | 35113580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. (Australia) | 29933 |  | 613142 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95851529 |
|  **Containers & Packaging — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 4800 |  | 842256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 60293 |  | 6208973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 6182 |  | 1164998 |
|  |  |  | 8216227 |
|  **Distributors — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 1938 |  | 417347 |
|  **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 299500 |  | 2536765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 1800 |  | 738036 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 15300 |  | 839817 |
|  |  |  | 4114618 |
|  **Diversified REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 11650 |  | 738658 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 331470 |  | 1058242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 875382 |  | 1270143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 383851 |  | 1356576 |
|  |  |  | 4423619 |
|  **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 665616 |  | 19262927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 288241 |  | 10550659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 10400 |  | 578047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 640282 |  | 3123417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA (France) | 218827 |  | 3332339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP (Belgium) | 161129 |  | 1571750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA (Norway) | 76376 |  | 1189342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 504087 |  | 1813113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 1447706 |  | 4616188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 176352 |  | 7630751 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53668533 |
|  **Electric Utilities — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 35100 |  | 2122497 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 60300 |  | 6256728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 80400 |  | 994904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 14400 |  | 4647744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. (New Zealand) | 56433 |  | 309695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 744444 |  | 7065299 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 21240 | $| 1765469 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 21000 |  | 845460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 424825 |  | 8172797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 151700 |  | 1799135 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 147943 |  | 10270203 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 71000 |  | 11401180 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 83600 |  | 3710168 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 159642 |  | 2225410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 113435 |  | 10416736 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC (United Kingdom) | 53740 |  | 1353181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 159145 |  | 1636164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 30743 |  | 2093598 |
|  |  |  | 77086368 |
|  **Electrical Equipment — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 137212 |  | 8222956 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 4601 |  | 832597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 53094 |  | 18954027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 32800 |  | 4373224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 31049 |  | 1429866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 31900 |  | 1678113 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 29435 |  | 15575530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 6727 |  | 963374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 13988 |  | 1874791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 104800 |  | 2254141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. (Japan) | 47000 |  | 913356 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 21000 |  | 1538250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 27100 |  | 9001807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 28394 |  | 7623360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 74977 |  | 8763381 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83998773 |
|  **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 31500 |  | 3110625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 135136 |  | 7106802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 92478 |  | 4064790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB (Sweden) (Class B Stock) | 27144 |  | 273601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 10867 |  | 4344934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 8700 |  | 1425582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 74800 |  | 898375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 10 |  | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 64900 |  | 757549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 85600 |  | 3158640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. (Japan) | 21600 |  | 577019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 20200 |  | 6228872 |
|  |  |  | 31947290 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 213653 |  | 8191456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 158400 |  | 5353920 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 29258 |  | 1007646 |
|  |  |  | 14553022 |
|  **Entertainment — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. (Japan) | 21000 |  | 717181 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** (CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Entertainment (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA (Germany) | 12224 | $1520063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. (Japan) | 22200 | 3509859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 27561 | 36907762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 58552 | 5622739 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp. (Class A Stock)\* | 67848 | 7137610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 50161 | 8022750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 16130 | 12377194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV (Netherlands) | 23832 | 773124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 247020 | 30632950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107221232 |
|  **Financial Services — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 2200 | 4040382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 8970 | 1272574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 31100 | 535953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 81000 | 39347370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 30278 | 940450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 82368 | 6705579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 12500 | 1000500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 10296 | 374295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 78417 | 2323761 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 552140 | 1951660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 72033 | 40478224 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 125900 | 2841144 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 147700 | 10977064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 76589 | 3392127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 95041 | 33744307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. (Australia) | 31055 | 858533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise PLC (United Kingdom) (Class A Stock)\* | 71975 | 1028191 |
|  |  | 151812114 |
|  **Food Products — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. (Japan) | 91200 | 2473633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Switzerland) | 19 | 320218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 337300 | 6904531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 16018 | 1310646 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc.(a) | 44700 | 2315907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 6280 | 1042166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 72200 | 2184050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 53300 | 7228546 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 8500 | 834700 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV (Netherlands) | 66764 | 1907085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 74600 | 1926172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock)(a) | 79563 | 5365729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA. | 149077 | 14822186 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 3026000 | 2916435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. (China) | 704300 | 1589802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan) | 82200 | 1840051 |
|  |  | 54981857 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Gas Utilities — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 43200 | $| 3659472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 47700 |  | 1223502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 159789 |  | 967313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 53400 |  | 1776196 |
|  |  |  | 7626483 |
|  **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 73700 |  | 1647533 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 207937 |  | 6784984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 17810 |  | 4558826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 14100 |  | 2241900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. (Japan) | 96828 |  | 1126756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 220382 |  | 20561641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 75364 |  | 17339749 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 56487 |  | 1291353 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55552742 |
|  **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 176441 |  | 23997740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 7465 |  | 662018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc.(a) | 27500 |  | 832700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 10066 |  | 1733869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 76400 |  | 8206124 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 112000 |  | 1778560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 74900 |  | 6538021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 42218 |  | 3301870 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 12940 |  | 3553228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 94537 |  | 2076479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 41100 |  | 4881123 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 2900 |  | 1555386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 11500 |  | 3613070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 10800 |  | 5868828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 142586 |  | 12429222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. (Japan) | 56600 |  | 672313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A. | 10999 |  | 610602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 94728 |  | 1450688 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 14200 |  | 3411124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 14818 |  | 5862445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 39200 |  | 719394 |
|  |  |  | 93754804 |
|  **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 58200 |  | 9777600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 5313 |  | 1593103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 115200 |  | 6253056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 44190 |  | 14608330 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 181535 |  | 12522284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 25826 |  | 3167042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 51465 |  | 2956931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 17726 |  | 892022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 13400 |  | 3276032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 6200 |  | 1627562 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 7700 |  | 5642406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.(a) | 7954 |  | 1428777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Healthcare Ltd. (Australia) | 112475 |  | 221384 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** (CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 109425 | $| 1931482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 32400 |  | 5702400 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 44559 |  | 13901071 |
|  |  |  | 85501482 |
|  **Health Care REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc.(a) | 221400 |  | 3876714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 58150 |  | 3672173 |
|  |  |  | 7548887 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. (Australia) | 7787 |  | 1457218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 14300 |  | 4118114 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575332 |
|  **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 26874 |  | 2270397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 34628 |  | 1483630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 3000 |  | 17367720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 63283 |  | 3553340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 217323 |  | 7361166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 44100 |  | 9612477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE (South Korea), 144A\* | 10037 |  | 272427 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 9200 |  | 2267892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc. (Class A Stock)\* | 12122 |  | 828781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 44506 |  | 551235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 381399 |  | 1174632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (Sweden), 144A | 12054 |  | 957366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 41200 |  | 6949616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 336000 |  | 1497753 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 11515 |  | 1316570 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\* | 16123 |  | 1580376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 14719 |  | 4021378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp.(a) | 14300 |  | 1034033 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 53097 |  | 15513351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. (Japan) | 84600 |  | 1948488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 21900 |  | 6857766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 8650 |  | 532377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 73823 |  | 10939092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. (Japan) | 13700 |  | 829211 |
|  |  |  | 100721074 |
|  **Household Durables — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC (United Kingdom) | 112478 |  | 704336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 670056 |  | 1694756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 13300 |  | 2775976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 220900 |  | 2363481 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 9900 |  | 1044054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 59400 |  | 1307355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 411600 |  | 10701734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 12024 |  | 1372299 |
|  |  |  | 21963991 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Household Products — 0.3%** | **Household Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 105600 | $| 9599040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 105125 |  | 2910793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 8617 |  | 624950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 34500 |  | 4447740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 103447 |  | 16481176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 60914 |  | 4149889 |
|  |  |  | 38213588 |
|  **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 132100 |  | 1389692 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 48115 |  | 2010639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 32529 |  | 6304445 |
|  |  |  | 9704776 |
|  **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 98951 |  | 15064300 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 102000 |  | 628083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 199400 |  | 5795432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 8803 |  | 2050043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. (Singapore) | 49000 |  | 286139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB (Sweden) (Class B Stock) | 8805 |  | 356839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 98000 |  | 1774847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 58945 |  | 15140507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC (United Kingdom) | 75636 |  | 2332943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 87000 |  | 745773 |
|  |  |  | 44174906 |
|  **Industrial REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 77500 |  | 1288825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group (Australia) | 41746 |  | 941148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 160704 |  | 16893204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 183853 |  | 1721075 |
|  |  |  | 20844252 |
|  **Insurance — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 58131 |  | 2610465 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 727000 |  | 6585489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 19546 |  | 7932422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 45300 |  | 9119343 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 41400 |  | 3543426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 29355 |  | 9397123 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 48888 |  | 3248391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC (United Kingdom) | 91560 |  | 778419 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 259342 |  | 12735000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 27513 |  | 2856400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 13000 |  | 1441310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 66534 |  | 19276230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 247500 |  | 1881645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 786 |  | 1418754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 51600 |  | 2892696 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 23400 |  | 1436526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE (Germany) | 2424 |  | 763835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. (Australia) | 123587 |  | 734727 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. (Japan) | 203200 | $1882083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. (Japan) | 12600 | 285267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 26800 | 1729672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 1214 | 2424795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 80209 | 17536896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Private Ltd. (Australia) | 336921 | 1118881 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 207694 | 16702751 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 44500 | 994825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 12961 | 8416024 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 36862 | 2452764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 235996 | 2135087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 78666 | 1690207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 16200 | 1286766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 60210 | 16067641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 288505 | 3611001 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 443417 | 6828235 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 3679 | 893629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ (Finland) (Class A Stock) | 86695 | 933055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 57000 | 1717684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 16806 | 239513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Switzerland) | 288 | 291561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 13383 | 2315086 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. (Japan) | 9000 | 197551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 21690 | 2811929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 52000 | 2203815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 18052 | 4829632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 105660 | 2092572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 26400 | 2132064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 8517 | 5959542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200432729 |
|  **Interactive Media & Services — 2.0%** | **Interactive Media & Services — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 431704 | 76079196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 244300 | 43336377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\* | 18991 | 261126 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 104200 | 383727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 156520 | 115525847 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 8504 | 1346684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 19881 | 2744549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 15643 | 1007966 |
|  |  | 240685472 |
|  **IT Services — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 14600 | 4363794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 21500 | 1714840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 5375 | 920396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 124700 | 9730341 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 56500 | 863885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 93500 | 2268252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 14900 | 6022878 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **IT Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 30653 | $9035891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 36600 | 1535736 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 177000 | 5163985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 11400 | 455971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 33500 | 1302650 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. (Japan) | 94100 | 2835015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 24361 | 2810041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 58500 | 13090545 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 23300 | 780775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 13500 | 1678860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel)\* | 3300 | 522918 |
|  |  | 65096773 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 17400 | 623602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 12183 | 899349 |
|  |  | 1522951 |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 50400 | 9956016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 8825 | 628916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 5511 | 3941266 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 40327 | 1942940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 3712 | 888142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 18200 | 7379372 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 8800 | 1925440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26662092 |
|  **Machinery — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB (Sweden) | 20932 | 881627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 88966 | 8450880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 132485 | 3092324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 93433 | 1329793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 9819 | 3811834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 18200 | 3455998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 7600 | 2489000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 27969 | 14221957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 31519 | 5775226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 21510 | 412401 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 54500 | 1479527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 79700 | 4172295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 13150 | 685510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 48256 | 1111336 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 11330 | 794234 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 20600 | 3230698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 110000 | 3629289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 10897 | 717902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 27500 | 846944 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 83000 | 1213770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 165100 | 4131527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 7600 | 862904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 27000 | 2673540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.(a) | 20934 | 14621771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 68000 | 6980880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 32004 | 734888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 1830 | 664815 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) (Part. Cert.) | 4224 | $| 1572892 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 2400 |  | 860070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 52488 |  | 1476887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 116964 |  | 2764370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 782000 |  | 1364668 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100511757 |
|  **Marine Transportation — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class A Stock) | 234 |  | 431721 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class B Stock) | 684 |  | 1272034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 42000 |  | 594807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 36000 |  | 1202390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 42900 |  | 1543326 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 536000 |  | 1718412 |
|  |  |  | 6762690 |
|  **Media — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\* | 2000 |  | 817620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 448743 |  | 16015638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 20061 |  | 2265785 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 263867 |  | 1857885 |
|  |  |  | 20956928 |
|  **Metals & Mining — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada)(a) | 12799 |  | 1522185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 24343 |  | 717580 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 45992 |  | 1460444 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 342824 |  | 8247522 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. (Australia) | 123828 |  | 1886958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 41736 |  | 1304228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 108375 |  | 564232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 248028 |  | 2493235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 200700 |  | 8700345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 598623 |  | 2332620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 166912 |  | 1253908 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 82000 |  | 953878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 39200 |  | 2283792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 111400 |  | 2106790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 108233 |  | 1336909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 10800 |  | 1399032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 22624 |  | 1601559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 75725 |  | 4407507 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 227075 |  | 433917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa)\* | 2828 |  | 124219 |
|  |  |  | 45130860 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 122500 |  | 1383025 |
|  **Multi-Utilities — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 97310 |  | 3575169 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Multi-Utilities (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 52261 | $3620642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 47807 | 2702052 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 45900 | 6079914 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 381254 | 7024849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 242058 | 5689042 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 384247 | 5640232 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 366119 | 14769240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 30228 | 2544593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. (Singapore) | 204500 | 1101660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 83032 | 2964398 |
|  |  | 55711791 |
|  **Office REITs — 0.0%** |  |  |
|  Cousins Properties, Inc. | 35021 | 1051681 |
|  **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 58751 | 1238657 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 401658 | 2001179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 186681 | 2540260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 33851 | 8243396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp.(a) | 170186 | 24368933 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 92525 | 8303194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 149700 | 4761957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 38312 | 1737298 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 408000 | 2022388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 65344 | 1055575 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 115950 | 13868779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 104158 | 2630412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 349269 | 37651198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. (Japan) | 33000 | 200125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan)(a) | 89200 | 1252115 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia), ADR\*^(a) | 15069 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 11100 | 1843821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 23700 | 901785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 26600 | 3173380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 14486 | 211878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC. | 578985 | 20200528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 85127 | 5993792 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 166799 | 10195199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 32300 | 4341766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 248180 | 15588186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174325803 |
|  **Passenger Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 713923 | 3363450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 723559 | 5111635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 18750 | 531857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. (Singapore) | 168000 | 921439 |
|  |  | 9928381 |
|  **Personal Care Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 14222 | 6092044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 134103 | 8183804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 52858 | 3226312 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Personal Care Products (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR | 133241 | $8150352 |
|  |  | 25652512 |
|  **Pharmaceuticals — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 149300 | 1461790 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 93136 | 12961660 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 89730 | 6270332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 54420 | 1639527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 311824 | 14434333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 28400 | 1482986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. (Japan) | 49600 | 1149138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 544049 | 7769020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 46509 | 36255161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 30093 | 4374189 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 267827 | 5106515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 97589 | 501571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 56531 | 1542676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA (France) | 4985 | 593802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 93606 | 14298317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 241206 | 19093867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (Germany) | 3526 | 457175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 131468 | 15957206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 149330 | 10347681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 32637 | 2455396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 25500 | 1264272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 356300 | 8636712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA (Italy) | 7896 | 496303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 51739 | 16888639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, ADR(a) | 32623 | 1329713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 15780 | 864797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 109201 | 10572154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 37303 | 1802108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 16500 | 297038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 149000 | 4600078 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 12337 | 2427401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207331557 |
|  **Professional Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 42400 | 13076160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 275500 | 1184650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 98277 | 2578207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.(a) | 16400 | 866822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 3200 | 829984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 58604 | 3021989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 20200 | 889002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 8000 | 1051600 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 18900 | 906066 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 25100 | 1014040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 9600 | 1739424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 72200 | 4245839 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 45329 | 2456727 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Professional Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 8400 | $| 945924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 5675 |  | 551198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV (Netherlands) | 3032 |  | 507066 |
|  |  |  | 35864698 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 5600 |  | 609943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 40700 |  | 1398566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. (Hong Kong) | 194000 |  | 681327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. (Hong Kong) | 40000 |  | 230931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 19600 |  | 1323000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 29400 |  | 7519932 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc. (China), ADR | 54603 |  | 968657 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 3814 |  | 339490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 28600 |  | 536168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 205900 |  | 1993334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 5200 |  | 200821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 24000 |  | 276553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Switzerland) | 3245 |  | 487153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 36079 |  | 1279123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 17500 |  | 1225875 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19070873 |
|  **Residential REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 58500 |  | 2110095 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.(a) | 5265 |  | 1071428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 42274 |  | 4763857 |
|  |  |  | 7945380 |
|  **Retail REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 49950 |  | 1974988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 58600 |  | 3375946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 806177 |  | 1893481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 782361 |  | 1277177 |
|  |  |  | 8521592 |
|  **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 14100 |  | 2000790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 42600 |  | 3157982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 75030 |  | 17858641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 28900 |  | 5290723 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV (Netherlands) | 1432 |  | 918596 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 22916 |  | 18363435 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (NYSE) | 2368 |  | 1897691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 332027 |  | 91523242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Japan) | 5600 |  | 1658963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 79694 |  | 3400706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 118646 |  | 11549002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 4200 |  | 563055 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 56100 | $4342140 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. (Taiwan) | 31757 | 1360745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 19600 | 1379252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 62756 | 7734677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 4958 | 1405512 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 1513717 | 239152149 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 46442 | 10147112 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 68500 | 10909310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan) | 88500 | 1094872 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 17300 | 1406688 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 70361 | 2157409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 56936 | 12895435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 21400 | 1924288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 57985 | 12038846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 23600 | 4519623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470650884 |
|  **Software — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 23995 | 9283186 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 34886 | 12212891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 19400 | 3939946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 24300 | 7522551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 7164 | 2207587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\* | 3100 | 685875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 596 | 2185384 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 13880 | 5647494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (France) | 19747 | 715663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 12086 | 941378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 31000 | 1711510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 123100 | 3619140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 30539 | 24053433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 513802 | 255570253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 3100 | 974888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE (Germany) | 3905 | 566197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 6410 | 1086580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 18900 | 1444716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 150557 | 32916277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 4300 | 512520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 87800 | 11968896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 2400 | 1360416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 31761 | 545425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 78315 | 21355717 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 67838 | 20743467 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 17300 | 17785784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (New Zealand)\* | 25471 | 3013965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 92900 | 7244342 |
|  |  | 451815481 |
|  **Specialized REITs — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 18187 | 4019691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 60100 | 6174073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 7598 | 1324559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 12600 | 10022922 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialized REITs (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 68440 | $| 3194779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 29500 |  | 3025815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 29800 |  | 8743916 |
|  |  |  | 36505755 |
|  **Specialty Retail — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 200 |  | 742446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 31871 |  | 1736048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 54600 |  | 1635816 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 63100 |  | 4240951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 11800 |  | 3976128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 7000 |  | 2400049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 56100 |  | 1223541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 62462 |  | 22901068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 47398 |  | 2472600 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 1295495 |  | 1579823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 527080 |  | 2104945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 116897 |  | 25935937 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 101185 |  | 12495336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 14500 |  | 6783390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (Germany), 144A\* | 27878 |  | 919900 |
|  |  |  | 91147978 |
|  **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 950673 |  | 195049579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. (Japan) | 16800 |  | 487263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 11177 |  | 1370300 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 44200 |  | 957177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 108794 |  | 2224837 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 50000 |  | 1223000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 10919 |  | 990184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 45056 |  | 1992449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC(a) | 21267 |  | 3069466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 594928 |  | 4579599 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211943854 |
|  **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 17699 |  | 4131476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 150700 |  | 5841132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 190000 |  | 4845073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 24438 |  | 2966844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 31727 |  | 6003791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 8100 |  | 834867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 1994 |  | 5405466 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 12921 |  | 6762593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 62554 |  | 3568175 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 15614 |  | 1109219 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 24727 |  | 1287040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 10495 |  | 1849171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 9269 |  | 2542301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 29400 |  | 2581614 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp.(a) | 112400 | $| 1320700 |
|  |  |  | 51049462 |
|  **Tobacco — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 58500 |  | 3429855 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 57634 |  | 2740287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 123390 |  | 4875160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan)(a) | 48200 |  | 1419944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 150271 |  | 27368857 |
|  |  |  | 39834103 |
|  **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB (Sweden) (Class B Stock) | 23344 |  | 795833 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 17800 |  | 2082600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 16605 |  | 1064813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 17202 |  | 1038141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 8435 |  | 1847037 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 93900 |  | 4917075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 83300 |  | 1679182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 412100 |  | 8234534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 97500 |  | 1987048 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. (Japan) | 34500 |  | 679162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 138900 |  | 3584554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 181800 |  | 4117997 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 4069 |  | 3065585 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 4100 |  | 4264984 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 43500 |  | 8056200 |
|  |  |  | 47414745 |
|  **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 85729 |  | 2288431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 65053 |  | 1255785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV (Mexico), ADR | 1797 |  | 412627 |
|  |  |  | 3956843 |
|  **Water Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 37800 |  | 5258358 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 102722 |  | 1613019 |
|  |  |  | 6871377 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 213100 |  | 3659052 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 29400 |  | 2137557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 96795 |  | 1412957 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 44500 |  | 10602570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 1895530 |  | 2029073 |
|  |  |  | 19841209 |
|  **TOTAL COMMON STOCKS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,228,369,770) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241496348 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Automobiles — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 4662 | $387160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 11705 | 1237376 |
|  |  | 1624536 |
|  **Household Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 19158 | 1505504 |
|  **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 5531 | 1408734 |
|  **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,436,783) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,436,783) | 4538774 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 2666809 | 92191587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 8635996 | 578784452 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 223002 | 18616207 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 250429 | 155491366 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF | 294179 | 29182557 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Gold Trust\* | 455800 | 28423688 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 199521 | 18479635 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 438375 | 39186341 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 150588 | 63936653 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 519494 | 100901320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 1342996 | 274870991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF | 10689 | 886332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | 216145 | 15914756 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS** | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,345,333,740) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416865885 |
|  | Units |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 35519 | 7885 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity <br>Date** | **Principal** <br>**Amount**<br>**(000)#** | |
|  **ASSET-BACKED SECURITIES — 3.5%** | **ASSET-BACKED SECURITIES — 3.5%** | **ASSET-BACKED SECURITIES — 3.5%** | **ASSET-BACKED SECURITIES — 3.5%** |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408611 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 03/20/30 | 358 | 360865 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/27 | 448 | 440267 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |  |  |  |
|  Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 04/15/29 | CAD | 400 | 292882 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 02/15/36 |  | 300 | 311613 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 |  | 500 | 502131 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | 09/14/27 |  | 52 | 51462 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 |  | 100 | 101711 |
|  World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440% | 11/15/27 |  | 200 | 197944 |
|  |  |  |  | 2667486 |
|  **Collateralized Loan Obligations — 3.5%** | **Collateralized Loan Obligations — 3.5%** | **Collateralized Loan Obligations — 3.5%** | **Collateralized Loan Obligations — 3.5%** |  |
|  AGL CLO Ltd. (United Kingdom), | AGL CLO Ltd. (United Kingdom), | AGL CLO Ltd. (United Kingdom), | AGL CLO Ltd. (United Kingdom), | AGL CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.639%(c) | 10/20/37 |  | 1150 | 1154600 |
|  AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%(c) | 01/20/38 |  | 1500 | 1503750 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.802%(c) | 07/22/37 |  | 11750 | 11801151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.686%(c) | 07/15/37 |  | 1000 | 1004071 |
|  Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), | Anchorage Capital Europe CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.028%(c) | 04/25/34 | EUR | 1753 | 2065661 |
|  Apidos CLO, | Apidos CLO, | Apidos CLO, | Apidos CLO, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A,<br>Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A,<br>Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A,<br>Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A,<br>Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A,<br>Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602%(c) | 01/22/38 |  | 10500 | 10526323 |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A,<br>Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A,<br>Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A,<br>Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A,<br>Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A,<br>Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.049%(c) | 04/15/32 | EUR | 4092 | 4810221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A,<br>Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A,<br>Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A,<br>Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A,<br>Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A,<br>Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.667%(c) | 04/15/38 | EUR | 250 | 293899 |
|  Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A,<br>Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A,<br>Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A,<br>Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A,<br>Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A,<br>Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420%(c) | 03/31/38 |  | 10000 | 10000778 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |  |
|  Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), | Arini European CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.334%(c) | 04/15/39 | EUR | 346 | $407272 |
|  Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442%(c) | 04/15/39 | EUR | 5050 | 5962390 |
|  Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.799%(c) | 07/20/37 |  | 16000 | 16055150 |
|  Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.641%(c) | 10/16/37 |  | 2000 | 2008000 |
|  Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.779%(c) | 07/20/37 |  | 14000 | 14057952 |
|  Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.618%(c) | 07/15/31 |  | 5579 | 5585357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.707%(c) | 01/25/35 |  | 2000 | 2004372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010%(c) | 07/15/34 |  | 1300 | 1300000 |
|  Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.688%(c) | 10/15/34 |  | 2650 | 2654312 |
|  BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681%(c) | 04/19/34 |  | 1500 | 1502953 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(c) | 04/15/31 | EUR | 2125 | 2495588 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269%(c) | 10/15/35 | EUR | 9145 | 10750969 |
|  Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-05A, Class A1R3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-05A, Class A1R3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-05A, Class A1R3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-05A, Class A1R3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-05A, Class A1R3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.369%(c) | 01/20/32 |  | 5744 | 5749519 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 01/20/35 |  | 1315 | 1317244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 |  | 2553 | 2555536 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.505%(c) | 10/15/37 | EUR | 10600 | $12433153 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.172%(c) | 01/25/37 |  | 8000 | 8038301 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.910%(c) | 05/22/32 | EUR | 1099 | 1293300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%(c) | 08/26/32 | EUR | 6532 | 7682186 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640%(c) | 10/17/37 |  | 2000 | 2007268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.969%(c) | 10/20/37 |  | 10000 | 10020925 |
|  Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.637%(c) | 07/20/38 |  | 1300 | 1301865 |
|  Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%(c) | 10/15/34 | EUR | 4250 | 5014811 |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.892%(c) | 04/22/37 |  | 17750 | 17817896 |
|  Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.528%(c) | 04/15/31 |  | 681 | 680484 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(c) | 04/15/34 |  | 2128 | 2131769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%(c) | 10/20/31 |  | 603 | 603152 |
|  Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.058%(c) | 04/25/34 | EUR | 1064 | 1250206 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.684%(c) | 10/19/38 | EUR | 10000 | 11773971 |
|  ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.591%(c) | 04/21/31 |  | 159 | 158752 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |  |
|  Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), | Indigo Credit Management DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class B, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class B, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class B, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class B, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class B, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879%(c) | 10/15/37 | EUR | 4250 | $5050809 |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.929%(c) | 07/15/31 | EUR | 1890 | 2220249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.186%(c) | 10/30/38 | EUR | 8500 | 10008977 |
|  LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), | LCM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.701%(c) | 10/20/34 |  | 12250 | 12272994 |
|  Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.079%(c) | 07/15/32 | EUR | 4738 | 5564453 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.598%(c) | 10/15/32 |  | 1937 | 1941060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.631%(c) | 10/16/37 |  | 2000 | 2007781 |
|  Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010%(c) | 04/15/34 |  | 2600 | 2600000 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(c) | 10/12/30 |  | 660 | 660748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638%(c) | 07/15/31 |  | 454 | 454214 |
|  Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.726%(c) | 07/20/38 | EUR | 10500 | 12459620 |
|  NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.369%(c) | 07/20/37 |  | 5750 | 5777317 |
|  Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.719%(c) | 07/19/37 |  | 10000 | 10037546 |
|  Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.189%(c) | 07/20/37 |  | 8000 | 8000510 |
|  OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), | OCP CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.624%(c) | 04/26/31 |  | 308 | 308022 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.722%(c) | 01/18/38 |  | 1750 | $1755700 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410%(c) | 04/17/31 |  | 4380 | 4381286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(c) | 04/15/31 |  | 226 | 226494 |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.879%(c) | 01/15/38 | EUR | 8000 | 9425669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(c) | 10/15/39 | EUR | 1250 | 1470229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.294%(c) | 07/15/38 | EUR | 250 | 294579 |
|  Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.381%(c) | 07/20/34 |  | 588 | 592171 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.698%(c) | 10/15/34 |  | 6000 | 6006433 |
|  Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.513%(c) | 10/17/38 | EUR | 1250 | 1474364 |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.668%(c) | 07/15/31 |  | 461 | 460795 |
|  Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.447%(c) | 04/25/38 | EUR | 251 | 295436 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.636%(c) | 09/06/37 |  | 19000 | 19077735 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 10/20/31 |  | 1484 | 1486346 |
|  RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.529%(c) | 04/15/40 | EUR | 350 | 412074 |
|  Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.693%(c) | 02/15/37 | EUR | 2600 | 3070112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.614%(c) | 01/26/31 |  | 209 | $209168 |
|  St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.113%(c) | 01/17/32 | EUR | 4574 | 5375063 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.988%(c) | 04/25/30 | EUR | 683 | 802770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.811%(c) | 02/20/30 | EUR | 2159 | 2539029 |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.482%(c) | 04/16/31 |  | 174 | 173966 |
|  TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.723%(c) | 07/25/34 |  | 2128 | 2130550 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.512%(c) | 10/15/38 | EUR | 11000 | 12971756 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.929%(c) | 04/15/37 | EUR | 9000 | 10627112 |
|  Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 |  | 4910 | 4915873 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882%(c) | 04/25/37 |  | 8250 | 8280529 |
|  Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.506%(c) | 07/15/32 |  | 9651 | 9661354 |
|  Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%(c) | 04/15/33 |  | 15250 | 15277898 |
|  |  |  |  | 402533898 |
|  **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** |  |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 06/25/59 |  | 52 | 53496 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 |  | 185 | 177286 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 09/14/35 | 300 | 292487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490% | &nbsp;&nbsp;&nbsp;&nbsp; 06/14/38 | 200 | 207754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/36 | 100 | 103058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/36 | 200 | 205871 |
|  |  |  | 1039952 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 700 | 967377 |
|  NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 412906 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380283 |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 05/25/34 | 16 | 14978 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.934%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/25/43 | 7 | 7297 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.002%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/54 | 14 | 13623 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 08/25/33 | 13 | 13193 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.344%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 09/25/44 | 507 | 507278 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 69 | 69699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 09/25/64 | 210 | 209214 |
|  |  |  | 835282 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |  |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | &nbsp;&nbsp;&nbsp;&nbsp; 07/17/30 | 370 | 347790 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 02/25/34 | 3 | $3488 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/34 | 9 | 8378 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/34 | — (r) | 249 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.279%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 01/25/35 | 8 | 7890 |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.253%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 09/25/34 | 30 | 30956 |
|  |  |  | 50961 |
|  **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** |  |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | &nbsp;&nbsp;&nbsp;&nbsp; 11/16/48 | 38 | 36341 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/46 | 69 | 66137 |
|  |  |  | 102478 |
|  **TOTAL ASSET-BACKED SECURITIES**<br>(cost $398,216,049) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $398,216,049) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $398,216,049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408958130 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** |
|  BANK, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/60 | 80 | 77832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/61 | 320 | 314371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/62 | 385 | 359529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/63 | 165 | 142278 |
|  BANK5, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/57 | 1000 | 1043356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/57 | 1050 | 1075940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | 1748650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.452% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 2750 | 2829647 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 247 | 232674 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.208% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/57 | 500 | 509918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/58 | 1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105525 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/57 | 1000 | 1033941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/57 | 800 | 818536 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/42 | 550 | 550344 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/57 | 450 | 469246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/57 | 1150 | 1177224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/58 | 2700 | 2811350 |
|  BPR Trust, | BPR Trust, | BPR Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.126%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/38 | 200 | 198758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.776%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | 447205 |
|  BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.656%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/41<br> CAD | 600 | 445868 |
|  BXMT Ltd., | BXMT Ltd., | BXMT Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.953%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 10/18/42 | 200 | 198520 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/52 | 765 | 715950 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/50 | 255 | 248274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/57 | 673 | 623591 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 11/10/49 | 283 | 278799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | &nbsp;&nbsp;&nbsp;&nbsp; 12/10/54 | 251 | 246524 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/50 | 229 | 223553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | &nbsp;&nbsp;&nbsp;&nbsp; 08/10/56 | 280 | 260686 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521% | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/48 | 189 | 188936 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/49 | 336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330651 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 215 | 209773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/51 | 195 | 192034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/52 | 105 | 97661 |
|  Deco DAC (United Kingdom), | Deco DAC (United Kingdom), | Deco DAC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.265%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 08/07/30 | 294 | 403392 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | &nbsp;&nbsp;&nbsp;&nbsp; 08/10/49 | 227 | 223351 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.745%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/25 | 3956 | 5705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.464%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 03/25/26 | 2067 | 14479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.214%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 07/25/29 | 1148 | 42667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.828%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 07/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11344 | 414933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.645%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 12/25/27 | 153 | 1758 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.526%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/36 | 260 | 258375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.976%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/36 | 420 | 412698 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | &nbsp;&nbsp;&nbsp;&nbsp; 09/10/52 | 625 | 582170 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class D, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.204%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/39 | 300 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ACB, Class E, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 3.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.654%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/39 | 850 | 850000 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.596% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/49 | 140 | 136739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/52 | 49 | 46523 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 140 | 127456 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/36 | 110 | 103231 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.337%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 08/17/31 | 895 | $1230280 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/51 | 325 | 320352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/52 | 280 | 266912 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/50 | 239 | 234486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 420 | 410619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/52 | 258 | 255760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 180 | 168417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/54 | 100 | 88712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | 1147721 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $29,987,121) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $29,987,121) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $29,987,121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29253880 |
|  **CORPORATE BONDS — 2.7%** | **CORPORATE BONDS — 2.7%** | **CORPORATE BONDS — 2.7%** | **CORPORATE BONDS — 2.7%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 815 | 767842 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 1975 | 1982940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 360 | 373050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/26 | 83 | 82946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 45 | 47155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 409 | 411573 |
|  TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 170 | 166762 |
|  |  |  | 3832268 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 815 | 944515 |
|  British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), | British American Tobacco PLC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/27/26(oo) | 700 | 818711 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/35 | 140 | 145034 |
|  |  |  | 1908260 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/26 | 18 | $18333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/29(a) | 715 | 713556 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/28 | 680 | 678735 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | 1305652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 270 | 262158 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978434 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** |  |  |
|  Levi Strauss & Co., | Levi Strauss & Co., | Levi Strauss & Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/31 | 145 | 132657 |
|  William Carter Co. (The), | William Carter Co. (The), | William Carter Co. (The), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/27 | 1810 | 1798767 |
|  |  |  | 1931424 |
|  **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |  |
|  American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 06/27/28 | 300 | 353678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/27/31 | 800 | 941233 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/12/32 | 525 | 442682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/43 | 12 | 9231 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/13/30 | 363 | 331230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 05/28/27 | 220 | 218593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 05/17/27 | 345 | 347717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798% | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/28 | 200 | 207247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | &nbsp;&nbsp;&nbsp;&nbsp; 05/12/28 | 675 | 697709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066% | &nbsp;&nbsp;&nbsp;&nbsp; 08/21/30 | 400 | 468933 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 04/04/32 | 475 | 480181 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/29 | 225 | 223079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 | 260 | 261194 |
|  Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 04/13/27 | 200 | 267529 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/17/29(oo) | 800 | 903450 |
|  |  |  | 6153686 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 75 | $77826 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 475 | 476188 |
|  IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 100 | 122927 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 365 | 376382 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 2675 | 2645114 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698437 |
|  **Banks — 0.6%** |  |  |  |
|  ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.575%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/13/26 | 500 | 502576 |
|  Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/17/34 | 300 | 346671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp; 06/29/29 | 500 | 536851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/25/30 | 200 | 211348 |
|  Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 10/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | 1766643 |
|  AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/30/29(oo) | 200 | 247464 |
|  Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/23/29 | 650 | 791539 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/19/29(oo) | 200 | 220000 |
|  Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/13/30 | 200 | 247162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/29 | 100 | 127229 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/28(oo) | 200 | 220495 |
|  Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 400 | 483923 |
|  Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 100 | 112412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/27 | 200 | 243258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/32 | 300 | 362979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 03/18/37 | 200 | 236987 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/32 | 1305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/24/31 | 455 | 466384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/14/29 | 555 | 520235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/08/37 | 77 | 70444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/12/36 | 1070 | 1086949 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/10/30(oo) | 250 | 301421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/04/31 | 200 | 254319 |
|  Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/04/33 | 300 | 353916 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.090%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/06/29 | 200 | 291963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/22/31 | 400 | 464565 |
|  BNG Bank NV (Netherlands), | BNG Bank NV (Netherlands), | BNG Bank NV (Netherlands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.050% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | 1584415 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 08/16/29(oo) | 400 | 420000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/30 | 670 | 682581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/13/33 | 210 | 218201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/27 | 1000 | 1176230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/32 | 500 | 583778 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/14/31 | 250 | 258604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/29 | 525 | 555199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.003%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/34 | 250 | 274428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 07/13/28 | 100 | 123313 |
|  Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.063% | &nbsp;&nbsp;&nbsp;&nbsp; 10/09/30 | 100 | 118141 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/30(oo) | 200 | 258183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/35 | 200 | 208842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/13/34 | 200 | 219162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 240 | 247955 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 05/05/26 | 800 | 807592 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/29 |  | 2600 | $2700410 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 12/10/25(oo) |  | 440 | 436796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/18/26(oo) |  | 425 | 419463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/32 |  | 195 | 172748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/30 |  | 180 | 176356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/31 |  | 625 | 618180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/30 |  | 205 | 203988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/04/29 |  | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/13/30 |  | 1240 | 1264743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/11/35 |  | 15 | 15332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/13/35 |  | 90 | 91745 |
|  Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/05/31 |  | 1000 | 1013293 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 |  | 199 | 203799 |
|  Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/16/32 | EUR | 400 | 483242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/34 | EUR | 400 | 490894 |
|  Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/14/26 | AUD | 300 | 194277 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.316%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/29 |  | 290 | 304361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.631%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/28 |  | 250 | 250077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/28 | EUR | 100 | 111081 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/02/30 |  | 200 | 198935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 |  | 445 | 461113 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/07/28 |  | 295 | 286269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/30 |  | 165 | 166003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.819%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/29 |  | 150 | 159833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/17/27 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1165770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/13/31 | EUR | 600 | 707475 |
|  Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 02/26/30 | AUD | 660 | 401712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 02/21/33 | AUD | 200 | 137055 |
|  First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/26 | EUR | 200 | 231806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp; 08/18/25 | CNH | 1000 | 139941 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/02/25 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $139699 |
|  Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/28(x) |  | 200 | 215067 |
|  Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 05/21/27 |  | 800 | 806546 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/10/26(a)(oo) |  | 400 | 392577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/27/32 |  | 1095 | 947934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/30 |  | 680 | 681993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/35 |  | 246 | 243030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/23/30 |  | 180 | 182884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/28/31 |  | 140 | 143239 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 08/17/29 |  | 390 | 362783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/22/28 | GBP | 975 | 1289886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/28 |  | 200 | 202325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/04/30 |  | 285 | 293147 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/30/28(oo) | EUR | 250 | 305884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/16/32 | EUR | 700 | 839620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/33 |  | 365 | 395162 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 |  | 830 | 778950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/08/32 |  | 250 | 220072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/22/30 |  | 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/22/35 |  | 50 | 49484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/22/30 |  | 890 | 906132 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.151%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/19/34 | GBP | 300 | 424108 |
|  KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/35 |  | 13 | 13867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.121%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 04/04/31 |  | 584 | 590796 |
|  Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/25/26(oo) |  | 200 | 196900 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/27/31(oo) |  | 200 | 195500 |
|  MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 06/09/26 | EUR | 100 | 115209 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 05/13/31 |  | 1290 | 1313451 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.406%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/29/27 | 650 | $745760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/18/30 | 1655 | 1658419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/30 | 365 | 372691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 95 | 97414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/02/32 | 200 | 139000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/22/31 | 860 | 792628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/21/33 | 175 | 156178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 04/21/34 | 75 | 76311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/21/34 | 68 | 69684 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 05/26/28 | 600 | 612720 |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | &nbsp;&nbsp;&nbsp;&nbsp; 02/05/31 | 1000 | 1199471 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/25(oo) | 200 | 199340 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/21/32 | 115 | 115282 |
|  QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 300 | 199193 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/30 | 200 | 199461 |
|  Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 05/12/31 | 630 | 754368 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/09/32 | 365 | 321048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 04/13/33 | 210 | 217318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1167325 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 230 | 231700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/21/29 | 235 | 239702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.018%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/08/30 | 200 | 214776 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666% | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/31 | 650 | 799242 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/24/35 | 45 | 46628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/08/34 | 60 | 62649 |
|  TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | &nbsp;&nbsp;&nbsp;&nbsp; 03/05/29 | 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087698 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.009%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 05/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/35 | 35 | 36348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/12/34 | 95 | 99767 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/13/28(oo) | 220 | 239800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 1100 | 1458824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/14/28 | 1400 | 1602952 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/22/26 | 820 | 815557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/17/29 | 200 | 247369 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 12/03/35 | 355 | 356457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/24/31 | 130 | 133358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/35 | 85 | 87196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/02/33 | 330 | 301494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/25/34 | 47 | 48536 |
|  |  |  | 67044640 |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |  |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/53 | 210 | 183278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/02/63 | 35 | 34027 |
|  |  |  | 217305 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |  |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/29/32 | 200 | 250380 |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/31 | 100 | 122248 |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 530 | 529460 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/27(a) | 1825 | 1698516 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 735 | 756262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 185 | 190833 |
|  Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 1240 | 1237153 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 115 | $103282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 992 | 938890 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827024 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |  |
|  Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/29 | 200 | 190062 |
|  Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/10/28 | 200 | 171740 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/43 | 70 | 62258 |
|  INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 116841 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 1060 | 1060625 |
|  |  |  | 1601526 |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |  |
|  Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/31/29 | 400 | 480141 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 845 | 821929 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 965 | 932730 |
|  Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 815 | 760103 |
|  Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/28/36 | 200 | 241244 |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 200 | 212421 |
|  Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), | Central Nippon Expressway Co. Ltd. (Japan), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.886% | &nbsp;&nbsp;&nbsp;&nbsp; 09/29/25 | 600 | 594683 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 340 | 344312 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 09/25/26 | 400 | 468530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 09/25/30 | 400 | 527750 |
|  Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 600 | 634809 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/31 | 400 | $493724 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 210 | 220085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 510 | 533968 |
|  Leasys SpA (Italy), | Leasys SpA (Italy), | Leasys SpA (Italy), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/26/26 | 400 | 478907 |
|  Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 200 | 207750 |
|  Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), | Motability Operations Group PLC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 01/24/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 119426 |
|  Service Corp. International, | Service Corp. International, | Service Corp. International, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | 370 | 374071 |
|  Toll Road Investors Partnership II LP, | Toll Road Investors Partnership II LP, | Toll Road Investors Partnership II LP, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.185%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/43 | 110 | 36729 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 1035 | 950782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 60 | 56405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 455 | 453348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 895 | 897533 |
|  Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 45 | 40726 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10882106 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |  |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 446 | 488189 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/29/28 | 375 | 357164 |
|  American Express Co., | American Express Co., | American Express Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 04/25/36 | 70 | 72513 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/27 | 70 | 68110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 190 | 190712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 105 | 105634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 05/30/30 | 355 | 361211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 490 | 503720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 145 | 148448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 05/04/28 | 345 | 358534 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/32(x) | 400 | 403667 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/27 | 95 | $96811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | 124 | 120484 |
|  Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/27 | 1975 | 1977154 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 725 | 713242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/26 | 632 | 641248 |
|  Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% | &nbsp;&nbsp;&nbsp;&nbsp; 05/19/28 | 400 | 441778 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 484 | 464500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 575 | 563933 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | &nbsp;&nbsp;&nbsp;&nbsp; 09/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | 670937 |
|  Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 600 | 678426 |
|  REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 200 | 194300 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132526 |
|  **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |  |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/26 | 65 | 63765 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 10 | 10282 |
|  Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp; 07/22/28 | 400 | 454246 |
|  Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 02/28/34 | 281 | 246481 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/31 | 1375 | 1304331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 970 | 961166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 30 | 29604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 360 | 355980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 1396 | 1394699 |
|  CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp; 12/02/26 | 300 | 345296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/33 | 100 | 118947 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/35 | 295 | $297434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/35 | 244 | 244743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/35 | 205 | 206691 |
|  Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.010% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/33 | 372 | 386880 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/29/36 | 598 | 531780 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 55 | 58779 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/54 | 7 | 6740 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/55 | 3 | 2934 |
|  Edison International, | Edison International, | Edison International, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/53(a) | 120 | 116028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/09/26(oo) | 155 | 145774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/29(a) | 190 | 187905 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/27(oo) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228273 |
|  Emera, Inc. (Canada), | Emera, Inc. (Canada), | Emera, Inc. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 16-A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/76 | 75 | 75562 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/52 | 200 | 183378 |
|  Energuate Trust (Guatemala), | Energuate Trust (Guatemala), | Energuate Trust (Guatemala), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 05/03/27 | 200 | 199000 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/31 | 200 | 241484 |
|  Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/54 | 30 | 29802 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 90 | 93128 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/55 | 7 | 7018 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 20 | 19102 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
|  Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 08/10/28 | 1500 | 1516875 |
|  FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 69 | 63363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/47 | 139 | 118221 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.866% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 60 | 57126 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/28/26(oo) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815981 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/22/32 | 400 | 356284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 500 | 526815 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 05/14/30 | 90 | 83670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/33 | 315 | 318511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 05/09/34 | 70 | 71766 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 145 | 127150 |
|  Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.281%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 07/24/26 | 600 | 698501 |
|  MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp; 11/18/27 | 100 | 111670 |
|  National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.530% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/28 | 100 | 120450 |
|  National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 100 | 109135 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/55 | 35 | 35801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/54 | 135 | 140243 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 859 | 863380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 110 | 103801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 529 | 487036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 35 | 32194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/28(oo) | 275 | 304651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/02/25 | 455 | 447832 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/27 | 700 | 821869 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
|  Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.427%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 04/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 243070 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/43 | 70 | 55473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 160 | 159963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/35 | 245 | 247704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/33 | 70 | 72143 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 11/05/31 | 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613787 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/55 | 49 | 46475 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/53 | 65 | 60628 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/34 | 32 | 31055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 60 | 58925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/55 | 17 | 15554 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/26(oo) | 1450 | 1467453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/26(oo) | 1975 | 2021697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/29(oo) | 1500 | 1626596 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/31/27 | 2085 | 2082050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 10 | 10005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/27 | 885 | 884683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 315 | 329349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/27 | 45 | 44413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp; 12/30/34 | 75 | 76357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/34 | 120 | 124667 |
|  |  |  | 27151604 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |  |
|  Emerson Electric Co., | Emerson Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 1200 | 1411848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/37 | 800 | 927266 |
|  |  |  | 2339114 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 450 | 543330 |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 05/17/32 | 400 | 482639 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electronics (cont'd.)** | **Electronics (cont'd.)** |  |  |
|  Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 75 | 68452 |
|  |  |  | 1094421 |
|  **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |  |
|  India Green Power Holdings (India), | India Green Power Holdings (India), | India Green Power Holdings (India), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/22/27 | 217 | 209880 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 200 | 222310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/33 | 2100 | 2195652 |
|  Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/30 | 400 | 437835 |
|  Ferrovial SE, | Ferrovial SE, | Ferrovial SE, | Ferrovial SE, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 09/13/30 | 100 | 125216 |
|  Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/08/32 | 300 | 316735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 03/14/36 | 100 | 101221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | &nbsp;&nbsp;&nbsp;&nbsp; 12/10/33 | 100 | 145405 |
|  IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 194875 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/28 | 256 | 248192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/31/47 | 200 | 164835 |
|  Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/28 | 294 | 285033 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 275 | 255124 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692433 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/29(a) | 1250 | 1193084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 400 | 414439 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 800 | 773436 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/31 | 1000 | 545194 |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 50 | 33599 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 30 | 29766 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 495 | 498265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 380 | 404893 |
|  |  |  | 3892676 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 300 | 313482 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 625 | 568746 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | &nbsp;&nbsp;&nbsp;&nbsp; 05/14/30 | 3370 | 4342498 |
|  Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/27 | 1700 | 2320904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/27 | 884 | 1206870 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | 548405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/53 | 55 | 61863 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/36 | 280 | 279621 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 01/31/30 | 1365 | 1301471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 01/31/32 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467997 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 130 | 131530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 28 | 28025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/55 | 230 | 229423 |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 07/03/31 | 900 | 684917 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/29 | 275 | 273907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 475 | 441302 |
|  |  |  | 12887479 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/27 | 44 | 43657 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/54 | 180 | 187586 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/33 | 45 | 47196 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Gas (cont'd.)** | **Gas (cont'd.)** |  |  |
|  Terega SA (France), | Terega SA (France), | Terega SA (France), | Terega SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp; 09/17/30 | 700 | 730565 |
|  |  |  | 1009004 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 03/08/34 | 600 | 697370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 03/08/29 | 400 | 481310 |
|  Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.539% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 380 | 331482 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 1940 | 1862670 |
|  Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | 600 | 731147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/36 | 600 | 723153 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/31 | 400 | 415200 |
|  |  |  | 5242332 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 100 | 90943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 1945 | 1863925 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/30 | 405 | 382936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/51 | 75 | 49692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/52 | 95 | 76353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/49 | 5 | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/34 | 40 | 40304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 50 | 48593 |
|  Select Medical Corp., | Select Medical Corp., | Select Medical Corp., | Select Medical Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/32(a) | 370 | 372234 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 242644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 1140 | 1104623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 | 840 | 838331 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115022 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 4105 | 4351032 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 1612 | 1618318 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Home Builders (cont'd.)** | **Home Builders (cont'd.)** |  |  |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/27 | 25 | 25044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/29(a) | 789 | 794833 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (Canada), | &nbsp;&nbsp;&nbsp;&nbsp; (Canada), | &nbsp;&nbsp;&nbsp;&nbsp; (Canada), | &nbsp;&nbsp;&nbsp;&nbsp; (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 170 | 169075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 1585 | 1437421 |
|  Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/27 | 55 | 55137 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 650 | 645770 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 1245 | 1196756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 16 | 15927 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | 229614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/30 | 545 | 541865 |
|  |  |  | 6729760 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/30(a) | 280 | 272292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/32 | 135 | 129136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 300 | 315919 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940956 |
|  SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 500 | 196495 |
|  |  |  | 1854798 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 06/24/29 | 600 | 614513 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 03/03/31 | 440 | 408250 |
|  Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/41 | 400 | 437632 |
|  Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), | Pension Insurance Corp. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/30 | 650 | 885531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
|  Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 05/16/44 | 400 | 531868 |
|  |  |  | 2877794 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 290 | 298121 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/54 | 75 | 73120 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 20 | 18690 |
|  |  |  | 389931 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 03/10/27 | 770 | 872804 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 470 | 462816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/33(a) | 285 | 267473 |
|  |  |  | 730289 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/26 | 190 | 190238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 50 | 50250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | 418713 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 425 | 430856 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/31/26 | 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 25 | 25297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/31 | 590 | 593540 |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 775 | 772481 |
|  |  |  | 3033327 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 1210 | 1160019 |
|  Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 525 | 475311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/18/26 | 140 | 138042 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/37 | 395 | 395055 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 1400 | 1405786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/29 | 1070 | 1088315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/32(a) | 880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894180 |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/26 | 725 | 723323 |
|  |  |  | 6280031 |
|  **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  BWX Technologies, Inc., | BWX Technologies, Inc., | BWX Technologies, Inc., | BWX Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/28 | 123 | 120262 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/30 | 150 | 157111 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 500 | 527787 |
|  |  |  | 684898 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/32(a) | 330 | 307120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 121 | 112914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 87 | 82921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | 339241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 65 | 64406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/27 | 245 | 244163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 170 | 169352 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 150 | 138232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 160 | 116104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 399 | 273435 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/56 | 130 | 76316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/33 | 115 | 114673 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/29(d) | 80 | 53316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 | 325 | 234700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/26 | 1825 | 1621186 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | 11/15/27 | 1575 | 1621613 |
|  TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/23/31 | 300 | 356882 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 | 845 | 857543 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 600 | 749302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/29 | 457 | 603777 |
|  |  |  | 8137196 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 10/01/31 | 615 | 690416 |
|  FMG Resources August 2006 Pty Ltd. (Australia), | FMG Resources August 2006 Pty Ltd. (Australia), | FMG Resources August 2006 Pty Ltd. (Australia), | FMG Resources August 2006 Pty Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/01/31 | 201 | 187123 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763% | 04/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 199940 |
|  Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.154% | 04/29/31 | 200 | 243240 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 | 270 | 276698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 | 195 | 198699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/06/28 | 145 | 151642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 | 25 | 26798 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 | 190 | 195197 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/15/26 | 45 | 44263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/31(a) | 124 | 111305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 | 450 | 465289 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790610 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%(ff) | 05/29/29(oo) | 100 | 123918 |
|  Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/17/28 | 500 | 600401 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | 700 | 818065 |
|  |  |  | 1542384 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 10/08/29 |  | 200 | $197312 |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/07/28 | EUR | 200 | 247729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/16/29 | GBP | 400 | 552780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | 404188 |
|  European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 01/30/37 | CAD | 300 | 230956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.590%(s) | 05/28/37 | CAD | 1000 | 444722 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 07/15/27 |  | 400 | 419141 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496828 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 |  | 425 | 378834 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 |  | 25 | 30526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 |  | 335 | 340830 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 03/22/29(oo) | EUR | 650 | 760231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(ff) | 12/01/33(oo) |  | 235 | 240165 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/37 |  | 134 | 125965 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 |  | 550 | 563832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 |  | 125 | 126872 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 |  | 40 | 28799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 |  | 50 | 47766 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 |  | 50 | 46540 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 |  | 480 | 468840 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 |  | 200 | 211276 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/32 |  | 450 | 436969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 |  | 1125 | 1126481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 |  | 471 | 473050 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 106 | 104644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 315 | 306807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 106 | 102535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 550 | 525827 |
|  MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), | MEG Energy Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 25 | 24975 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/45 | 34 | 25956 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 750 | 766238 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/34 | 500 | 677403 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/32 | 460 | 427064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/21/27 | 200 | 224253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 02/21/28 | 800 | 919395 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | &nbsp;&nbsp;&nbsp;&nbsp; 04/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | 544933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/33 | 100 | 109053 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% | &nbsp;&nbsp;&nbsp;&nbsp; 09/10/54 | 15 | 13994 |
|  TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/27(oo) | 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731595 |
|  Transocean, Inc., | Transocean, Inc., | Transocean, Inc., | Transocean, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 310 | 285730 |
|  |  |  | 11197378 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 1100 | 991602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 875 | 898434 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 80 | 82732 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 1165 | 1191374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 450 | 461193 |
|  |  |  | 3625335 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/49 | 240 | $197756 |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 500 | 500305 |
|  Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/28 | 95 | 78197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 | 535 | 336055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | 194876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1516 | 1069629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 275 | 230725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 275 | 232958 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | &nbsp;&nbsp;&nbsp;&nbsp; 06/07/32 | 400 | 481310 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 02/22/54 | 290 | 282514 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 155 | 140003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/29 | 310 | 314741 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/28 | 375 | 360446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/31(a) | 375 | 325561 |
|  |  |  | 5014576 |
|  **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 1225 | 1216511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 280 | 289225 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 380 | 375876 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 30 | 31670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 255 | 267712 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/77 | 65 | 64480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/84 | 55 | 61256 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/54(a) | 70 | 71609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/30(oo) | 1840 | 1876351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/26(oo) | 605 | 607999 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 420 | 374476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 85 | 86114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/34 | 55 | 55834 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/78 | 45 | 44238 |
|  Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/31 | 800 | 942430 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | &nbsp;&nbsp;&nbsp;&nbsp; 02/23/36 | 275 | 277406 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/47 | 325 | 283955 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/30 | 150 | 160299 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 285 | 279845 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/35 | 400 | 402011 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/79 | 125 | 124079 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 25 | 23589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 25 | 23157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 210 | 216582 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/29(oo) | 2280 | 2222199 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 540 | 519593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 30 | 25098 |
|  |  |  | 11238607 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/29 | 715 | 775942 |
|  Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/04/28 | 300 | 333058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/30 | 100 | 107563 |
|  Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp; 03/03/27 | 300 | 343964 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate (cont'd.)** | **Real Estate (cont'd.)** | **Real Estate (cont'd.)** | **Real Estate (cont'd.)** | **Real Estate (cont'd.)** |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 |  | 3130 | 3109042 |
|  Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | EUR | 975 | 1119800 |
|  P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 01/26/29 | EUR | 100 | 110937 |
|  Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | &nbsp;&nbsp;&nbsp;&nbsp; 01/25/28 | CNH | 2000 | 282631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 08/14/27 | CNH | 5000 | 708055 |
|  Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 12/14/29 | EUR | 200 | 211458 |
|  |  |  |  | 7102450 |
|  **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 |  | 400 | 404187 |
|  Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | EUR | 400 | 399660 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 |  | 351 | 324993 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 |  | 420 | 396130 |
|  Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/03/27 | EUR | 500 | 578816 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/35(a) |  | 600 | 606131 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/29 |  | 205 | 161473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/27 |  | 15 | 13849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 |  | 50 | 52357 |
|  Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/35 | EUR | 100 | 92263 |
|  Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/33 | CAD | 300 | 222069 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/31 | EUR | 1400 | 1642632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 07/06/30 | EUR | 700 | 884181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | GBP | 500 | 691340 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 925 | 951178 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/29(a) | 1770 | 1671781 |
|  SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 08/10/27 | 400 | 479204 |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/26 | 750 | 737392 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 2215 | 2346875 |
|  VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 375 | 377183 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 5 | 4794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/26 | 20 | 19876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 95 | 94726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/27 | 5 | 5069 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 07/23/32 | 500 | 606409 |
|  WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | 100 | 112929 |
|  |  |  | 14434394 |
|  **Retail — 0.1%** | **Retail — 0.1%** |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 305 | 297000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | 502862 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/28 | 516 | 529144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 1150 | 1209369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 722 | 855210 |
|  eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/28 | 2000 | 2592739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/28 | 1500 | 1651875 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 825 | 790915 |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 325 | 301809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 | 300 | 268668 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 |  | 1125 | 1073669 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.857% | &nbsp;&nbsp;&nbsp;&nbsp; 05/21/31 | CAD | 800 | 618755 |
|  Penske Automotive Group, Inc., | Penske Automotive Group, Inc., | Penske Automotive Group, Inc., | Penske Automotive Group, Inc., | Penske Automotive Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 |  | 229 | 217445 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/32(a) |  | 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436424 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/27 |  | 1000 | 1000179 |
|  |  |  |  | 12346063 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/27(oo) | GBP | 200 | 269503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 04/16/34 | EUR | 400 | 483949 |
|  |  |  |  | 753452 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | 470552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/33 |  | 430 | 389478 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | &nbsp;&nbsp;&nbsp;&nbsp; 01/25/37 |  | 320 | 332519 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 |  | 130 | 118273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/35 |  | 152 | 153096 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 |  | 50 | 52296 |
|  |  |  |  | 1516214 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 |  | 330 | 337384 |
|  Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/32 | EUR | 300 | 352120 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 03/25/51 |  | 55 | 40579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 09/27/54 |  | 50 | 45645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/03/55 |  | 145 | 144774 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 06/12/34 | 20 | 20718 |
|  |  |  | 941220 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 1675 | 1222383 |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/31 | 500 | 611827 |
|  Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp; 05/17/33 | 300 | 293829 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/28 | 1050 | 1049358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/27 | 1025 | 1025398 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/30 | 900 | 814604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/33 | 660 | 671517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/30 | 2725 | 3088784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 2079 | 2392551 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 40 | 48527 |
|  Sprint LLC, | Sprint LLC, | Sprint LLC, | Sprint LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/26 | 15 | 15130 |
|  TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750 or PIK N/A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750 or PIK N/A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750 or PIK N/A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750 or PIK N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 1203 | 173396 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/31/29 | 690 | 877704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 1500 | 1832282 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 | 275 | 288018 |
|  |  |  | 14555808 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp; 03/05/30 | 700 | 902176 |
|  Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), | Deutsche Bahn Finance GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(ff) | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/29(oo) | 400 | 425561 |
|  Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/14/27 | 400 | 480980 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
|  La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/29 | 300 | 316237 |
|  Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/29 | 100 | 107724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/36 | 173 | 170510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 05/25/32 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434018 |
|  SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/29/37 | 200 | 186047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 400 | 301312 |
|  Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/02/29 | 400 | 453501 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | 515520 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 100 | 104340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 295 | 308971 |
|  |  |  | 4706897 |
|  **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/29 | 490 | 501745 |
|  **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $308,026,502) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $308,026,502) |  | 310469355 |
|  **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** |  |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.077%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 01/28/32 | 425 | 424336 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.172%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 570 | 554675 |
|  |  |  | 979011 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  McAfee Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.316%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 1093 | 1054696 |
|  **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.314%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/18/30 | 889 | 890833 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/28 | 131 | 117295 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/31 | 3625 | $4261336 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.780%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 05/25/27 | 971 | 964342 |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 1 Month EURIBOR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.348%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 07/17/29 | 5100 | 5980727 |
|  |  |  | 6945069 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $13,342,898) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $13,342,898) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $13,342,898) | 14248240 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.455%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 12/25/41 | 200 | 205312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.555%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 90 | 97423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.555%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 80 | 85169 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.755%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 04/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | 161471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/33 | 77 | 77242 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/41 | 89 | 90056 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.405%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 09/25/41 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 12/25/41 | 200 | 202238 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/25/49 | 53 | 10867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/25/50 | 247 | 41011 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(cc) | &nbsp;&nbsp;&nbsp;&nbsp; 07/25/65 | 100 | 96270 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.205%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 04/25/34 | 153 | 154150 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cap N/A, Floor 3.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.005%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/31 | 156 | $158138 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,648,565) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,648,565) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,648,565) | 1681770 |
|  **SOVEREIGN BONDS — 1.1%** | **SOVEREIGN BONDS — 1.1%** | **SOVEREIGN BONDS — 1.1%** | **SOVEREIGN BONDS — 1.1%** |
|  Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/34 | 300 | 349473 |
|  Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/06/31 | 700 | 737946 |
|  Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/21/34 | 2020 | 1266061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/21/54 | 1870 | 1210999 |
|  Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% | &nbsp;&nbsp;&nbsp;&nbsp; 04/26/35 | 100 | 119804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/41 | 200 | 280548 |
|  Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | &nbsp;&nbsp;&nbsp;&nbsp; 06/10/27 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625609 |
|  Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | 274558 |
|  Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 07/22/31 | 200 | 206691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/32 | 300 | 360191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 05/25/34 | 500 | 593081 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 1317 | 1305002 |
|  Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/27/33 | 215 | 274470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 09/23/29 | 200 | 250020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 09/23/34 | 300 | 389939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp; 09/23/50 | 25 | 17522 |
|  Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp; 04/18/30 | 4690 | 5584075 |
|  Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), | Bundesschatzanweisungen (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/10/26 | 3425 | 4042751 |
|  Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | &nbsp;&nbsp;&nbsp;&nbsp; 03/09/29 | 300 | 224678 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 01/27/32 |  | 1200 | $1054548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 01/14/32 | EUR | 166 | 198917 |
|  China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 06/29/43 | CNH | 9000 | 1599657 |
|  China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/30 | EUR | 700 | 722216 |
|  City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 07/30/53 | CAD | 200 | 136213 |
|  City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 10/18/52 | CAD | 350 | 218488 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 396125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 03/22/26 | EUR | 1410 | 1662986 |
|  Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), | Costa Rica Government International Bond (Costa Rica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/19/31 |  | 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473340 |
|  Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp; 03/04/33 | EUR | 200 | 205972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/17/31 | EUR | 1300 | 1426530 |
|  Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/21/40 | EUR | 1750 | 1507655 |
|  Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 04/14/34 | CZK | 55330 | 2772998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/11/32 | CZK | 8180 | 400950 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 09/23/32 |  | 600 | 553500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/37 |  | 314 | 320319 |
|  Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/32 | EUR | 150 | 187351 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 |  | 200 | 188224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 06/25/26 | CNH | 1000 | 141222 |
|  French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/25/35 | EUR | 3045 | 4039512 |
|  Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.097% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 |  | 800 | 798416 |
|  Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 02/04/35 | EUR | 3500 | 3656652 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 07/17/34 | EUR | 90 | $116354 |
|  Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 06/07/33 | CNH | 2000 | 304999 |
|  Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/35 | HUF | 575860 | 1690476 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 06Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 06Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 06Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 06Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 06Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/25/29 | EUR | 600 | 725768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/16/34 | EUR | 500 | 593687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 04/28/32 | EUR | 1020 | 1043276 |
|  Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | EUR | 700 | 772137 |
|  Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | &nbsp;&nbsp;&nbsp;&nbsp; 05/28/31 | EUR | 600 | 609844 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/33 | EUR | 600 | 591036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/14/28 | EUR | 1960 | 2373209 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 01/18/32 | EUR | 200 | 191968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/21/34 | GBP | 100 | 151913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 02/19/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/34 |  | 1100 | 1111687 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | EUR | 5290 | 6312041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | EUR | 1705 | 1936496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | EUR | 560 | 715228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/35 | EUR | 905 | 1085440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | EUR | 35 | 42841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | EUR | 600 | 704045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/38 | EUR | 1085 | 1224901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | EUR | 85 | 100253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | EUR | 290 | 342644 |
|  Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | EUR | 240 | 288291 |
|  Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/52 | JPY | 66900 | 312103 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/54 | JPY | 5600 | $33359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/55 | JPY | 325650 | 2074349 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/43 | JPY | 328850 | 2021943 |
|  Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/34 | EUR | 170 | 171716 |
|  Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.124% | &nbsp;&nbsp;&nbsp;&nbsp; 03/18/29 | EUR | 650 | 780231 |
|  Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/24/29 | EUR | 100 | 107307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/31 | EUR | 200 | 199083 |
|  Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | EUR | 600 | 667361 |
|  Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/16/29 | EUR | 300 | 380774 |
|  Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.061% | &nbsp;&nbsp;&nbsp;&nbsp; 12/04/26 | EUR | 300 | 361983 |
|  Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 05/29/31 | MXN | 62350 | 3165090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/23/34 | MXN | 27500 | 1338325 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp; 01/17/30 | EUR | 1300 | 1378676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 08/12/36 | EUR | 400 | 365607 |
|  Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), | Netherlands Government Bond (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | EUR | 6585 | 7580241 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 03/11/33 | EUR | 1275 | 1249389 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | &nbsp;&nbsp;&nbsp;&nbsp; 02/03/29 | EUR | 730 | 797027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | &nbsp;&nbsp;&nbsp;&nbsp; 04/28/33 | EUR | 767 | 760556 |
|  Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 03/05/50 | CAD | 900 | 528627 |
|  Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 288836 |
|  Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; 06/02/33 | CAD | 2780 | 2053166 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/33 | CAD | 2720 | 1996573 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 06/02/48 | CAD | 500 | $305664 |
|  Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/31 | EUR | 200 | 236166 |
|  Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088% | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/43 | EUR | 393 | 434687 |
|  Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | CAD | 1000 | 815631 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/04/28 | GBP | 718 | 1019279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/29 |  | 3500 | 3288094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/49(a) |  | 330 | 236388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 05/06/51 |  | 400 | 271462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | 832708 |
|  Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/31/30 | ZAR | 15025 | 834143 |
|  Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/29 |  | 300 | 288516 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp; 12/02/40 | EUR | 150 | 109936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/14/41 | EUR | 131 | 96204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% | &nbsp;&nbsp;&nbsp;&nbsp; 05/26/30 | EUR | 20 | 22374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 07/13/30 | EUR | 174 | 175688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/29/35 | EUR | 20 | 19556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 07/13/30 | EUR | 400 | 403881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/28/32 | EUR | 197 | 187965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/29/35 | EUR | 20 | 19556 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/09/39 | EUR | 400 | 362220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 03/03/30 | EUR | 895 | 954110 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/27 | EUR | 900 | 1055186 |
|  SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp; 01/22/31 | EUR | 700 | 825640 |
|  Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/47 | EUR | 100 | 81552 |
|  Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 03/11/33 | EUR | 200 | 247901 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/33 |  | 800 | 813752 |
|  Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | 711899 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/50 | EUR | 3200 | 2045431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/40 | EUR | 800 | 675333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/33 | EUR | 1203 | 1440035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/34 | EUR | 1656 | 2003275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/33 | EUR | 905 | 1109817 |
|  Svensk Exportkredit AB (Sweden), | Svensk Exportkredit AB (Sweden), | Svensk Exportkredit AB (Sweden), | Svensk Exportkredit AB (Sweden), | Svensk Exportkredit AB (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 08/30/30 | EUR | 400 | 486823 |
|  Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), | Thailand Government Bond (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 06/17/34 | THB | 66587 | 2246553 |
|  United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 07/31/35 | GBP | 3740 | 3537846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 07/31/54 | GBP | 3526 | 4193142 |
|  Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 07/02/40 | UYU | 2765 | 73403 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $125,323,148) | **TOTAL SOVEREIGN BONDS**<br> (cost $125,323,148) | **TOTAL SOVEREIGN BONDS**<br> (cost $125,323,148) | **TOTAL SOVEREIGN BONDS**<br> (cost $125,323,148) | 125081959 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 |  | 2188 | 2122735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 |  | 1314 | 1317026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/54 |  | 2345 | 2345605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/55 |  | 2304 | 2342299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/54 |  | 896 | 930830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/31(h) |  | 430 | 491284 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 |  | 1664 | 1403073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 |  | 2607 | 2185573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 |  | 3756 | 3284986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 |  | 1560 | 1412791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/53 |  | 960 | 944089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/53 |  | 1443 | 1417398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 |  | 1119 | 1122369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/53 |  | 1286 | 1310418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/53 |  | 919 | 942434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 |  | 1930 | 1975944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 |  | 405 | 457689 |
|  Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.998%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 |  | 104 | 75800 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/51 |  | 2130 | 1886056 |
|  U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 |  | 306 | 297982 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $28,336,056) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $28,336,056) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $28,336,056) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $28,336,056) | 28266381 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 7410 | $3905302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/51(h) | 1535 | 973526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/49 | 1950 | 1437211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/42 | 8620 | 7130356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/48(h)(k) | 3255 | 2575010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/42(h) | 1247 | 1137498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/44(h) | 18430 | 16889367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/54 | 4645 | 4428717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/44 | 195 | 190917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/43(h) | 10800 | 10788187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/45(h) | 2250 | 2311523 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | 4098 | 4148860 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/28 | 605 | 563264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 40 | 35144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/29 | 90 | 85760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 355 | 346291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/29 | 160 | 157100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/26 | 505 | 502436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/33(h)(k) | 8120 | 7829456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 7430 | 7442190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 05/31/27(k) | 7710 | 7728371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/33 | 65 | 64025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/30 | 1755 | 1771590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/31/30 | 2700 | 2726578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/26 | 2029 | 2034707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 02/29/32 | 1499 | 1512851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/32 | 690 | 696253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 05/31/32 | 3485 | 3514949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | 3315 | 3315000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/31/26 | 2515 | 2515000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/26 | 9086 | 9140351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/35 | 2440 | 2444194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/30 | 1105 | 1133661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/31/29 | 16590 | 17044929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 8 | 8219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/26 | 4400 | 4425609 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.070%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/41(k) | 7920 | 3593470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/45 | 640 | 235650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.305%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/43(h) | 3540 | 1470627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.395%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 2445 | 1000151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/44 | 1485 | 575106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.077%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/44 | 865 | 330623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.340%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/45(h)(k) | 10235 | 3720211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.826%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/40(h)(k) | 6110 | 2891249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.340%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/41(k) | 4325 | 2018957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/46 | 1010 | 354058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.608%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/48 | 225 | 69819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.727%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/50 | 2895 | 838082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.864%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/41(k) | 3910 | 1799669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.894%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/42(k) | 7300 | 3074825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/48 | 825 | 258927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.924%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/49 | 650 | 199264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/45 | 270 | 97047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/39(h) | 270 | 141887 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.996%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/43 | 1905 | $| 758198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/41 | 405 |  | 180718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.007%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/39(h) | 265 |  | 136968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/39(h) | 265 |  | 134983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 265 |  | 133000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/40 | 265 |  | 128987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.095%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/40 | 265 |  | 127015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 265 |  | 116434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.183%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/42 | 265 |  | 114805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/42 | 265 |  | 113096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/45 | 1070 |  | 398864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/43 | 265 |  | 106837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/44 | 265 |  | 103970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/44 | 265 |  | 100051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.276%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/40 | 1330 |  | 657438 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $166,140,679) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $166,140,679) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $166,140,679) |  | 158935388 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $8,950,671,448) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $8,950,671,448) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $8,950,671,448) |  | 10608258567 |
|  |  | **Shares** |  |  |
|  **SHORT-TERM INVESTMENTS — 10.3%** | **SHORT-TERM INVESTMENTS — 10.3%** | **SHORT-TERM INVESTMENTS — 10.3%** | **SHORT-TERM INVESTMENTS — 10.3%** | **SHORT-TERM INVESTMENTS — 10.3%** |
|  **AFFILIATED MUTUAL FUNDS — 9.7%** | **AFFILIATED MUTUAL FUNDS — 9.7%** | **AFFILIATED MUTUAL FUNDS — 9.7%** | **AFFILIATED MUTUAL FUNDS — 9.7%** | **AFFILIATED MUTUAL FUNDS — 9.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 1024527180 |  | 1024527180 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<br>(cost $114,990,091; includes<br>$114,585,061 of cash collateral for<br>securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<br>(cost $114,990,091; includes<br>$114,585,061 of cash collateral for<br>securities on loan)(b)(wa) | 115071935 |  | 114991385 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,139,517,271) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,139,517,271) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,139,517,271) |  | 1139518565 |
| **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br>**(000)#** |  |  |
|  **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.6%** | **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.6%** | **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.6%** | **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.6%** | **U.S. TREASURY OBLIGATION(h)(k)(n) — 0.6%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | 68100 |  | 67469580 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $67,469,356) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $67,469,356) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $67,469,356) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $67,469,356) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $67,469,356) |
| &nbsp;&nbsp;&nbsp;&nbsp; **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $199,692) | &nbsp;&nbsp;&nbsp;&nbsp; **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $199,692) | &nbsp;&nbsp;&nbsp;&nbsp; **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $199,692) |  | 177553 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,207,186,319) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,207,186,319) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,207,186,319) |  | 1207165698 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.0%**<br> (cost $10,157,857,767) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.0%**<br> (cost $10,157,857,767) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.0%**<br> (cost $10,157,857,767) |  | 11815424265 |

---

---

| | |
|:---|:---|
|  | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $634,458) | $(773781) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—101.0%**<br> (cost $10,157,223,309) | 11814650484 |
|  **Liabilities in excess of other assets(z) — (1.0)%** | (122343106) |
|  **NET ASSETS — 100.0%** | $11692307378 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $112,485,581; cash collateral of $114,585,061 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | Acquisition<br>Date | Original<br>Cost | Market<br>Value | Percentage<br>of<br>Net Assets |
|  Freedom Mortgage Corp., Sr. Unsec'd. Notes, 144A, 12.000%, 10/01/28 | 09/14/23 | $196000 | $215067 | 0.0% |
|  Freedom Mortgage Holdings LLC, Sr. Unsec'd. Notes, 144A, 8.375%, 04/01/32 | 02/04/25 | 400000 | 403667 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $596000 | $618734 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  3 Month SOFR | Call | 12/12/25 | $97.00 | 19 | 48 | $3444 |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 36 | 90 | 225 |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 5 | 13 | 31 |
|  3 Month SOFR | Put | 12/12/25 | $96.00 | 19 | 48 | 3206 |
|  **Total Exchange Traded** (cost $9,069) |  |  |  |  |  | $6906 |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 26.00 |  | EUR | 973 | $98 |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 5.00 |  | EUR | 982 | 4 |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 80.00 |  | EUR | 974 | 222 |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 90.00 |  | EUR | 985 | 655 |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 6.70 |  |  | 1182 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 6.50 |  |  | 681 | 44 |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 1100.00 |  |  | 1189 |  |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.95 |  |  | 13588 | 726 |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 5000.00 |  |  | 1124 | 1 |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 155.00 |  |  | 1130 | 4 |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1550.00 |  |  | 1126 |  |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1750.00 |  |  | 3180 | 42 |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 22.00 |  |  | 1187 | 4 |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 70.00 |  |  | 592 |  |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 99.00 |  |  | 565 | 333 |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 32.00 |  |  | 2272 | 48 |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 21.00 |  |  | 592 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.00 |  | EUR | 1041 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.05 |  | EUR | 517 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.05 |  | EUR | 1316 | 2 |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 4.90 |  |  | 3566 |  |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.00 |  |  | 562 | 1 |
|  Currency Option USD vs CNH | Put | DB | 09/24/25 | 7.00 |  |  | 13588 | 43926 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 7300 | 965 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 2024 | 267 |
|  Currency Option USD vs KRW | Put | JPM | 09/25/25 | 1331.00 |  |  | 3180 | 47668 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 1136 | 95 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 1136 | 95 |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 16.00 |  |  | 682 | 14 |
|  **Total OTC Traded** (cost $97,216) |  |  |  |  |  |  |  | $95214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased (continued):

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  5-Year Interest Rate Swap, 09/29/30 | Call | CITI | 09/25/25 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/ 4.450% |  | 593 | $3907 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% |  | 2040 | 1 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% |  | 255 |  |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% |  | 2040 | 19298 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.450% |  | 255 | 2412 |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 2.05% | 3 Month EURIBOR(Q)/ 1.944% | 2.05%(A) | EUR | 2940 | 1795 |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 3.50% | 3 Month EURIBOR(Q)/ 1.944% | 3.50%(A) | EUR | 2940 | 1 |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.02% | 1 Day TONAR(A)/ 0.477% | 1.02%(A) | JPY | 258100 | 179 |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.52% | 1 Day TONAR(A)/ 0.477% | 1.52%(A) | JPY | 258100 | 1 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.60% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) |  | 25960 | 28509 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.63% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) |  | 20840 | 19330 |
|  **Total OTC Swaptions** (cost $93,407) | **Total OTC Swaptions** (cost $93,407) | **Total OTC Swaptions** (cost $93,407) | **Total OTC Swaptions** (cost $93,407) |  |  |  |  |  | $75433 |
|  **Total Options Purchased** (cost $199,692) | **Total Options Purchased** (cost $199,692) | **Total Options Purchased** (cost $199,692) | **Total Options Purchased** (cost $199,692) | **Total Options Purchased** (cost $199,692) | **Total Options Purchased** (cost $199,692) |  |  |  | $177553 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 20 | 50 | $(12500) |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 22 | 55 | (13750) |
|  3 Month SOFR | Put | 12/12/25 | $95.63 | 19 | 48 | (356) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 20 | 50 | (8500) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 3 | 8 | (1275) |
|  **Total Exchange Traded** (premiums received $53,518) |  |  |  |  |  | $(36381) |

---

#### OTC Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | Counterparty | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs MXN<br> Call | MSI | 07/30/25 | 22.35 – EUR | 973 | $(9628) |
|  Currency Option EUR vs PLN<br> Call | CITI | 07/21/25 | 4.28 – EUR | 982 | (3214) |
|  Currency Option EUR vs TRY<br> Call | JPM | 07/14/25 | 48.00 – EUR | 974 | (9599) |
|  Currency Option EUR vs TRY<br> Call | JPM | 07/24/25 | 49.50 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | (11377) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 5.70 |  |  | 1182 | $— |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 5.65 |  |  | 681 | (2210) |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 940.00 |  |  | 1189 | (3881) |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.25 |  |  | 13588 | (31285) |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 4300.00 |  |  | 1124 | (558) |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 145.00 |  |  | 1130 | (5039) |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1390.00 |  |  | 1126 | (684) |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1385.00 |  |  | 3180 | (30577) |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 19.40 |  |  | 1187 | (641) |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 41.00 |  |  | 592 | (199) |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 42.00 |  |  | 565 | (2885) |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 29.15 |  |  | 2272 | (18438) |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 18.20 |  |  | 592 | (40) |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.14 |  | EUR | 1041 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.14 |  | EUR | 517 | (22) |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.14 |  | EUR | 1316 | (554) |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 6.00 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566 | (370592) |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.50 |  |  | 562 | (8059) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 4664 | (80982) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 568 | (1718) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 568 | (1718) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 568 | (4079) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 568 | (4079) |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 17.70 |  |  | 682 | (7971) |
|  **Total OTC Traded** (premiums received $452,586) |  |  |  |  |  |  |  | $(610029) |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  5-Year Interest Rate Swap, 09/29/30 | Call | CITI | 09/25/25 | 3.04% | 1 Day SOFR(A)/ 4.450% | 3.04%(A) |  | 1185 | $(3848) |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.450% | 3.21%(A) |  | 4080 | (12830) |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.450% | 3.21%(A) |  | 510 | (1604) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.53% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) |  | 25960 | (40613) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.55% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) |  | 20840 | (47036) |
|  1-Year Interest Rate Swap, 12/05/26 | Put | JPM | 12/03/25 | 2.20% | 2.20%(A) | 3 Month EURIBOR(Q)/ 1.944% | EUR | 5880 | (1611) |
|  3-Year Interest Rate Swap, 08/12/28 | Put | JPM | 08/07/25 | 1.27% | 1.27%(A) | 1 Day TONAR(A)/ 0.477% | JPY | 516200 | (16) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.44.V1(Q) |  | 3400 | (1241) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 07/16/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) |  | 17180 | (1321) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) |  | 25960 | (10547) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.88% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 20840 | $(6704) |
|  **Total OTC Swaptions** (premiums received $128,354) | **Total OTC Swaptions** (premiums received $128,354) | **Total OTC Swaptions** (premiums received $128,354) |  |  |  |  |  | $(127371) |
|  **Total Options Written** (premiums received $634,458) | **Total Options Written** (premiums received $634,458) | **Total Options Written** (premiums received $634,458) | **Total Options Written** (premiums received $634,458) | **Total Options Written** (premiums received $634,458) | **Total Options Written** (premiums received $634,458) |  |  | $(773781) |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 629 | 2 Year U.S.Treasury Notes | Sep. 2025 | $130846743 | $421319 |
| 2367 | 5 Year U.S.Treasury Notes | Sep. 2025 | 258003000 | 2906094 |
| 13 | 10 Year Canadian Government Bonds | Sep. 2025 | 1164678 | 10501 |
| 30 | 10 Year Korean Treasury Bonds | Sep. 2025 | 2632558 | (2919) |
| 25 | 10 Year U.K. Gilt | Sep. 2025 | 3192441 | 45486 |
| 1146 | 10 Year U.S. Treasury Notes | Sep. 2025 | 128495250 | 2224198 |
| 787 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 89927051 | 1803476 |
| 973 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 112351094 | 3425492 |
| 3 | 30 Year Euro Buxl | Sep. 2025 | 419609 | (5410) |
| 202 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 24063250 | 874742 |
| 61 | Euro-BTP Italian Government Bond | Sep. 2025 | 8694449 | 25691 |
| 1466 | Mini MSCI EAFE Index | Sep. 2025 | 196568610 | 1428771 |
| 135 | Russell 2000 E-Mini Index | Sep. 2025 | 14793975 | 479669 |
| 1573 | S&P 500 E-Mini Index | Sep. 2025 | 491857438 | 17362580 |
| 45 | Short Euro-BTP | Sep. 2025 | 5721922 | (8487) |
|  |  |  |  | 30991203 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 63 | 3 Month CME SOFR | Sep. 2025 | 15067238 | 3041 |
| 2 | 3 Month CME SOFR | Dec. 2025 | 479950 | (1504) |
| 45 | 1 Year Eris SOFR Swap Futures | Sep. 2025 | 4477469 | (3514) |
| 5 | 2 Year U.S. Treasury Notes | Sep. 2025 | 1040117 | (2818) |
| 110 | 5 Year Euro-Bobl | Sep. 2025 | 15248327 | 17989 |
| 49 | 5 Year U.S. Treasury Notes | Sep. 2025 | 5341000 | (18776) |
| 33 | 10 Year Australian Treasury Bonds | Sep. 2025 | 2489410 | (12388) |
| 46 | 10 Year Euro-Bund | Sep. 2025 | 7052269 | 30218 |
| 1 | 10 Year Japanese Bonds | Sep. 2025 | 965383 | (2569) |
| 33 | 10 Year U.S. Treasury Notes | Sep. 2025 | 3700125 | (74703) |
| 35 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 3999297 | (26046) |
| 14 | 30 Year Euro Buxl | Sep. 2025 | 1958177 | 28177 |
| 283 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 33712375 | (1078485) |
| 69 | British Pound Currency | Sep. 2025 | 5918906 | (83364) |
| 26 | Canadian Dollar Currency | Sep. 2025 | 1915680 | (11130) |
| 489 | Euro Currency | Sep. 2025 | 72347550 | (2111610) |
| 103 | Euro Schatz Index | Sep. 2025 | 13012519 | 13593 |
| 25 | Euro-OAT | Sep. 2025 | 3646933 | 19142 |
|  |  |  |  | (3314747) |
|  |  |  |  | $27676456 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI | AUD | 1077 | $&nbsp;&nbsp;&nbsp;&nbsp;696424 | $&nbsp;&nbsp;&nbsp;&nbsp;709296 | $&nbsp;&nbsp;&nbsp;&nbsp;12872 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 719 | 470768 | 473150 | 2382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 1699 | 1085214 | 1118191 | 32977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | AUD | 42 | 27231 | 27399 | 168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 244 | 157828 | 160601 | 2773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 41 | 26980 | 27108 | 128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 41 | 26042 | 26716 | 674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 2874 | 1878654 | 1892604 | 13950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 517 | 337594 | 340536 | 2942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 42 | 27387 | 27539 | 152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 41 | 26716 | 27079 | 363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 40 | 25647 | 26011 | 364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 40 | 25835 | 26028 | 193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 39 | 25453 | 25940 | 487 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 42524 | 7464215 | 7823021 | 358806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | BRL | 35956 | 6485890 | 6560644 | 74754 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 344 | 467062 | 472364 | 5302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 172 | 235754 | 236126 | 372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | GBP | 172 | 236017 | 236120 | 103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 106 | 143196 | 144989 | 1793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 22 | 29645 | 29974 | 329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 16 | 21854 | 22140 | 286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 64 | 84525 | 87474 | 2949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 17 | 23353 | 23562 | 209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 1565 | 2117043 | 2149417 | 32374 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | CAD | 348 | 249690 | 255774 | 6084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CAD | 640 | 468661 | 470497 | 1836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CAD | 29 | 21251 | 21447 | 196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 45 | 33324 | 33413 | 89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 36 | 26075 | 26362 | 287 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CLP | 633578 | 682001 | 679965 |  | (2036) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CNH | 827 | 115276 | 115672 | 396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CNH | 1675 | 234330 | 234472 | 142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CNH | 1275 | 177981 | 178442 | 461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | CNH | 4834 | 676562 | 678042 | 1480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 5133 | 719293 | 721606 | 2313 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CZK | 11258 | 516330 | 537631 | 21301 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | DKK | 8107 | 1246652 | 1287468 | 40816 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 2796 | 3182602 | 3298294 | 115692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 521 | 595000 | 614286 | 19286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1061 | 1200120 | 1251724 | 51604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1026 | 1182000 | 1210224 | 28224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 544 | 621000 | 641871 | 20871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 521 | 595266 | 614654 | 19388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 35 | 40806 | 41032 | 226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 24 | 27666 | 28125 | 459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 525 | 599000 | 619441 | 20441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 488 | 562000 | 575806 | 13806 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSI | EUR | 402 | $&nbsp;&nbsp;&nbsp;&nbsp;463038 | $&nbsp;&nbsp;&nbsp;&nbsp;473801 | $&nbsp;&nbsp;&nbsp;&nbsp;10763 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 327 | 373529 | 385677 | 12148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 277 | 315751 | 327087 | 11336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 118 | 134484 | 139402 | 4918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 1111 | 1282778 | 1310232 | 27454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 5694 | 6468925 | 6717723 | 248798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 1554 | 1773120 | 1832764 | 59644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 1061 | 1203665 | 1251724 | 48059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 407 | 470991 | 480273 | 9282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 280 | 323432 | 330332 | 6900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 67 | 76320 | 78602 | 2282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 24 | 28266 | 28397 | 131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 3280 | 3803336 | 3884188 | 80852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1045 | 1211410 | 1237142 | 25732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 734 | 848264 | 869600 | 21336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 727 | 842393 | 861311 | 18918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 518 | 598428 | 613480 | 15052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 490 | 571342 | 580562 | 9220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 52 | 60005 | 61454 | 1449 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 23384 | 3019680 | 2993542 |  | (26138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 3895 | 499322 | 498629 |  | (693) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | HUF | 176383 | 489010 | 519284 | 30274 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/29/25 | HSBC | INR | 200762 | 2332000 | 2335798 | 3798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | INR | 505689 | 5887914 | 5878685 |  | (9229) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | 3707088 | 224000 | 228902 | 4902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 130012000 | 7961299 | 8027876 | 66577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 36698625 | 2250000 | 2266037 | 16037 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | ILS | 6383 | 1731935 | 1895066 | 163131 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 235292 | 1666182 | 1638164 |  | (28018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 34467 | 239686 | 239965 | 279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | JPY | 58419 | 404000 | 406728 | 2728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 68051 | 468611 | 473787 | 5176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 64196 | 438000 | 446952 | 8952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 108244 | 759000 | 753624 |  | (5376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 57610 | 401466 | 401095 |  | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | JPY | 521610 | 3552439 | 3643199 | 90760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | JPY | 72325 | 493818 | 505152 | 11334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | JPY | 95234 | 650149 | 665163 | 15014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 694146 | 4828639 | 4848281 | 19642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 152028 | 1052073 | 1061839 | 9766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 15766 | 108982 | 110120 | 1138 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | MXN | 9665 | 504759 | 513834 | 9075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | MXN | 1293 | 67466 | 68739 | 1273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | MXN | 5462 | 284127 | 290392 | 6265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | 46036 | 2369265 | 2433033 | 63768 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 50775 | 1758000 | 1777385 | 19385 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI | NZD | 682 | $&nbsp;&nbsp;&nbsp;&nbsp;392693 | $&nbsp;&nbsp;&nbsp;&nbsp;415932 | $&nbsp;&nbsp;&nbsp;&nbsp;23239 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | NZD | 1254 | 755647 | 765220 | 9573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 769 | 466492 | 469261 | 2769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 289 | 175065 | 176164 | 1099 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 3415 | 947100 | 961830 | 14730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 2484 | 693635 | 699560 | 5925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1405 | 393540 | 395837 | 2297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1315 | 364634 | 370439 | 5805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 1237 | 345489 | 348381 | 2892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | PEN | 5239 | 1436194 | 1475561 | 39367 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 68000 | 1186920 | 1205418 | 18498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 54163 | 942000 | 960138 | 18138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 178926 | 3197399 | 3171790 |  | (25609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 94562 | 1639080 | 1676288 | 37208 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | PLN | 1372 | 370030 | 380510 | 10480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | PLN | 2243 | 591608 | 622016 | 30408 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | SGD | 299 | 234162 | 235763 | 1601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | SGD | 3779 | 2910725 | 2983138 | 72413 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 30376 | 1685071 | 1712790 | 27719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 10012 | 563919 | 564532 | 613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | ZAR | 5054 | 284127 | 285002 | 875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | ZAR | 40216 | 2255743 | 2258627 | 2884 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | KRW | 1510541 | 1098695 | 1119940 | 21245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | KRW | 5116716 | 3767000 | 3800059 | 33059 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 4417 | 466649 | 467576 | 927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | SEK | 745 | 78675 | 78883 | 208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | SEK | 41351 | 4335140 | 4393266 | 58126 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CHF | 377 | 465846 | 476437 | 10591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CHF | 553 | 680726 | 703214 | 22488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CHF | 9334 | 11501768 | 11879928 | 378160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 945 | 1168969 | 1202783 | 33814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 651 | 804211 | 827947 | 23736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 12 | 14827 | 15274 | 447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | CHF | 616 | 757566 | 784164 | 26598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | CHF | 313 | 385762 | 398509 | 12747 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | THB | 7531 | 232769 | 232062 |  | (707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | THB | 4619 | 141731 | 142312 | 581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | THB | 20810 | 637000 | 643954 | 6954 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 138817 | 3406770 | 3459958 | 53188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | TRY | 14968 | 369132 | 368903 |  | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | HSBC | TRY | 7662 | 187000 | 188678 | 1678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | UAG | TRY | 41580 | 1015500 | 1023888 | 8388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/30/25 | BARC | TRY | 47709 | 1158236 | 1166799 | 8563 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Turkish Lira (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI | TRY | 17509 | $372117 | $378452 | $6335 | $— |
|  |  |  |  | $156087874 | $159102482 | 3113014 | (98406) |
| **Sale<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI | AUD | 1217 | $791197 | $801134 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(9937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 2048 | 1305065 | 1348280 |  | (43215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 760 | 479508 | 500207 |  | (20699) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | AUD | 580 | 376473 | 381642 |  | (5169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 716 | 469220 | 471612 |  | (2392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 313 | 202694 | 206381 |  | (3687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | AUD | 136 | 88340 | 89520 |  | (1180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 1831 | 1187503 | 1205552 |  | (18049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 52 | 34251 | 34458 |  | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 38 | 24679 | 24893 |  | (214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 32 | 20862 | 21121 |  | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | AUD | 16 | 10200 | 10338 |  | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | AUD | 1681 | 1069286 | 1106737 |  | (37451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 246 | 160150 | 161717 |  | (1567) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 65 | 42354 | 42783 |  | (429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 62 | 39382 | 40627 |  | (1245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 15 | 10071 | 10143 |  | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | AUD | 2 | 1093 | 1112 |  | (19) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 35956 | 6535165 | 6614754 |  | (79589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | HSBC | BRL | 6568 | 1182000 | 1208268 |  | (26268) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | GBP | 1 | 1096 | 1110 |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | GBP | 6 | 8055 | 8147 |  | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 11019 | 14579094 | 15127001 |  | (547907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 2160 | 2858130 | 2965543 |  | (107413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 5306 | 7176767 | 7283606 |  | (106839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 1353 | 1826902 | 1857104 |  | (30202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 150 | 202885 | 206289 |  | (3404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 98 | 133175 | 134751 |  | (1576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | GBP | 13 | 17781 | 17964 |  | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | GBP | 4 | 6117 | 6131 |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 4484 | 6054499 | 6158066 |  | (103567) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 905 | 1221775 | 1243287 |  | (21512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 1519 | 2040694 | 2086656 |  | (45962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 801 | 1078677 | 1100184 |  | (21507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 327 | 440266 | 448533 |  | (8267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 325 | 437817 | 446749 |  | (8932) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 150 | 202247 | 206551 |  | (4304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 64 | 86480 | 87894 |  | (1414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 31 | 41101 | 41887 |  | (786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 26 | 35515 | 36256 |  | (741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 407 | 549972 | 559362 |  | (9390) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | CAD | 3742 | 2628510 | 2750595 |  | (122085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | CAD | 364 | 268578 | 267313 | 1265 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Canadian Dollar (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BARC | CAD | 158 | $115011 | $116259 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(1248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 6140 | 4512561 | 4514292 |  | (1731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 2638 | 1942791 | 1939622 | 3169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | CAD | 12 | 8960 | 9005 |  | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CAD | 16 | 11699 | 11646 | 53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 17 | 12805 | 12755 | 50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CAD | 6 | 4299 | 4322 |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | CAD | 1279 | 935863 | 940247 |  | (4384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | CAD | 1898 | 1374920 | 1395410 |  | (20490) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 81736 | 11464038 | 11490599 |  | (26561) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 44891 | 6296206 | 6310794 |  | (14588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 22528 | 3156000 | 3167083 |  | (11083) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 61058 | 2779823 | 2910914 |  | (131091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | CZK | 36866 | 1710520 | 1757575 |  | (47055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 27842 | 1241000 | 1327375 |  | (86375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 21934 | 1014646 | 1045713 |  | (31067) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 2443 | 2798382 | 2881637 |  | (83255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 476 | 543532 | 561916 |  | (18384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1 | 1099 | 1127 |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 1 | 1110 | 1117 |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 468 | 524000 | 552209 |  | (28209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 432 | 485000 | 509388 |  | (24388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 41549 | 45717295 | 49017455 |  | (3300160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 8672 | 9935601 | 10230364 |  | (294763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 5129 | 5643941 | 6051356 |  | (407415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1388 | 1599640 | 1637321 |  | (37681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1162 | 1330912 | 1370935 |  | (40023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 973 | 1134239 | 1147353 |  | (13114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 897 | 1041411 | 1057927 |  | (16516) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 812 | 927000 | 957593 |  | (30593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 346 | 400253 | 408745 |  | (8492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 220 | 255381 | 259422 |  | (4041) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 25 | 28935 | 29686 |  | (751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1 | 1104 | 1139 |  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 4580 | 5227526 | 5403549 |  | (176023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 2615 | 3071521 | 3084981 |  | (13460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 2257 | 2545000 | 2662928 |  | (117928) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 1161 | 1342020 | 1369142 |  | (27122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 33406 | 38523501 | 39410601 |  | (887100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 5643 | 6336017 | 6657378 |  | (321361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 233 | 270916 | 275065 |  | (4149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 205 | 233274 | 242231 |  | (8957) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 109 | 127804 | 128642 |  | (838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 45050 | 51587919 | 53148492 |  | (1560573) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 5657 | 6478218 | 6674189 |  | (195971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 44406 | 50749408 | 52388490 |  | (1639082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 5657 | 6465373 | 6674189 |  | (208816) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 821 | 937472 | 968257 |  | (30785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 700 | 805406 | 826323 |  | (20917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | EUR | 1710 | 1960636 | 2024210 |  | (63574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 494 | 566542 | 584943 |  | (18401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 390 | 461664 | 461679 |  | (15) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI | EUR | 1541 | $&nbsp;&nbsp;&nbsp;&nbsp;1781576 | $&nbsp;&nbsp;&nbsp;&nbsp;1825164 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(43588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1098 | 1268138 | 1299900 |  | (31762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 871 | 1006254 | 1030873 |  | (24619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 769 | 886889 | 909977 |  | (23088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 758 | 876109 | 897544 |  | (21435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 725 | 837007 | 858351 |  | (21344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 591 | 684552 | 699208 |  | &nbsp;&nbsp;&nbsp;&nbsp;(14656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 375 | 434448 | 444154 |  | (9706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 367 | 425168 | 434682 |  | (9514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 2563 | 2935717 | 3035191 |  | (99474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 2023 | 2320186 | 2395662 |  | (75476) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | HUF | 803819 | 2289401 | 2366493 |  | (77092) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | INR | 256075 | 2940000 | 2976901 |  | (36901) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 53351 | 377794 | 371441 | 6353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 358628 | 2503716 | 2496863 | 6853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | JPY | 33319 | 232769 | 231975 | 794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 74935 | 526000 | 521714 | 4286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | JPY | 67218 | 465146 | 467988 |  | (2842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | JPY | 73164 | 517000 | 509384 | 7616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | JPY | 67596 | 467153 | 470623 |  | (3470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 127253 | 883703 | 885966 |  | (2263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 849 | 5909 | 5908 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 159 | 1105 | 1107 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | JPY | 159 | 1114 | 1109 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | JPY | 118668 | 811886 | 828842 |  | (16956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 125548 | 873340 | 876893 |  | (3553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 545590 | 3725114 | 3810683 |  | (85569) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 113496 | 794946 | 792715 | 2231 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | MXN | 28575 | 1498506 | 1519161 |  | (20655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | MXN | 4411 | 231688 | 234525 |  | (2837) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | MXN | 28018 | 1464187 | 1489541 |  | (25354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | MXN | 16796 | 864500 | 887692 |  | (23192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 16778 | 864500 | 886714 |  | (22214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 14237 | 741000 | 752450 |  | (11450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | MXN | 11328 | 591000 | 598705 |  | (7705) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CA | TWD | 209728 | 7134216 | 7341622 |  | (207406) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | NOK | 926 | 91321 | 91905 |  | (584) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | PLN | 212 | 55520 | 58710 |  | (3190) |
|  Romanian Leu, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BNP | RON | 810 | 184938 | 187514 |  | (2576) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | SGD | 2763 | 2156783 | 2177085 |  | (20302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 6531 | 5117052 | 5165578 |  | (48526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SGD | 5159 | 4038090 | 4080664 |  | (42574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SGD | 2558 | 1988910 | 2023660 |  | (34750) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | ZAR | 15115 | 850695 | 852293 |  | (1598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ZAR | 14090 | 778000 | 791305 |  | (13305) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 862884 | $612713 | $639756 | $— | $(27043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 649652 | 481224 | 481663 |  | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 9527034 | 7084403 | 7075494 | 8909 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | SEK | 3775 | 401413 | 401062 | 351 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CHF | 2115 | 2610944 | 2673948 |  | (63004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | CHF | 762 | 944880 | 970117 |  | (25237) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | THB | 7573 | 234330 | 233360 | 970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | THB | 42362 | 1308986 | 1305287 | 3699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | THB | 10694 | 329974 | 329524 | 450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 225339 | 6973000 | 6972946 | 54 |  |
|  |  |  |  | $423070733 | $435607440 | 47109 | (12583816) |
|  |  |  |  |  |  | $3160123 | $(12682222) |

---

#### Cross currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type**  | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | In Exchange<br>For (000) | In Exchange<br>For (000) | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Counterparty |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |  |
|  07/22/25 | Buy | AUD | 712 | CHF | 379 | $— | $(10411) | GSI |
|  07/22/25 | Buy | CHF | 380 | EUR | 405 | 2246 |  | GSI |
|  07/22/25 | Buy | EUR | 389 | JPY | 62369 | 24546 |  | MSI |
|  07/22/25 | Buy | EUR | 405 | CHF | 379 |  | (1856) | BNP |
|  07/22/25 | Buy | EUR | 560 | SGD | 822 | 13132 |  | HSBC |
|  07/22/25 | Buy | EUR | 683 | CHF | 639 |  | (1438) | HSBC |
|  07/22/25 | Buy | EUR | 1395 | PLN | 5964 |  | (8108) | CITI |
|  07/22/25 | Buy | GBP | 261 | JPY | 50998 | 3635 |  | MSI |
|  07/22/25 | Buy | JPY | 62689 | EUR | 389 |  | (22320) | CITI |
|  07/22/25 | Buy | JPY | 125497 | EUR | 778 |  | (43807) | MSI |
|  07/22/25 | Buy | PLN | 5120 | EUR | 1184 | 22546 |  | BNP |
|  07/22/25 | Buy | SEK | 4477 | EUR | 405 |  | (4007) | GSI |
|  |  |  |  |  |  | $66105 | $(91947) |  |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 06/20/30 | 1.000 %(Q) | 500 | $79794 | $13 | $79781 | MSI |
|  Dominican Republic | 06/20/30 | 1.000 %(Q) | 500 | 17697 | 13 | 17684 | MSI |
|  Emirate of Abu Dhabi | 06/20/30 | 1.000 %(Q) | 500 | (14946) | 13 | (14959) | MSI |
|  Federal Republic of Nigeria | 06/20/30 | 1.000 %(Q) | 500 | 80081 | 13 | 80068 | MSI |
|  Federation of Malaysia | 06/20/30 | 1.000 %(Q) | 750 | (18642) | 20 | (18662) | MSI |
|  Federative Republic of Brazil | 06/20/30 | 1.000 %(Q) | 2250 | 46855 | 59 | 46796 | MSI |
|  Kingdom of Bahrain | 06/20/30 | 1.000 %(Q) | 500 | 22408 | 13 | 22395 | MSI |
|  Kingdom of Morocco | 06/20/30 | 1.000 %(Q) | 500 | (820) | 13 | (833) | MSI |
|  Kingdom of Saudi Arabia | 06/20/30 | 1.000 %(Q) | 1250 | (18310) | 33 | (18343) | MSI |
|  People's Republic of China | 06/20/30 | 1.000 %(Q) | 2250 | (50944) | 59 | (51003) | MSI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Argentina | 06/20/30 | 1.000 %(Q) | 500 | $128804 | $13 | $128791 | MSI |
|  Republic of Chile | 06/20/30 | 1.000 %(Q) | 1500 | (32401) | 39 | (32440) | MSI |
|  Republic of Colombia | 06/20/30 | 1.000 %(Q) | 1750 | 89789 | 46 | 89743 | MSI |
|  Republic of Indonesia | 06/20/30 | 1.000 %(Q) | 2000 | (20667) | 53 | (20720) | MSI |
|  Republic of Ivory Coast | 06/20/30 | 1.000 %(Q) | 500 | 59823 | 13 | 59810 | MSI |
|  Republic of Panama | 06/20/30 | 1.000 %(Q) | 500 | 19251 | 13 | 19238 | MSI |
|  Republic of Peru | 06/20/30 | 1.000 %(Q) | 750 | (6434) | 20 | (6454) | MSI |
|  Republic of Philippines | 06/20/30 | 1.000 %(Q) | 750 | (12557) | 20 | (12577) | MSI |
|  Republic of South Africa | 06/20/30 | 1.000 %(Q) | 2250 | 84846 | 59 | 84787 | MSI |
|  Republic of Turkey | 06/20/30 | 1.000 %(Q) | 2250 | 178877 | 59 | 178818 | MSI |
|  Sultanate of Oman | 06/20/30 | 1.000 %(Q) | 500 | (401) | 13 | (414) | MSI |
|  United Mexican States | 06/20/30 | 1.000 %(Q) | 2250 | 6716 | 59 | 6657 | MSI |
|  |  |  |  | $638819 | $656 | $638163 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** |
|  CDX.EM.43.V1 | 06/20/30 | 1.000 %(Q) | 25000 | 1.565% | $(612069) | $(5391) | $(606678) | MSI |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Notional<br>Amount<br>(000)#(3) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  China Development Bank | 06/20/29 | 1.000 %(Q) |  | 480 | $(11072) | $(3900) | $(7172) | JPM |
|  Industrial & Commercial Bank of China Ltd. | 06/20/29 | 1.000 %(Q) |  | 480 | (10880) | (3403) | (7477) | JPM |
|  Israel Electric Corp. Ltd. | 03/20/32 | 1.000 %(Q) |  | 400 | 9473 | 15979 | (6506) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000 %(Q) |  | 255 | (3140) | 3391 | (6531) | BNP |
|  Republic of Italy | 12/20/27 | 1.000 %(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1475 | (40619) | (27068) | (13551) | BARC |
|  Republic of South Africa | 12/20/28 | 1.000 %(Q) |  | 900 | 10380 | 61098 | (50718) | JPM |
|  Republic of South Africa | 12/20/28 | 1.000 %(Q) |  | 600 | 6920 | 39863 | (32943) | MSI |
|  |  |  |  |  | $(38938) | $85960 | $(124898) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Kingdom of Norway | 12/20/25 | — %(Q) | 560 | 0.042% | $(111) | $(131) | $20 | BARC |
|  People's Republic of China | 06/20/29 | 1.000 %(Q) | 960 | 0.424% | 20784 | 9480 | 11304 | JPM |
|  Republic of Estonia | 12/20/26 | 1.000 %(Q) | 190 | 0.266% | 2069 | 530 | 1539 | JPM |
|  Republic of France | 06/20/34 | 0.250 %(Q) | 520 | 0.608% | (14016) | (10283) | (3733) | CITI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Republic of France | 12/20/34 | 0.250 %(Q) | 1855 | 0.631% | $(55521) | $(42108) | $(13413) | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) | 920 | 0.631% | (27536) | (29816) | 2280 | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) | 575 | 0.631% | (17210) | (17752) | 542 | BOA |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) | 330 | 0.924% | 2058 | (1943) | 4001 | CITI |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) | 330 | 0.924% | 2058 | (1943) | 4001 | CITI |
|  SoftBank Group Corp. | 06/20/26 | 1.000 %(Q) | 195 | 1.490% | (852) | (933) | 81 | GSI |
|  |  |  |  |  | $(88277) | $(94899) | $6622 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Value at<br>Trade Date | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):** |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000 %(Q) | 2840 | $(74435) | $(217968) | $(143533) |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000 %(Q) | 35539 | (653360) | (797963) | (144603) |
|  |  |  |  | $(727795) | $(1015931) | $(288136) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br> **Date** | **Fixed**<br> **Rate** | **Notional**<br> **Amount**<br> **(000)#(3)** | Implied Credit<br>Spread at<br>June 30,<br>2025(4) | Value at<br>Trade Date | Value at<br>Trade Date | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |  |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 22355 | 0.510% |  | $466877 | $501940 | $35063 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 645 | \* | $(9411) | $(8198) | $(1213) | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 500 | \* | (7288) | (12360) | 5072 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500 %(M) | 800 | \* | 730 | 949 | (219) | GSI |
|  |  |  |  |  | $(15969) | $(19609) | $3640 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
|  AUD | 735 | 12/03/28 | 2.650%(S) | 6 Month BBSW(2)(S)/ 3.775% | $(23748) | $(13176) | $10572 |
|  AUD | 1670 | 12/03/31 | 2.750%(S) | 6 Month BBSW(2)(S)/ 3.775% | 111632 | (65010) | (176642) |
|  AUD | 1710 | 12/03/33 | 2.800%(S) | 6 Month BBSW(2)(S)/ 3.775% | (129197) | (95734) | 33463 |
|  AUD | 525 | 12/03/34 | 2.850%(S) | 6 Month BBSW(2)(S)/ 3.775% | (35859) | (33006) | 2853 |
|  AUD | 20 | 12/03/38 | 2.900%(S) | 6 Month BBSW(2)(S)/ 3.775% | (2007) | (1887) | 120 |
|  CAD | 2445 | 12/03/26 | 2.550%(S) | 1 Day CORRA(2)(S)/ 2.750% | 602 | (6359) | (6961) |
|  CAD | 1130 | 12/03/30 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.750% | (4085) | 36190 | 40275 |
|  CAD | 900 | 12/03/33 | 3.500%(S) | 1 Day CORRA(1)(S)/ 2.750% | 13715 | (31755) | (45470) |
|  CAD | 185 | 12/03/43 | 3.550%(S) | 1 Day CORRA(2)(S)/ 2.750% | (2731) | 5595 | 8326 |
|  CAD | 205 | 12/03/49 | 3.400%(S) | 1 Day CORRA(2)(S)/ 2.750% | 10221 | 3853 | (6368) |
|  CHF | 1050 | 08/10/31 | (0.220)%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | (47045) | (47045) |
|  CHF | 305 | 03/20/34 | 1.258%(A) | 1 Day SARON(1)(A)/ (0.032)% | (23909) | (28684) | (4775) |
|  CHF | 460 | 12/13/34 | 0.371%(A) | 1 Day SARON(2)(A)/ (0.032)% |  | (6382) | (6382) |
|  CHF | 230 | 05/08/35 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.032)% | 44273 | 43143 | (1130) |
|  CLP | 204850 | 08/12/26 | 3.620%(S) | 1 Day CLOIS(2)(S)/ 5.000% |  | (3437) | (3437) |
|  CNH | 10000 | 03/04/26 | 1.765%(Q) | 7 Day China Fixing Repo Rates(1)(Q)/ 2.300% |  | (1666) | (1666) |
|  CNH | 29130 | 08/12/26 | 2.490%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | (13) | 46982 | 46995 |
|  CNH | 77820 | 08/20/26 | 2.440%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | (94) | 119925 | 120019 |
|  CNH | 10410 | 08/04/27 | 2.388%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 28629 | 28629 |
|  CNH | 18060 | 03/01/28 | 2.955%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 100532 | 100532 |
|  CNH | 2210 | 04/26/28 | 2.790%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 11816 | 11816 |
|  CNH | 28510 | 05/11/28 | 2.600%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 48943 | 130691 | 81748 |
|  CNH | 6900 | 06/01/28 | 2.473%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | 28178 | 28178 |
|  CNH | 54565 | 05/10/29 | 2.650%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 264621 | 344315 | 79694 |
|  CNH | 20450 | 05/15/29 | 2.027%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 2516 | 60016 | 57500 |
|  CNH | 9500 | 11/11/29 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 4135 | 687 | (3448) |
|  CNH | 5200 | 12/12/29 | 1.496%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 705 | 453 | (252) |
|  CNH | 51300 | 06/11/30 | 1.447%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% |  | (12643) | (12643) |
|  COP | 710000 | 08/12/31 | 5.910%(Q) | 1 Day COOIS(2)(Q)/ 8.729% |  | (24350) | (24350) |
|  CZK | 18000 | 08/12/26 | 2.062%(A) | 6 Month PRIBOR(2)(S)/ 3.480% |  | (9959) | (9959) |
|  DKK | 3300 | 04/08/32 | 1.581%(A) | 6 Month CIBOR(2)(S)/ 2.110% | (16590) | (32908) | (16318) |
|  EUR | 2120 | 04/23/26 | 3.076%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (30569) | (30569) |
|  EUR | 805 | 10/11/29 | 2.101%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (3506) | (3506) |
|  EUR | 4535 | 05/11/31 | 2.650%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (112333) | (153768) | (41435) |
|  EUR | 4405 | 05/11/32 | 2.600%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (138333) | (127467) | 10866 |
|  EUR | 1360 | 03/20/33 | 2.996%(A) | 6 Month EURIBOR(2)(S)/ 2.049% |  | 60623 | 60623 |
|  EUR | 1958 | 02/15/34 | 2.231%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 23483 | 23483 |
|  EUR | 1299 | 02/15/34 | 2.258%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 12162 | 12162 |
|  EUR | 450 | 03/20/34 | 2.560%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (8725) | (8725) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  EUR | 3250 | 05/11/34 | 2.650%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | $84832 | $88056 | $3224 |
|  EUR | 975 | 03/20/38 | 2.982%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | (33441) | (33441) |
|  EUR | 715 | 11/24/41 | 0.565%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 160290 | 160290 |
|  EUR | 715 | 11/24/41 | 0.600%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (160499) | (160499) |
|  EUR | 1734 | 11/25/41 | 0.629%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 378968 | 378968 |
|  EUR | 1734 | 11/25/41 | 0.663%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (379701) | (379701) |
|  EUR | 1390 | 02/17/42 | 0.536%(A) | 6 Month EURIBOR(2)(S)/ 2.049% |  | (513141) | (513141) |
|  EUR | 1140 | 03/22/42 | 1.257%(A) | 6 Month EURIBOR(1)(S)/ 2.049% |  | 185642 | 185642 |
|  EUR | 1140 | 03/22/42 | 1.310%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% |  | (184416) | (184416) |
|  EUR | 910 | 02/24/43 | 2.910%(A) | 6 Month EURIBOR(1)(S)/ 2.049% | 755 | (15433) | (16188) |
|  EUR | 910 | 02/24/43 | 2.960%(A) | 3 Month EURIBOR(2)(Q)/ 1.944% | (419) | 30637 | 31056 |
|  EUR | 300 | 05/11/44 | 1.150%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (70869) | (82443) | (11574) |
|  EUR | 1840 | 05/11/45 | 2.700%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 36881 | 2988 | (33893) |
|  EUR | 350 | 05/11/52 | 1.200%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (86386) | (117733) | (31347) |
|  EUR | 1650 | 11/28/54 | 1.468%(A) | 6 Month EURIBOR(1)(S)/ 2.049% | (1171) | 113611 | 114782 |
|  GBP | 1260 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | (46102) | 49013 | 95115 |
|  GBP | 4445 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.217% | (61578) | 172905 | 234483 |
|  GBP | 3875 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 4.217% | 63776 | 267404 | 203628 |
|  GBP | 1705 | 05/08/27 | 1.050%(A) | 1 Day SONIA(2)(A)/ 4.217% | (117777) | (117657) | 120 |
|  GBP | 2950 | 05/08/28 | 1.100%(A) | 1 Day SONIA(1)(A)/ 4.217% | 468115 | 287699 | (180416) |
|  GBP | 1665 | 05/08/28 | 4.100%(A) | 1 Day SONIA(2)(A)/ 4.217% | 22035 | 30462 | 8427 |
|  GBP | 700 | 05/08/29 | 1.100%(A) | 1 Day SONIA(2)(A)/ 4.217% | (78384) | (89720) | (11336) |
|  GBP | 750 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | (57791) | 141258 | 199049 |
|  GBP | 635 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.217% | 4448 | 140506 | 136058 |
|  GBP | 2625 | 05/08/33 | 1.150%(A) | 1 Day SONIA(2)(A)/ 4.217% | (479968) | (667742) | (187774) |
|  GBP | 1100 | 05/08/34 | 1.200%(A) | 1 Day SONIA(1)(A)/ 4.217% | 303891 | 310667 | 6776 |
|  GBP | 485 | 05/08/35 | 3.900%(A) | 1 Day SONIA(2)(A)/ 4.217% | (11572) | (4843) | 6729 |
|  GBP | 150 | 05/08/38 | 1.200%(A) | 1 Day SONIA(2)(A)/ 4.217% | (40049) | (61633) | (21584) |
|  GBP | 775 | 05/08/40 | 3.950%(A) | 1 Day SONIA(2)(A)/ 4.217% | (40740) | (36641) | 4099 |
|  GBP | 250 | 05/08/41 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | 32212 | (121940) | (154152) |
|  GBP | 640 | 05/08/43 | 1.250%(A) | 1 Day SONIA(1)(A)/ 4.217% | 242476 | 343777 | 101301 |
|  GBP | 3240 | 05/08/46 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | 534049 | (1948748) | (2482797) |
|  GBP | 530 | 05/08/48 | 1.250%(A) | 1 Day SONIA(1)(A)/ 4.217% | 227097 | 338252 | 111155 |
|  GBP | 300 | 05/08/54 | 1.250%(A) | 1 Day SONIA(2)(A)/ 4.217% | (171308) | (216723) | (45415) |
|  GBP | 215 | 05/08/54 | 3.900%(A) | 1 Day SONIA(2)(A)/ 4.217% | (752) | (26818) | (26066) |
|  HUF | 50000 | 08/10/31 | 2.748%(A) | 6 Month BUBOR(2)(S)/ 6.500% |  | (25772) | (25772) |
|  ILS | 1120 | 07/08/30 | 3.950%(A) | 1 Day SHIR(2)(A)/ 4.500% | 334 | 2117 | 1783 |
|  JPY | 35000 | 07/08/25 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (52) | (924) | (872) |
|  JPY | 261000 | 07/08/26 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | 1845 | (18902) | (20747) |
|  JPY | 110000 | 07/08/27 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.477% | 8529 | 14747 | 6218 |
|  JPY | 220000 | 07/08/27 | 0.500%(A) | 1 Day TONAR(2)(A)/ 0.477% | (7902) | (4439) | 3463 |
|  JPY | 252000 | 04/11/28 | 0.609%(A) | 1 Day TONAR(1)(A)/ 0.477% |  | 7804 | 7804 |
|  JPY | 550000 | 07/08/28 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (58702) | (110574) | (51872) |
|  JPY | 140600 | 07/31/28 | 0.268%(A) | 1 Day TONAR(2)(A)/ 0.477% |  | (16481) | (16481) |
|  JPY | 145000 | 07/08/29 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (23093) | (39539) | (16446) |
|  JPY | 60000 | 07/08/30 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.477% | (16705) | (20940) | (4235) |
|  JPY | 356000 | 07/08/31 | 0.000%(A) | 1 Day TONAR(2)(A)/ 0.477% | (2209) | (145759) | (143550) |
|  JPY | 200000 | 07/08/31 | 0.800%(A) | 1 Day TONAR(2)(A)/ 0.477% | 4346 | (6050) | (10396) |
|  JPY | 75000 | 07/08/32 | 0.050%(A) | 1 Day TONAR(1)(A)/ 0.477% | 15314 | 35362 | 20048 |
|  JPY | 390000 | 07/08/32 | 0.900%(A) | 1 Day TONAR(2)(A)/ 0.477% | (32906) | (5277) | 27629 |
|  JPY | 25000 | 07/08/33 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.477% | (7326) | (13396) | (6070) |
|  JPY | 515000 | 07/08/35 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.477% | 10996 | (384803) | (395799) |
|  JPY | 55000 | 07/08/38 | 0.200%(A) | 1 Day TONAR(2)(A)/ 0.477% | (44297) | (57145) | (12848) |
|  JPY | 30000 | 07/08/39 | 1.350%(A) | 1 Day TONAR(2)(A)/ 0.477% | 647 | (2164) | (2811) |
|  JPY | 95000 | 07/08/40 | 1.400%(A) | 1 Day TONAR(2)(A)/ 0.477% | (18538) | (9308) | 9230 |
|  JPY | 343000 | 07/08/41 | 0.250%(A) | 1 Day TONAR(2)(A)/ 0.477% | (8979) | (484170) | (475191) |
|  JPY | 110000 | 07/08/43 | 0.300%(A) | 1 Day TONAR(2)(A)/ 0.477% | (112310) | (180203) | (67893) |
|  JPY | 5000 | 07/08/44 | 0.350%(A) | 1 Day TONAR(2)(A)/ 0.477% | (6018) | (8608) | (2590) |
|  JPY | 65000 | 07/08/44 | 1.550%(A) | 1 Day TONAR(2)(A)/ 0.477% | 1344 | (16383) | (17727) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  JPY | 80000 | 07/08/45 | 1.600%(A) | 1 Day TONAR(2)(A)/ 0.477% | $(28023) | $(20814) | $7209 |
|  JPY | 40000 | 07/08/48 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | (37895) | (82514) | (44619) |
|  JPY | 80000 | 07/08/49 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | (115617) | (174662) | (59045) |
|  JPY | 40000 | 07/08/49 | 1.700%(A) | 1 Day TONAR(1)(A)/ 0.477% | 2590 | 15115 | 12525 |
|  JPY | 275000 | 07/08/51 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | 30893 | (654803) | (685696) |
|  JPY | 39000 | 09/02/51 | 0.393%(A) | 1 Day TONAR(2)(A)/ 0.477% |  | (96933) | (96933) |
|  JPY | 20000 | 07/08/52 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.477% | (10742) | (49605) | (38863) |
|  JPY | 45000 | 07/08/53 | 0.450%(A) | 1 Day TONAR(1)(A)/ 0.477% | 73770 | 116261 | 42491 |
|  JPY | 26800 | 07/31/53 | 1.102%(A) | 1 Day TONAR(1)(A)/ 0.477% |  | 41448 | 41448 |
|  JPY | 160000 | 07/08/54 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.477% | 1708 | (88398) | (90106) |
|  KRW | 300000 | 04/19/28 | 3.135%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | 4626 | 4626 |
|  KRW | 2570000 | 08/13/31 | 1.630%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | (93217) | (93217) |
|  KRW | 507960 | 03/10/33 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | (6680) | 15822 | 22502 |
|  KRW | 125000 | 11/24/33 | 3.610%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% |  | 7426 | 7426 |
|  KRW | 1888140 | 03/10/34 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | (2841) | 62907 | 65748 |
|  KRW | 1920000 | 03/10/35 | 3.200%(Q) | 3 Month KWCDC(2)(Q)/ 2.560% | 72659 | 73649 | 990 |
|  MXN | 10400 | 12/08/25 | 8.945%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 155 | 1862 | 1707 |
|  MXN | 3065 | 12/30/25 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% | 91 | 197 | 106 |
|  MXN | 10400 | 04/19/32 | 8.945%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% |  | 22557 | 22557 |
|  MXN | 3065 | 05/09/34 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 8.304% |  | 1049 | 1049 |
|  NOK | 1535 | 08/10/31 | 1.460%(A) | 6 Month NIBOR(2)(S)/ 4.370% |  | (19519) | (19519) |
|  NZD | 540 | 08/10/31 | 1.876%(S) | 3 Month BBR(2)(Q)/ 3.290% |  | (32299) | (32299) |
|  PLN | 2280 | 05/11/28 | 4.350%(A) | 6 Month WIBOR(2)(S)/ 5.040% | 1342 | 2127 | 785 |
|  PLN | 1000 | 11/09/31 | 2.845%(A) | 6 Month WIBOR(2)(S)/ 5.040% |  | (18819) | (18819) |
|  SEK | 6000 | 08/10/31 | 0.530%(A) | 3 Month STIBOR(2)(Q)/ 2.127% |  | (61818) | (61818) |
|  SGD | 800 | 07/29/31 | 1.120%(S) | 1 Day SORA(2)(S)/ 1.560% | (2079) | (25060) | (22981) |
|  THB | 28000 | 08/17/31 | 1.320%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | (1330) | (1330) |
|  THB | 10200 | 04/18/34 | 2.895%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 36886 | 36886 |
|  THB | 8920 | 04/22/34 | 2.818%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 30453 | 30453 |
|  THB | 10735 | 09/10/34 | 2.350%(Q) | 1 Day THOR(2)(Q)/ 1.739% | 12812 | 23404 | 10592 |
|  THB | 7600 | 12/16/34 | 2.173%(Q) | 1 Day THOR(2)(Q)/ 1.739% |  | 12915 | 12915 |
|  THB | 11405 | 09/10/35 | 2.400%(Q) | 1 Day THOR(2)(Q)/ 1.739% | 23854 | 27354 | 3500 |
|  TWD | 33100 | 02/17/28 | 1.390%(Q) | 3 Month TAIBOR(1)(Q)/ 1.678% |  | 3647 | 3647 |
|  | 63800 | 08/19/25 | 4.395%(T) | 1 Day SOFR(2)(T)/ 4.450% | 877 | (143175) | (144052) |
|  | 39800 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (89000) | (89000) |
|  | 5305 | 11/12/25 | 4.200%(T) | 1 Day SOFR(1)(T)/ 4.450% | 1849 | 11005 | 9156 |
|  | 2320 | 04/23/26 | 4.861%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 18154 | 18154 |
|  | 66855 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (441066) | (441066) |
|  | 9645 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% | 1784 | (121822) | (123606) |
|  | 3775 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (47680) | (47680) |
|  | 38895 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.450% | 9030 | 687409 | 678379 |
|  | 2467 | 08/15/28 | 1.220%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 234227 | 234227 |
|  | 2630 | 09/05/28 | 4.027%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (36954) | (36954) |
|  | 2060 | 09/28/28 | 4.396%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (60432) | (60432) |
|  | 2140 | 11/07/28 | 4.223%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (52274) | (52274) |
|  | 24205 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.450% | (25736) | (744814) | (719078) |
|  | 980 | 05/17/29 | 4.143%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (26184) | (26184) |
|  | 1940 | 05/11/30 | 4.150%(A) | 1 Day SOFR(1)(A)/ 4.450% | 8620 | (62404) | (71024) |
|  | 400 | 02/22/32 | 3.989%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (10665) | (10665) |
|  | 840 | 03/28/32 | 3.841%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (14989) | (14989) |
|  | 610 | 12/10/34 | 3.911%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 10283 | 10283 |
|  | 2825 | 08/15/39 | 3.771%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | (50913) | (50913) |
|  | 23280 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.450% |  | 47534 | 47534 |
|  | 1205 | 05/11/45 | 4.000%(A) | 1 Day SOFR(2)(A)/ 4.450% | (51119) | 5105 | 56224 |
|  | 800 | 05/11/49 | 1.350%(A) | 1 Day SOFR(2)(A)/ 4.450% | (312218) | (328072) | (15854) |
|  | 13595 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.450% | (96144) | (377354) | (281210) |
|  | 3838 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 12426 | 12426 |
|  | 250 | 04/30/54 | 4.027%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | (4326) | (4326) |
|  | 485 | 05/10/54 | 3.850%(A) | 1 Day SOFR(2)(A)/ 4.450% | (2764) | (6480) | (3716) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
| 2980 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | $1360272 | $1337917 | $(22355) |
| 735 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.450% | 322226 | 329990 | 7764 |
| 5325 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 21937 | 123044 | 101107 |
| 17930 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.450% | 262221 | 414306 | 152085 |
| 531 | 12/15/54 | 3.638%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 24768 | 24768 |
| 12040 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.450% | 93329 | 461675 | 368346 |
| 17745 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.450% |  | 339518 | 339518 |
| 940 | 05/11/55 | 3.850%(A) | 1 Day SOFR(1)(A)/ 4.450% | 45883 | 10936 | (34947) |
| 520 | 05/10/74 | 3.420%(A) | 1 Day SOFR(1)(A)/ 4.450% | 5392 | 28373 | 22981 |
| 790 | 05/11/74 | 1.950%(A) | 1 Day SOFR(1)(A)/ 4.450% | 3560 | 30124 | 26564 |
|  |  |  |  | $2137479 | $(2320603) | $(4458082) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | **Termination<br>Date** | **Fixed<br>Rate** | **Floating<br>Rate** | Fair<br>Value | Upfront<br>Premiums<br>Paid(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
| OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: |  |
| BRL | 4404 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(32423) | $— | $(32423) | GSI |
| BRL | 4404 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 39384 |  | 39384 | GSI |
| CNH | 1300 | 07/31/30 | 2.515%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 9377 |  | 9377 | MSI |
| CNH | 6000 | 09/01/30 | 2.360%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 36892 |  | 36892 | MSI |
| CNH | 1200 | 11/24/30 | 2.495%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 2.300% | 8887 |  | 8887 | MSI |
| MYR | 5400 | 08/12/26 | 2.605%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | (10586) | (24) | (10562) | HSBC |
| MYR | 465 | 11/23/30 | 3.880%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 3722 | (1) | 3723 | MSI |
| MYR | 1845 | 02/28/32 | 3.625%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 9375 |  | 9375 | JPM |
| MYR | 1000 | 04/07/32 | 3.870%(Q) | 3 Month KLIBOR(2)(Q)/ 3.500% | 8725 | (12) | 8737 | CITI |
|  |  |  |  |  | $73353 | $(37) | $73390 |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Termination<br>Date | Long (Short)<br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation)(2) |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month U.S. Treasury Bill +8bps(Q)/ 4.315% | BOA | 03/31/26 | 16457 | $(1954) | $— | $(1954) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -40bps(T)/ 3.930% | GSI | 09/19/25 | (19850) | 61124 |  | 61124 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Total return swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | Counterparty | Termination<br>Date | Long (Short)<br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation)(2) |
|  **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** |  |  |  |  |  |
|  U.S. Treasury Bond(T) | 1 Day USOIS +24bps(T)/ 4.570% | JPM | 08/13/25 | 2738 | $29463 | $— | $29463 |
|  U.S. Treasury Bond(T) | 1 Day USOIS -30bps(T)/ 4.030% | JPM | 09/03/25 | 6640 | 172487 |  | 172487 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +23bps(T)/ 4.560% | JPM | 11/06/25 | 18655 | 157870 |  | 157870 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +19.5bps(T)/ 4.525% | CITI | 12/12/25 | 33300 | 473846 |  | 473846 |
|  |  |  |  |  | $892836 | $— | $892836 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Premiums Paid | Premiums Received | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  OTC Swap Agreements | $131946 | $(165266) | $1854573 | $(971498) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  BOS | $— | $4932025 |
|  GS | 714000 | 65785317 |
|  MLC |  | 10674611 |
|  Total | $714000 | $81391953 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $1552627454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 1312771181 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Affiliated Mutual Funds (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | $3055937 | $— | $— |
|  Common Stocks | 3974008754 | 1267487592 | 2 |
|  Preferred Stocks |  | 4538774 |  |
|  Unaffiliated Exchange-Traded Funds | 1416865885 |  |  |
|  Warrants |  | 7885 |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 2667486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 402533898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 1039952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 1380283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 835282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 347790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 50961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 102478 |  |
|  Commercial Mortgage-Backed Securities |  | 29253880 |  |
|  Corporate Bonds |  | 310469355 |  |
|  Floating Rate and Other Loans |  | 14248240 |  |
|  Residential Mortgage-Backed Securities |  | 1681770 |  |
|  Sovereign Bonds |  | 125081959 |  |
|  U.S. Government Agency Obligations |  | 28266381 |  |
|  U.S. Treasury Obligations |  | 158935388 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 1139518565 |  |  |
|  U.S. Treasury Obligation |  | 67469580 |  |
|  Options Purchased | 6906 | 170647 |  |
|  **Total** | $9398854682 | $2416569581 | $2 |
|  **Liabilities** |  |  |  |
|  Options Written | $(36381) | $(737400) | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $31120179 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 3160123 |  |
|  OTC Cross Currency Exchange Contracts |  | 66105 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 814941 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 35063 |  |
|  OTC Credit Default Swap Agreements |  | 54472 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 5253609 |  |
|  OTC Interest Rate Swap Agreements |  | 116362 |  |
|  OTC Total Return Swap Agreements |  | 894790 |  |
|  **Total** | $31120179 | $10395465 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts. | $(3443723) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (12682222) |  |
|  OTC Cross Currency Exchange Contracts |  | (91947) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (788191) |  |
|  Centrally Cleared Credit Default Swap Agreements |  | (288136) |  |
|  OTC Credit Default Swap Agreements |  | (197656) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (9711691) |  |
|  OTC Interest Rate Swap Agreements |  | (43009) |  |
|  OTC Total Return Swap Agreement |  | (1954) |  |
|  **Total** | $(3443723) | $(23804806) | $— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.0% represents investments purchased with collateral from securities on loan) | 34.2 |
|  Unaffiliated Exchange-Traded Funds | 12.1 |
|  Semiconductors & Semiconductor Equipment | 4.0 |
|  Software | 3.9 |
|  Banks | 3.6 |
|  Collateralized Loan Obligations | 3.5 |
|  Interactive Media & Services | 2.0 |
|  U.S. Treasury Obligations | 2.0 |
|  Pharmaceuticals | 1.9 |
|  Technology Hardware, Storage & Peripherals | 1.8 |
|  Insurance | 1.7 |
|  Capital Markets | 1.6 |
|  Oil, Gas & Consumable Fuels | 1.5 |
|  Aerospace & Defense | 1.4 |
|  Broadline Retail | 1.3 |
|  Financial Services | 1.3 |
|  Sovereign Bonds | 1.1 |
|  Entertainment | 0.9 |
|  Hotels, Restaurants & Leisure | 0.9 |
|  Machinery | 0.9 |
|  Automobiles | 0.8 |
|  Consumer Staples Distribution & Retail | 0.8 |
|  Health Care Equipment & Supplies | 0.8 |
|  Specialty Retail | 0.8 |
|  Biotechnology | 0.8 |
|  Health Care Providers & Services | 0.7 |
|  Electrical Equipment | 0.7 |
|  Electric Utilities | 0.7 |
|  IT Services | 0.5 |
|  Chemicals | 0.5 |
|  Multi-Utilities | 0.5 |
|  Ground Transportation | 0.5 |
|  Food Products | 0.5 |
|  Diversified Telecommunication Services | 0.5 |
|  Building Products | 0.4 |
|  Textiles, Apparel & Luxury Goods | 0.4 |
|  Trading Companies & Distributors | 0.4 |
|  Beverages | 0.4 |
|  Communications Equipment | 0.4 |
|  Metals & Mining | 0.4 |
|  Industrial Conglomerates | 0.4 |
|  Consumer Finance | 0.4 |
|  Tobacco | 0.3 |
|  Household Products | 0.3 |
|  Specialized REITs | 0.3 |
|  Professional Services | 0.3 |
|  Electronic Equipment, Instruments & Components | 0.3 |
|  Commercial Mortgage-Backed Securities | 0.3 |
|  Media | 0.3 |
|  U.S. Government Agency Obligations | 0.2 |
|  Life Sciences Tools & Services | 0.2 |
|  Electric | 0.2 |

---

---

| | |
|:---|:---|
|  Construction Materials | 0.2% |
|  Personal Care Products | 0.2 |
|  Household Durables | 0.2 |
|  Telecommunications | 0.2 |
|  Industrial REITs | 0.2 |
|  Construction & Engineering | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Real Estate Management & Development | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Air Freight & Logistics | 0.1 |
|  Retail | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Real Estate Investment Trusts (REITs) | 0.1 |
|  Automobile Components | 0.1 |
|  Foods | 0.1 |
|  Pipelines | 0.1 |
|  Oil & Gas | 0.1 |
|  Commercial Services | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Passenger Airlines | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Retail REITs | 0.1 |
|  Containers & Packaging | 0.1 |
|  Residential REITs | 0.1 |
|  Gas Utilities | 0.1 |
|  Health Care REITs | 0.1 |
|  Real Estate | 0.1 |
|  Home Builders | 0.1 |
|  Lodging | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Building Materials | 0.1 |
|  Healthcare-Products | 0.1 |
|  Healthcare-Services | 0.1 |
|  Transportation | 0.1 |
|  Engineering & Construction | 0.1 |
|  Water Utilities | 0.0 \* |
|  Marine Transportation | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Diversified REITs | 0.0 \* |
|  Holding Companies-Diversified | 0.0 \* |
|  Diversified Consumer Services | 0.0 \* |
|  Transportation Infrastructure | 0.0 \* |
|  Packaging & Containers | 0.0 \* |
|  Leisure Time | 0.0 \* |
|  Airlines | 0.0 \* |
|  Mining | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Electrical Components & Equipment | 0.0 \* |
|  Apparel | 0.0 \* |
|  Agriculture | 0.0 \* |
|  Housewares | 0.0 \* |
|  Residential Mortgage-Backed Securities | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Computers | 0.0 |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Semiconductors | 0.0 \* |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 \* |
|  Credit Cards | 0.0 \* |
|  Electronics | 0.0 \* |
|  Office REITs | 0.0 \* |
|  Consumer Loans | 0.0 \* |
|  Gas | 0.0 \* |
|  Investment Companies | 0.0 \* |
|  Home Equity Loans | 0.0 \* |
|  Savings & Loans | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Machinery-Diversified | 0.0 \* |
|  Internet | 0.0 \* |

---

---

| | |
|:---|:---|
|  Trucking & Leasing | 0.0 |
|  Distributors | 0.0 |
|  Other | 0.0 |
|  Environmental Control | 0.0 |
|  Energy-Alternate Sources | 0.0 |
|  Options Purchased | 0.0 |
|  Machinery-Construction & Mining | 0.0 |
|  Student Loans | 0.0 |
|  | 101.0 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.0) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Commodity contracts |  | $— | Unrealized depreciation on OTC swap agreements | $1954 |
|  Credit contracts | Due from/to broker-variation margin swaps | 35,063\* | Due from/to broker-variation margin swaps | 288,136\* |
|  Credit contracts | Premiums paid for OTC swap agreements | 131946 | Premiums received for OTC swap agreements | 165229 |
|  Credit contracts | Unaffiliated investments | 47839 | Options written outstanding, at value | 107462 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 843408 | Unrealized depreciation on OTC swap agreements | 926559 |
|  Equity contracts | Due from/to broker-variation margin futures | 19271020 \* |  |  |
|  Foreign exchange contracts |  |  | Due from/to broker-variation margin futures | 2,206,104\* |
|  Foreign exchange contracts | Unaffiliated investments | 95214 | Options written outstanding, at value | 610029 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 66105 | Unrealized depreciation on OTC cross currency exchange contracts | 91947 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 3160123 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 12682222 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 11849159 \* | Due from/to broker-variation margin futures | 1,237,619\* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 5253609 \* | Due from/to broker-variation margin swaps | 9,711,691\* |
|  Interest rate contracts |  |  | Premiums received for OTC swap agreements | 37 |
|  Interest rate contracts | Unaffiliated investments | 34500 | Options written outstanding, at value | 56290 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | $1011165 | Unrealized depreciation on OTC swap agreements | $42985 |
|  |  | $41799151 |  | $28128264 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Options<br>Purchased(1) | Options<br>Written | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Commodity contracts | $— | $— | $— | $— | $(722869) |
|  Credit contracts. | (127627) | 306180 |  |  | (563770) |
|  Equity contracts |  |  | (15639593) |  |  |
|  Foreign exchange contracts | (131651) | 936861 | (5387065) | (9553810) |  |
|  Interest rate contracts | 5137 | 51666 | (3999997) |  | (281253) |
|  **Total** | $(254141) | $1294707 | $(25026655) | $(9553810) | $(1567892) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted**<br> **for as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(2) | Options<br>Written | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Commodity contracts | $— | $— | $— | $— | $(1954) |
|  Credit contracts. | 25538 | (38476) |  |  | (118228) |
|  Equity contracts |  |  | 41834071 |  |  |
|  Foreign exchange contracts | (28280) | (195172) | (3419030) | (17767367) |  |
|  Interest rate contracts | (70836) | 137503 | 20072066 |  | (107996) |
|  **Total** | $(73578) | $(96145) | $58487107 | $(17767367) | $(228178) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $196155 |
|  Options Written (2) | 299953071 |
|  Futures Contracts - Long Positions (2) | 1582614314 |
|  Futures Contracts - Short Positions (2) | 150458409 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 134923166 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 364520734 |
|  Cross Currency Exchange Contracts (4) | 4415326 |
|  Interest Rate Swap Agreements (2) | 730108112 |
|  Credit Default Swap Agreements - Buy Protection (2) | 59123681 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Credit Default Swap Agreements - Sell Protection (2) | $74371500 |
|  Total Return Swap Agreements (2) | 86685124 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net<br>Amount |
|  Securities on Loan | $112485581 | $(112485581) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
|  BARC(4) | $179765 | $(75274) | $104491 | $(102869) | $1622 |
|  BARC(6) |  | (1969) | (1969) |  | (1969) |
|  BNP(4) | 29106 | (6531) | 22575 |  | 22575 |
|  BNP(6) | 39219 | (32032) | 7187 |  | 7187 |
|  BOA(3) |  | (1954) | (1954) | 1954 |  |
|  BOA(4) | 61472 | (174807) | (113335) | 113335 |  |
|  CA(4) |  | (207406) | (207406) |  | (207406) |
|  CITI(4) | 693954 | (261686) | 432268 | (288988) | 143280 |
|  CITI(5) | 276773 | (185659) | 91114 |  | 91114 |
|  CITI(6) | 10175 | (159324) | (149149) |  | (149149) |
|  DB(4) | 108225 | (736739) | (628514) | 619607 | (8907) |
|  GSI(4) | 544050 | (224202) | 319848 | (319848) |  |
|  GSI(5) | 393174 | (214764) | 178410 | (40000) | 138410 |
|  GSI(6) | 62011 | (143633) | (81622) |  | (81622) |
|  HSBC(4) | 306204 | (3972538) | (3666334) | 3663583 | (2751) |
|  HSBC(6) | 17865 | (515108) | (497243) |  | (497243) |
|  JPM(4) | 580235 | (720816) | (140581) | 140581 |  |
|  MSI(4) | 1365959 | (1732133) | (366174) | 366174 |  |
|  MSI(5) | 527532 | (305699) | 221833 |  | 221833 |
|  MSI(6) | 59322 | (926752) | (867430) |  | (867430) |
|  SSB(4) |  | (1760928) | (1760928) | 1404903 | (356025) |
|  TD(4) |  | (1920090) | (1920090) | 1812171 | (107919) |
|  UAG(4) | 15342 | (9229) | 6113 |  | 6113 |
|  WBC(5) | 113011 | (359060) | (246049) |  | (246049) |
|  | $5383394 | $(14648333) | $(9264939) | $7370603 | $(1894336) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) PGIM Fixed Income

(5) Putnam

(6) J.P. Morgan

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

<br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>

**STATEMENT OF ASSETS AND LIABILITIES (unaudited)** 

as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $112,485,581: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,716,830,359) | $7807451128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,441,027,408) | 4007973137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 9732.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $11,196,495) | 11277384.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 31053872.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 16276666.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 9228819.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 5155022.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 4167382.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 3160123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 1854573.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 714000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 131946.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 96510.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 66105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 46991.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 41010.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 11898704400.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 114585061.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 69002797.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 12682222.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 2462896.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 2218419.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1659174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1262824.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 971498.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $634,458) | 773781.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 403150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 165266.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 115327.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 91947.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1704.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 206397022.0 |
|  **NET ASSETS** | $11692307378.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $11692307378.0 |
|  Net asset value and redemption price per share, $11,692,307,378 / 336,981,755 outstanding shares of beneficial interest | $34.7 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $3,094,319 foreign withholding tax, of which $258,449 is reimbursable by an affiliate) | $63644715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 26348729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 24524412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $100,513) | 125278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 114643134 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 33383989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 14280949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 660123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 99283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 64532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 57176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 141349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 48700267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense<br>reimbursement | (4873760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (1932707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 41893800 |
|  **NET INVESTMENT INCOME (LOSS)** | 72749334 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $84,499,062) (net of foreign capital gains taxes $(14)) | 324534899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (25026655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (9553810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 1294707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (1567892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (634665) |
|  | 289046584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $21,659,232) (net of change in foreign capital gains taxes $224,092) | 335304520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 58487107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (17767367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (96145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (228178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1199574 |
|  | 376899511 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 665946095 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $738695429 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 |
| INCREASE (DECREASE) IN NET ASSETS |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $72749334 | $171388642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 289046584 | 1197757610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 376899511 | 313657753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 738695429 | 1682804005 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [7,638,479 and 6,554,611 shares, respectively] | 244665895 | 202651009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [43,838,736 and 70,379,013 shares, respectively] | (1384634791) | (2170634807) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (1139968896) | (1967983798) |
|  **TOTAL INCREASE (DECREASE)** | (401273467) | (285179793) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 12093580845 | 12378760638 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $11692307378 | $12093580845 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

<br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months Ended<br>June 30, 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $32.41 | $28.33 | $23.99 | $28.87 | $24.68 | $21.76 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.21 | 0.42 | 0.42 | 0.25 | 0.02 | (0.01) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.08 | 3.66 | 3.92 | (5.13) | 4.17 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.29 | 4.08 | 4.34 | (4.88) | 4.19 | 2.92 |
|  Net Asset Value, end of period | $34.70 | $32.41 | $28.33 | $23.99 | $28.87 | $24.68 |
|  **Total Return<sup>(b)</sup>** | 7.07% | 14.40% | 18.09% | (16.90)% | 16.98% | 13.42% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $11692 | $12094 | $12379 | $10464 | $15317 | $14643 |
|  Average net assets (in millions) | $11519 | $12571 | $11615 | $12222 | $15150 | $12945 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.73 %<sup>(d)</sup> | 0.74% | 0.77% | 0.76% | 0.47% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement. | 0.85 %<sup>(d)</sup> | 0.88% | 0.89% | 0.89% | 0.57% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.27 %<sup>(d)</sup> | 1.36% | 1.61% | 0.98% | 0.07% | (0.04)% |
|  Portfolio turnover rate<sup>(e)(f)</sup> | 32% | 79% | 83% | 65% | 84% | 61% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 81.3%** | **LONG-TERM INVESTMENTS — 81.3%** |  |
|  **AFFILIATED MUTUAL FUND — 10.9%** | **AFFILIATED MUTUAL FUND — 10.9%** |  |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\*<br>| 24201454 | $272024347 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $266,659,569)(wa) |  |  |
|  **COMMON STOCKS — 37.1%** |  |  |
|  **Aerospace & Defense — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 17411 | 3642394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 30254 | 5631177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\*(a) | 10649 | 536390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\* | 7805 | 672557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 44612 | 14549053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 6652 | 1630339 |
|  |  | 26661910 |
|  **Automobile Components — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. (Japan)(a) | 1900 | 77695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 223562 | 8315213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 47683 | 1048549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 613 | 60381 |
|  |  | 9501838 |
|  **Automobiles — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) | 55516 | 3972414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 19890 | 6318258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10290672 |
|  **Banks — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank (Saudi Arabia) | 181231 | 4571163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT (Indonesia) | 7793100 | 4165784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 202542 | 9584287 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 47094 | 1676075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 25629 | 1593355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc.(a) | 13726 | 1764340 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 323600 | 11423754 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 62566 | 1517851 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 64147 | 1601109 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 36889 | 782047 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 51143 | 1473941 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (India), ADR(a) | 107620 | 8251225 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 58852 | 6074093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 601600 | 8201969 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA (Greece) | 182282 | 2324232 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) . | 897297 | 6301675 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 16256 | 1260003 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 69921 | 3163925 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 80034 | 5368952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 81847 | 6557582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 16192 | 2007484 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 25977 | 1428735 |
|  |  | 91093581 |
|  **Beverages — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 53637 | 1352516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV (Netherlands) | 110858 | 9671569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc.(a) | 111053 | 3671412 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Beverages (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 36496 | $3640525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp. | 56170 | 1663756 |
|  |  | 19999778 |
|  **Biotechnology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 33555 | 6228479 |
|  **Broadline Retail — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 397500 | 5626990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 117045 | 25678502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ozon Holdings PLC (Russia), ADR\*(a)^ | 6700 | 1 |
|  |  | 31305493 |
|  **Building Products — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc. | 17715 | 1306481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 12538 | 645456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 173918 | 2400068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\*(a) | 165771 | 1349376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC (Ireland) | 36019 | 3069157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 12766 | 1982688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 17397 | 7609622 |
|  |  | 18362848 |
|  **Capital Markets — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 133670 | 7564681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 90978 | 8300833 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 38123 | 10507461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (Germany) | 2282 | 745506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 7402 | 1998688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 197900 | 10644362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (Japan) | 260000 | 2633806 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 32249 | 4716326 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 7703 | 1720388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 12850 | 800812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 33442 | 4710640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 4461 | 1400442 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) . | 33659 | 1868074 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 91192 | 3096130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60708149 |
|  **Chemicals — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 44946 | 9267916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 53428 | 1586277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 7338 | 1168210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 79966 | 1811230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 6631 | 3111132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 82693 | 1151086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.(a) | 14253 | 1595481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 33100 | 1093028 |
|  |  | 20784360 |
|  **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\* | 18109 | 2089417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\*(a) | 69979 | 1228831 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.(a) | 17527 | 2936298 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Commercial Services & Supplies (cont'd.)** | **Commercial Services & Supplies (cont'd.)** | **Commercial Services & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 2522 | 474691 |
|  |  | 6729237 |
|  **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 25741 | 3796035 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.(a) | 96547 | 2645388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441423 |
|  **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 9024 | 1823841 |
|  **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) | 80046 | 3978934 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 3104 | 334705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 612 | 312285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 28987 | 2535493 |
|  |  | 7161417 |
|  **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 8817 | 1379243 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 16630 | 2055302 |
|  **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 113318 | 4147847 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\*^ | 5713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 1378983 | 4397056 |
|  |  | 8544903 |
|  **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 205941 | 3961899 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 45915 | 3187419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 35194 | 1429932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 118655 | 10896089 |
|  |  | 19475339 |
|  **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 15292 | 5459091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 43779 | 5867635 |
|  |  | 11326726 |
|  **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 5570 | 1364372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 4715 | 1389416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 14300 | 5717545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 14965 | 1929437 |
|  |  | 10400770 |
|  **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 175848 | 6742012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 33544 | 1466544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. (Class A Stock) | 45800 | 815698 |
|  |  | 9024254 |
|  **Entertainment — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 99082 | 12287159 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Financial Services — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 113402 | $| 9232057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 2843 |  | 1597595 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\*(a) | 8518 |  | 1251209 |
|  |  |  | 12080861 |
|  **Food Products — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\*(a) | 13928 |  | 946547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA. | 69471 |  | 6907250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc | 120935 |  | 1517734 |
|  |  |  | 9371531 |
|  **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | 40164 |  | 3190704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 21057 |  | 931351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc.(a) | 11096 |  | 1542566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 3667 |  | 1004722 |
|  |  |  | 6669343 |
|  **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 31078 |  | 4226919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 96083 |  | 1877462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 61900 |  | 7351374 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 11569 |  | 1528843 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 20840 |  | 600609 |
|  |  |  | 15585207 |
|  **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 3227 |  | 1571323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 54650 |  | 1124150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 19987 |  | 2451006 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 13460 |  | 1410070 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc | 12067 |  | 3764542 |
|  |  |  | 10321091 |
|  **Hotel & Resort REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc.(a) | 18780 |  | 1853023 |
|  **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 89087 |  | 5002235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 119192 |  | 4037272 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 25234 |  | 2885134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock)(a) | 29415 |  | 8036472 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 23321 |  | 6813697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc | 15320 |  | 1324261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 18356 |  | 2001722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 5069 |  | 712701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 5961 |  | 936652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 49395 |  | 564091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc.(a) | 19183 |  | 1557851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. (China) | 203328 |  | 9090795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc.(a) | 32570 |  | 4826223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47789106 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Household Durables — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 522500 | $| 13585170 |
|  **Industrial Conglomerates — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 25572 |  | 3893081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 53233 |  | 13673333 |
|  |  |  | 17566414 |
|  **Industrial REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc.(a) | 7022 |  | 1173517 |
|  **Insurance — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 362400 |  | 3282780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock)(a) | 5174 |  | 1845876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 4337 |  | 1388361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (The) (Class A Stock)\*(a) | 29955 |  | 1282374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 23693 |  | 5509373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.(a) | 3066 |  | 1483637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 22160 |  | 14389252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc. (Class A Stock)\*(a) | 53369 |  | 1144231 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 18983 |  | 1370952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 141100 |  | 5979967 |
|  |  |  | 37676803 |
|  **Interactive Media & Services — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 33556 |  | 24767348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 263100 |  | 16953010 |
|  |  |  | 41720358 |
|  **IT Services — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. (India), ADR(a) | 225524 |  | 4178960 |
|  **Leisure Products — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp.(a) | 18934 |  | 1378774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 26909 |  | 1486453 |
|  |  |  | 2865227 |
|  **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 7916 |  | 5661234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\*(a) | 3304 |  | 1036994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 6868 |  | 2784699 |
|  |  |  | 9482927 |
|  **Machinery — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 458522 |  | 7412471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\*(a) | 181260 |  | 1294196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 6403 |  | 1327470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 18241 |  | 1806224 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 5227 |  | 2011350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 16631 |  | 1175479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 386347 |  | 10870884 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25898074 |
|  **Multi-Utilities — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 64052 |  | 3620219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 167498 |  | 3936673 |
|  |  |  | 7556892 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Oil, Gas & Consumable Fuels — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 12197 | $| 1340572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 107657 |  | 11605425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (Russia)\*^ | 321836 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 318886 |  | 11125790 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 61178 |  | 1511708 |
|  |  |  | 25583496 |
|  **Pharmaceuticals — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 27168 |  | 3780948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 101813 |  | 4712924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 80673 |  | 12322801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 46950 |  | 5698655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 85950 |  | 5955823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 21777 |  | 2108312 |
|  |  |  | 34579463 |
|  **Professional Services — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\*(a) | 71285 |  | 1184044 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeadHunter Group PLC (Russia), ADR\*(a)^ | 7400 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 7834 |  | 1419442 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 107025 |  | 5783491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 59919 |  | 1521343 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908321 |
|  **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 212638 |  | 2353902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 458500 |  | 4438776 |
|  |  |  | 6792678 |
|  **Retail REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 19204 |  | 829229 |
|  **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 40276 |  | 1377036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 33576 |  | 7991760 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 7665 |  | 6142247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Japan) | 11100 |  | 3288302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 112914 |  | 4818271 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 15361 |  | 2201078 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 178550 |  | 28209115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 32146 |  | 1796961 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea) | 24938 |  | 5373680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 339000 |  | 12397011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 70826 |  | 16041381 |
|  |  |  | 89636842 |
|  **Software — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\*(a) | 117966 |  | 1110060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\* | 56688 |  | 1243168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 77227 |  | 38413482 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\*(a) | 24536 |  | 686272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 21403 |  | 4679338 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Software (cont'd.)** | **Software (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 6222 | $| 888937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 21430 |  | 5843747 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 9878 |  | 1344297 |
|  |  |  | 54209301 |
|  **Specialized REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 17306 |  | 3824972 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 36169 |  | 1537183 |
|  |  |  | 5362155 |
|  **Specialty Retail — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 5350 |  | 701813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 22769 |  | 5051758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 30890 |  | 3940946 |
|  |  |  | 9694517 |
|  **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 85317 |  | 17504489 |
|  **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 10433 |  | 5460423 |
|  **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 6682 |  | 1553231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 41670 |  | 2514784 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 108300 |  | 5671132 |
|  |  |  | 9739147 |
|  **TOTAL COMMON STOCKS**<br> (cost $865,092,696) | **TOTAL COMMON STOCKS**<br> (cost $865,092,696) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926261287 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 31.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 31.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 31.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 31.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | 2327054 |  | 200289538 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | 2976490 |  | 194960095 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF | 4282747 |  | 275551942 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF | 2001669 |  | 101444585 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $757,252,870) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $757,252,870) |  | 772246160 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# |  |
|  **U.S. TREASURY OBLIGATION(k) — 2.3%** | **U.S. TREASURY OBLIGATION(k) — 2.3%** | **U.S. TREASURY OBLIGATION(k) — 2.3%** | **U.S. TREASURY OBLIGATION(k) — 2.3%** |
|  U.S. Treasury Notes | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/31/26 | 57276 | 57275500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $57,275,764) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $57,275,764) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,946,280,899) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,946,280,899) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,946,280,899) | 2027807294 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **SHORT-TERM INVESTMENTS — 19.7%** | **SHORT-TERM INVESTMENTS — 19.7%** | **SHORT-TERM INVESTMENTS — 19.7%** |
|  **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 440941449 | $440941449 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(7-day effective yield 4.532%) (cost $48,580,478; includes $48,302,053 of cash collateral for securities on loan)(b)(wa) | 48614745 | 48580715 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $489,521,927) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $489,521,927) | 489522164 |
|  **TOTAL INVESTMENTS—101.0%**<br> (cost $2,435,802,826) | **TOTAL INVESTMENTS—101.0%**<br> (cost $2,435,802,826) | 2517329458 |
|  **Liabilities in excess of other assets(z) — (1.0)%** | **Liabilities in excess of other assets(z) — (1.0)%** | (23957809) |
|  **NET ASSETS — 100.0%** |  | $2493371649 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $3 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $47,369,737; cash collateral of $48,302,053 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 659 | 5 Year U.S. Treasury Notes | Sep. 2025 | $71831000 | $1014014 |
| 184 | 10 Year U.K. Gilt | Sep. 2025 | 23496364 | 665243 |
| 1195 | 10 Year U.S. Treasury Notes | Sep. 2025 | 133989375 | 2581968 |
| 671 | 10 Year Australian Treasury Bonds | Sep. 2025 | 50618003 | 704192 |
| 265 | Euro-BTP Italian Government Bond | Sep. 2025 | 37770967 | 123812 |
| 151 | FTSE 100 Index | Sep. 2025 | 18218010 | (172756) |
| 1108 | Mini MSCI EAFE Index | Sep. 2025 | 148566180 | 2693675 |
| 1729 | S&P 500 E-Mini Index | Sep. 2025 | 540636688 | 14218163 |
| 130 | S&P 500 E-Mini Communication Services Sector Index | Sep. 2025 | 18607875 | 911362 |
| 229 | TOPIX Index | Sep. 2025 | 45408805 | 1045741 |
| 295 | S&P 500 E-Mini Financials Sector Index | Sep. 2025 | 48037800 | 1891829 |
| 76 | S&P 500 E-Mini Technology Sector Index | Sep. 2025 | 19589760 | 817606 |
| 203 | S&P 500 E-Mini Utilities Sector Index | Sep. 2025 | 16857120 | 224920 |
|  |  |  |  | 26719769 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 88 | 10 Year Japanese Bonds | Sep. 2025 | 84953717 | (232550) |
| 202 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 24063250 | (577326) |
| 72 | ASX SPI 200 Index | Sep. 2025 | 10113528 | (19038) |
| 488 | DJ US Real Estate Index | Sep. 2025 | 17709520 | 33038 |
| 1309 | Mini MSCI Emerging Markets Index | Sep. 2025 | 80732575 | (1246129) |
| 1370 | Russell 2000 E-Mini Index | Sep. 2025 | 150131450 | (3432178) |
| 30 | S&P/TSX 60 Index | Sep. 2025 | 7049752 | (71866) |
| 243 | S&P 500 E-Mini Materials Sector Index | Sep. 2025 | 22810410 | (134141) |
| 253 | S&P 500 E-Mini Consumer Staples Sector Index | Sep. 2025 | 20834550 | (142191) |
|  |  |  |  | (5822381) |
|  |  |  |  | $20897388 |

---

#### Forward foreign currency exchange contract outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSI | AUD | 14174 | $&nbsp;&nbsp;&nbsp;&nbsp;9288346 | $&nbsp;&nbsp;&nbsp;&nbsp;9332337 | $43991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | HSBC | AUD | 11383 | 7269013 | 7495803 | 226790 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | GBP | 9259 | 12526462 | 12710791 | 184329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | BNP | GBP | 10287 | 13685834 | 14122499 | 436665 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | SSB | CAD | 18031 | &nbsp;&nbsp;&nbsp;&nbsp;13066361 | 13262225 | 195864 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 16649 | 19197356 | 19642285 | 444929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | GSI | EUR | 7807 | 8908245 | 9214697 | 306452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | HSBC | EUR | 3654 | 4180296 | 4312422 | 132126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | HSBC | EUR | 2191 | 2502485 | 2585903 | 83418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 4374 | 5043062 | 5163317 | 120255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 4123 | 4641495 | 4866748 | 225253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 1958 | 2300218 | 2311236 | 11018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 1787 | 2040203 | 2109001 | 68798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 1425 | 1628356 | 1682374 | 54018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 1197 | 1389270 | 1412665 | 23395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 1058 | 1229218 | 1248654 | 19436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 714 | 819043 | 842803 | 23760 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contract outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | SSB | JPY | 721629 | $5111011 | $5028441 | $— | $(82570) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | NZD | 16805 | 10198210 | 10251324 | 53114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | NZD | 13369 | 8028696 | 8155257 | 126561 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | NOK | 492627 | 49400240 | 48881294 |  | (518946) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | CHF | 855 | 1041277 | 1082044 | 40767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | SSB | CHF | 5783 | 7071445 | 7316329 | 244884 |  |
|  |  |  |  | $190566142 | $193030449 | 3065823 | (601516) |
| **Sale**<br> **Contracts**  | Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | GBP | 736 | $998607 | $1010521 | $— | $(11914) |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | DKK | 8041 | 1213782 | 1272388 |  | (58606) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC | EUR | 28514 | 32652581 | 33656232 |  | (1003651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | EUR | 7366 | 8385334 | 8694325 |  | (308991) |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | BNP | HKD | 11744 | 1511156 | 1500786 | 10370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | HSBC | HKD | 11553 | 1480316 | 1476401 | 3915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | HSBC | HKD | 7498 | 969328 | 958213 | 11115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | HKD | 17697 | 2284591 | 2261673 | 22918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | SSB | HKD | 30101 | 3886243 | 3846843 | 39400 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | JPY | 2443094 | 17008509 | 17009446 |  | (937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | HSBC | JPY | 465438 | 3254607 | 3243255 | 11352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | HSBC | JPY | 160586 | 1115860 | 1118992 |  | (3132) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | SC | SGD | 4315 | 3305596 | 3401302 |  | (95706) |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 173913 | 18401964 | 18409872 |  | (7908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 170470 | 17902068 | 18045354 |  | (143286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | SEK | 38037 | 3983712 | 4028440 |  | (44728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/29/25 | MSI | SEK | 15411 | 1609400 | 1632152 |  | (22752) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CHF | 36333 | 44857340 | 45925352 |  | (1068012) |
|  |  |  |  | $164820994 | $167491547 | 99070 | (2769623) |
|  |  |  |  |  |  | $3164893 | $(3371139) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
| GS | $– | $46751000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $272024347 | $— | $— |
|  Common Stocks | 557293699 | 368967585 | 3 |
|  Unaffiliated Exchange-Traded Funds | 772246160 |  |  |
|  U.S. Treasury Obligation |  | 57275500 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 489522164 |  |  |
|  **Total** | $2091086370 | $426243085 | $3 |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $26925563 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 3164893 |  |
|  **Total** | $26925563 | $3164893 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(6028175) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (3371139) |  |
|  **Total** | $(6028175) | $(3371139) | $— |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Unaffiliated Exchange-Traded Funds | 31 |
|  Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan) | 30.6 |
|  Banks | 3.6 |
|  Semiconductors & Semiconductor Equipment | 3.6 |
|  Capital Markets | 2.4 |
|  U.S. Treasury Obligation | 2.3 |
|  Software | 2.2 |
|  Hotels, Restaurants & Leisure | 1.9 |
|  Interactive Media & Services | 1.7 |
|  Insurance | 1.5 |
|  Pharmaceuticals | 1.4 |
|  Broadline Retail | 1.3 |
|  Aerospace & Defense | 1.1 |
|  Machinery | 1 |
|  Oil, Gas & Consumable Fuels | 1 |
|  Chemicals | 0.8 |
|  Beverages | 0.8 |
|  Electric Utilities | 0.8 |
|  Building Products | 0.7 |
|  Industrial Conglomerates | 0.7 |
|  Technology Hardware, Storage & Peripherals | 0.7 |

---

---

| | |
|:---|:---|
|  Health Care Equipment & Supplies | 0.6 |
|  Household Durables | 0.5 |
|  Entertainment | 0.5 |
|  Financial Services | 0.5 |
|  Electrical Equipment | 0.4 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Health Care Providers & Services | 0.4 |
|  Automobiles | 0.4 |
|  Professional Services | 0.4 |
|  Trading Companies & Distributors | 0.4 |
|  Specialty Retail | 0.4 |
|  Automobile Components | 0.4 |
|  Life Sciences Tools & Services | 0.4 |
|  Food Products | 0.4 |
|  Energy Equipment & Services | 0.4 |
|  Diversified Telecommunication Services | 0.3 |
|  Multi-Utilities | 0.3 |
|  Consumer Staples Distribution & Retail | 0.3 |
|  Real Estate Management & Development | 0.3 |
|  Commercial Services & Supplies | 0.3 |
|  Ground Transportation | 0.3 |
|  Construction & Engineering | 0.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Biotechnology | 0.2 |
|  Textiles, Apparel & Luxury Goods | 0.2 |
|  Specialized REITs | 0.2 |
|  IT Services | 0.2 |
|  Leisure Products | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  Construction Materials | 0.1 |
|  Containers & Packaging | 0.1 |

---

---

| | |
|:---|:---|
|  Industrial REITs | 0.0 |
|  Retail REITs | 0.0 \* |
|  | 101.0 |
|  Liabilities in excess of other assets | (1.0) |
|  | 100.0% |

---

\* Less than 0.05%

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Equity contracts | Due from/to broker-variation margin futures | $21836334 \* | Due from/to broker-variation margin futures | $5218299 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 3164893 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 3371139 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 5089229 \* | Due from/to broker-variation margin futures | 809876 \* |
|  |  | $30090456 |  | $9399314 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures**  | Forward<br>& Cross<br>Currency<br>Exchange<br> Contracts |
|  Equity contracts | $(17018089) | $— |
|  Foreign exchange contracts |  | (1434487) |
|  Interest rate contracts | 804821 |  |
|  **Total** | $(16213268) | $(1434487) |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures**  | **Forward<br>& Cross<br>Currency<br>Exchange<br> Contracts**  |
|  Equity contracts | $37002577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures**  | **Forward<br>& Cross<br>Currency<br>Exchange<br> Contracts**  |
|  Foreign exchange contracts | $— | $78381 |
|  Interest rate contracts | 7505363 |  |
|  **Total** | $44507940 | $78381 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $1313379823 |
|  Futures Contracts - Short Positions (1) | 500259149 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 170549557 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 192143893 |
|  Cross Currency Exchange Contracts (3) | 28329859 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

(3) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets/(Liabilities)**  | Collateral<br>Pledged/(Received)(2) | Net<br>Amount |
|  Securities on Loan | $47369737 | $(47369737) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
|  BNP | $447035 | $— | $447035 | $– | $447035 |
|  BOA | 184329 |  | 184329 | – | 184329 |
|  CITI |  | (151194) | (151194) | – | (151194) |
|  GSI | 403557 |  | 403557 | – | 403557 |
|  HSBC | 913645 | (2074795) | (1161150) | – | (1161150) |
|  MSI | 736179 | (447928) | 288251 | – | 288251 |
|  SC |  | (95706) | (95706) | – | (95706) |
|  SSB | 480148 | (601516) | (121368) | – | (121368) |
|  | $3164893 | $(3371139) | $(206246) | $– | $(206246) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

<br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>

**STATEMENT OF ASSETS AND LIABILITIES (unaudited)** 

as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $47,369,737: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,679,621,330) | $1755782947.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $756,181,496) | 761546511.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $372,446) | 374192.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 13962699.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 6965990.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 4886407.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 3164893.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 2632723.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1624373.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 32137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 117372.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2551090244.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 48302053.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3621146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 3371139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 1253014.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 653580.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 413736.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 100583.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2388.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 57718595.0 |
|  **NET ASSETS** | $2493371649.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2493371649.0 |
|  Net asset value and redemption price per share,<br>$2,493,371,649 / 103,499,776 outstanding shares of beneficial interest | $24.09 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $642,974 foreign withholding tax, of which $86,333 is reimbursable by an affiliate) | $16674706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 6916177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1251574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $76,566) | 256461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 25098918 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 8459847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 3098845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 218448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 32964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 31641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 26648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 61300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11939875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (2059364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9880511 |
|  **NET INVESTMENT INCOME (LOSS)** | 15218407 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $468,783) | (53538672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (16213268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (1434487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (168228) |
|  | (71354655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $7,904,728) (net of change in foreign capital gains taxes $(3833)) | 117897410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 44507940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 78381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 236570 |
|  | 162720301 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 91365646 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $106584053 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15218407 | $40922874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (71354655) | 552077164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received |  | 7195527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 162720301 | (280299514) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 106584053 | 319896051 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [18,809,332 and 25,436,021 shares, respectively] | 422584395 | 552971759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [38,106,377 and 38,331,490 shares, respectively] | (811322448) | (829218700) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (388738053) | (276246941) |
|  **TOTAL INCREASE (DECREASE)** | (282154000) | 43649110 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2775525649 | 2731876539 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2493371649 | $2775525649 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

<br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months Ended<br>June 30, 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $22.60 | $20.13 | $17.11 | $20.84 | $18.01 | $15.84 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.14 | 0.31 | 0.24 | 0.15 | 0.06 | 0.08 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.35 | 2.16 | 2.78 | (3.88) | 2.77 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.49 | 2.47 | 3.02 | (3.73) | 2.83 | 2.17 |
|  Net Asset Value, end of period | $24.09 | $22.60 | $20.13 | $17.11 | $20.84 | $18.01 |
|  **Total Return<sup>(b)</sup>** | 6.59% | 12.27% | 17.65% | (17.90)% | 15.71% | 13.70% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $2493 | $2776 | $2732 | $1800 | $3630 | $3360 |
|  Average net assets (in millions) | $2500 | $2931 | $2318 | $2590 | $3578 | $2672 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.80 %<sup>(d)</sup> | 0.95% | 0.98% | 0.98% | 0.97% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.97 %<sup>(d)</sup> | 0.98% | 0.99% | 0.99% | 0.98% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.23 %<sup>(d)</sup> | 1.40% | 1.28% | 0.85% | 0.32% | 0.54% |
|  Portfolio turnover rate<sup>(e)</sup> | 35% | 240% | 160% | 219% | 147% | 171% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 89.9%** | **LONG-TERM INVESTMENTS — 89.9%** | **LONG-TERM INVESTMENTS — 89.9%** |
|  **AFFILIATED MUTUAL FUND — 53.0%** | **AFFILIATED MUTUAL FUND — 53.0%** | **AFFILIATED MUTUAL FUND — 53.0%** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | 187537946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107926516 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,956,133,709)(wa) |  |  |
|  **COMMON STOCKS — 8.1%** | **COMMON STOCKS — 8.1%** |  |
|  **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\*(a) | 7517 | 378631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\* | 6056 | 521846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 18131 | 5912958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 5192 | 1272507 |
|  |  | 8085942 |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 69206 | 2574063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 37230 | 818688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 479 | 47181 |
|  |  | 3439932 |
|  **Automobiles — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) | 41471 | 2967433 |
|  **Banks — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank (Saudi Arabia) | 135383 | 3414746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT (Indonesia) | 5821600 | 3111923 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 36765 | 1308466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 19691 | 1224189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 10716 | 1377435 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 184240 | 6504055 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 48848 | 1185052 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 50083 | 1250072 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 28799 | 610539 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 39922 | 1150552 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (India), ADR(a) | 80885 | 6201453 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 43652 | 4505307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 215700 | 2940766 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA (Greece) | 136524 | 1740783 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 669165 | 4699515 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 12692 | 983757 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 59309 | 3978648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 12643 | 1567479 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 20277 | 1115235 |
|  |  | 48869972 |
|  **Beverages — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV (Netherlands) | 44006 | 3839209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp. | 43854 | 1298956 |
|  |  | 5138165 |
|  **Broadline Retail — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 297200 | 4207148 |
|  **Building Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc. | 13833 | 1020184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 9788 | 503886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 135775 | 1873695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 128873 | 1049026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC (Ireland) | 26924 | 2294178 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Building Products (cont'd.)** | **Building Products (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SAL TopCo LLC\*^ | 1709579 | $171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 9966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547819 |
|  |  | 8288959 |
|  **Capital Markets — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 99897 | 5653392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 5780 | 1560716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 81800 | 4399742 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 24025 | 3513589 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 6014 | 1343167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 10034 | 625319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 3483 | 1093418 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) | 26274 | 1458207 |
|  |  | 19647550 |
|  **Chemicals — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 33759 | 6961144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 41715 | 1238518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 5729 | 912057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 62423 | 1413881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 64558 | 898647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.(a) | 11127 | 1245557 |
|  |  | 12669804 |
|  **Commercial Services & Supplies — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\* | 14139 | 1631358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 59904 | 1051914 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.(a) | 13683 | 2292313 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 1969 | 370605 |
|  |  | 5346190 |
|  **Construction & Engineering — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 19075 | 2812998 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.(a) | 75090 | 2057466 |
|  |  | 4870464 |
|  **Construction Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 7059 | 1426695 |
|  **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) | 59947 | 2979851 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 2846 | 306884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 479 | 244419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 22586 | 1975598 |
|  |  | 5506752 |
|  **Containers & Packaging — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 6715 | 1050427 |
|  **Diversified Consumer Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 12985 | 1604816 |
|  **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 84867 | 3106438 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\*^ | 599 |  |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 1030114 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284644 |
|  |  |  | 6391082 |
|  **Electric Utilities — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 154244 |  | 2967351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 26861 |  | 1091362 |
|  |  |  | 4058713 |
|  **Electrical Equipment — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 32149 |  | 4308883 |
|  **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 4348 |  | 1065043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 3663 |  | 1079413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 11681 |  | 1506031 |
|  |  |  | 3650487 |
|  **Energy Equipment & Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 26189 |  | 1144983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. (Class A Stock) | 35682 |  | 635497 |
|  |  |  | 1780480 |
|  **Financial Services — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\*(a) | 6651 |  | 976965 |
|  **Food Products — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\*(a) | 10873 |  | 738929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 51853 |  | 5155556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 94405 |  | 1184783 |
|  |  |  | 7079268 |
|  **Ground Transportation — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | 29625 |  | 2353466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 16442 |  | 727230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 8663 |  | 1204330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 2863 |  | 784433 |
|  |  |  | 5069459 |
|  **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 75011 |  | 1465715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 29100 |  | 3455977 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 8998 |  | 1189086 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 16268 |  | 468844 |
|  |  |  | 6579622 |
|  **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 2520 |  | 1227064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 42669 |  | 877701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 15606 |  | 1913764 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 10465 |  | 1096313 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health PLC (United Arab Emirates)\*^ | 411 |  |  |
|  |  |  | 5114842 |
|  **Hotel & Resort REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc.(a) | 14662 |  | 1446700 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 88900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011221 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 18900 | 2160935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 11773 | 1017658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 14329 | 1562577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 3958 | 556495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc.(a) | 4653 | 731126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 38562 | 440378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 14979 | 1216445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. (China) | 81849 | 3659469 |
|  |  | 14356304 |
|  **Household Durables — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 274015 | 7124479 |
|  **Industrial Conglomerates — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 20753 | 5330578 |
|  **Industrial REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc.(a) | 5640 | 942557 |
|  **Insurance — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (The) (Class A Stock)\*(a) | 23387 | 1001197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 17712 | 4118601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.(a) | 2393 | 1157973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 7251 | 4708324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc. (Class A Stock)\*(a) | 41667 | 893340 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 14818 | 1070156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 109500 | 4640726 |
|  |  | 17590317 |
|  **Interactive Media & Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 114300 | 7364991 |
|  **IT Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. (India), ADR(a) | 168064 | 3114226 |
|  **Leisure Products — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp.(a) | 14727 | 1072420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 21007 | 1160427 |
|  |  | 2232847 |
|  **Life Sciences Tools & Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 5912 | 4228046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\*(a) | 2580 | 809759 |
|  |  | 5037805 |
|  **Machinery — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 173055 | 2797609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 141495 | 1010274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 4999 | 1036393 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 4090 | 1573832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 11665 | 824482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 132597 | 3730964 |
|  |  | 10973554 |

---

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO (Russia), GDR\*^ | 17534 | $2 |
|  **Multi-Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 125451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948450 |
|  **Oil, Gas & Consumable Fuels — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 9477 | 1041617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 231836 | 8088655 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 47750 | 1179902 |
|  |  | 10310174 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 35099 | 4260215 |
|  **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\*(a) | 55646 | 924280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 6114 | 1107796 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 80158 | 4331633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\*(a) | 46775 | 1187617 |
|  |  | 7551326 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 166009 | 1837720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 342300 | 3313834 |
|  |  | 5151554 |
|  **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 15951 | 688764 |
|  **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 31448 | 1075207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 84401 | 3601563 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 11987 | 1717617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 25097 | 1402922 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea) | 18678 | 4024766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 124000 | 4534600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 27744 | 6283739 |
|  |  | 22640414 |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\*(a) | 92091 | 866576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\* | 44250 | 970403 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\*(a) | 20887 | 584209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 5307 | 758211 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 7713 | 1049662 |
|  |  | 4229061 |
|  **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart. | 28239 | 1200158 |
|  **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Claire's Private Placement\*^ | 406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 4178 | 548070 |
|  |  | 548070 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 5217 | 1212692 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 32537 | 1963608 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 80900 | 4236330 |
|  |  |  | 7412630 |
|  **TOTAL COMMON STOCKS**<br> (cost $276,393,103) | **TOTAL COMMON STOCKS**<br> (cost $276,393,103) |  | 320585226 |
|  **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |
|  **Specialty Retail** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Claire's Stores, Inc., CVT\*^ | &nbsp;&nbsp;&nbsp;&nbsp; Claire's Stores, Inc., CVT\*^ | 434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $78,752) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $78,752) |  |  |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 27.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 27.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 27.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 27.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | 2254109 | 194011162 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | 2843874 | 186273747 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF | 8706472 | 560174408 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF | 2761235 | 139939390 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $1,062,433,479) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $1,062,433,479) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $1,062,433,479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080398707 |
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | Maturity<br> Date | Principal<br>Amount<br> (000)# |  |
|  **CORPORATE BONDS — 0.0%** | **CORPORATE BONDS — 0.0%** | **CORPORATE BONDS — 0.0%** |  |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |  |
|  High Ridge Brands Co., | High Ridge Brands Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | 03/15/25^(d) | 22 |  |
|  **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |  |  |
|  Chesapeake Energy Corp., | Chesapeake Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/15/26(d) | 70 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 02/09/26(d) | 315 | 1040 |
|  |  |  | 1271 |
|  **TOTAL CORPORATE BONDS**<br> (cost $0) | **TOTAL CORPORATE BONDS**<br> (cost $0) | **TOTAL CORPORATE BONDS**<br> (cost $0) | 1271 |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |
|  **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** |
|  Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.646%(c) | 06/30/26^ | 432 | 302580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.646%(c) | 06/30/26^ | 286 | 64860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.045%(c) | 06/30/26^ | 12 | 12379 |
|  |  |  | 379819 |
|  **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.256%(c) | 10/31/27 | 108 | 86027 |

---

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate** | Maturity<br> Date | Principal<br>Amount<br> (000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 05/16/23^ | 92 | $919 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $855,214) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $855,214) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $855,214) | 466765 |
|  **U.S. TREASURY OBLIGATION(k)(n) — 1.6%** | **U.S. TREASURY OBLIGATION(k)(n) — 1.6%** | **U.S. TREASURY OBLIGATION(k)(n) — 1.6%** | **U.S. TREASURY OBLIGATION(k)(n) — 1.6%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/31/26 | 64124 | 64123700 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $64,124,138) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $64,124,138) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,360,018,395) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,360,018,395) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,360,018,395) | 3573502185 |
|  |  | Shares |  |
|  **SHORT-TERM INVESTMENTS — 10.3%** | **SHORT-TERM INVESTMENTS — 10.3%** | **SHORT-TERM INVESTMENTS — 10.3%** | **SHORT-TERM INVESTMENTS — 10.3%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) 383,193,889 | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) 383,193,889 |  | 383193889 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $24,787,278; includes $24,708,372 of cash collateral for securities on<br>loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $24,787,278; includes $24,708,372 of cash collateral for securities on<br>loan)(b)(wa) | 24804854 | 24787490 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $407,981,167) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $407,981,167) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $407,981,167) | 407981379 |
|  **TOTAL INVESTMENTS—100.2%**<br> (cost $3,767,999,562) | **TOTAL INVESTMENTS—100.2%**<br> (cost $3,767,999,562) | **TOTAL INVESTMENTS—100.2%**<br> (cost $3,767,999,562) | 3981483564 |
|  **Liabilities in excess of other assets(z) — (0.2)%** | **Liabilities in excess of other assets(z) — (0.2)%** | **Liabilities in excess of other assets(z) — (0.2)%** | (6037095) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975446469 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $380,911 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $24,159,365; cash collateral of $24,708,372 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 1201 | 5 Year U.S. Treasury Notes | Sep. 2025 | $130909000 | $1847997 |
| 334 | 10 Year U.K. Gilt | Sep. 2025 | 42651008 | 1207560 |
| 2507 | 10 Year U.S. Treasury Notes | Sep. 2025 | 281097375 | 5214009 |
| 1223 | 10 Year Australian Treasury Bonds | Sep. 2025 | 92259043 | 1283497 |
| 484 | Euro-BTP Italian Government Bond | Sep. 2025 | 68985464 | 226261 |
| 251 | FTSE 100 Index | Sep. 2025 | 30282917 | (287167) |
| 949 | Mini MSCI EAFE Index | Sep. 2025 | 127246665 | 2545435 |
| 525 | S&P 500 E-Mini Financials Sector Index | Sep. 2025 | 85491000 | 3366814 |
| 1066 | S&P 500 E-Mini Index | Sep. 2025 | 333324875 | 8766086 |
| 130 | S&P 500 E-Mini Technology Sector Index | Sep. 2025 | 33508800 | 1398537 |
| 347 | S&P 500 E-Mini Utilities Sector Index | Sep. 2025 | 28814880 | 384469 |
| 222 | S&P 500 E-Mini Communication Services Sector Index | Sep. 2025 | 31776525 | 1556327 |
| 378 | TOPIX Index | Sep. 2025 | 74954272 | 1726123 |
|  |  |  |  | 29235948 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 161 | 10 Year Japanese Bonds | Sep. 2025 | 155426687 | (425461) |
| 331 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 39430375 | (941898) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at June 30, 2025 (continued):** | **Futures contracts outstanding at June 30, 2025 (continued):** | | | |
| **Number**<br> **of**<br> **Contracts** | **Type** | <br>**Expiration<br>Date** |<br>**Current<br>Notional<br>Amount** |<br>**Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Positions (cont'd):** | **Short Positions (cont'd):** |  |  |  |
| 115 | ASX SPI 200 Index | Sep. 2025 | $16153551 | $(30407) |
| 827 | DJ US Real Estate Index | Sep. 2025 | 30011830 | 55988 |
| 1138 | Mini MSCI Emerging Markets Index | Sep. 2025 | 70186150 | (1083342) |
| 1076 | Russell 2000 E-Mini Index | Sep. 2025 | 117913460 | (2695636) |
| 465 | S&P 500 E-Mini Consumer Staples Sector Index | Sep. 2025 | 38292750 | (261339) |
| 441 | S&P 500 E-Mini Materials Sector Index | Sep. 2025 | 41396670 | (243441) |
| 69 | S&P/TSX 60 Index | Sep. 2025 | 16214430 | (165291) |
|  |  |  |  | (5790827) |
|  |  |  |  | $23445121 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | **Unrealized**<br> **Appreciation** | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | AUD | 22915 | $15016994 | $15088116 | $71122 | $— |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | GBP | 15838 | 21422022 | 21742863 | 320841 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 26779 | 30850480 | 31592383 | 741903 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | NZD | 23182 | 13927648 | 14141152 | 213504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | NZD | 25603 | 15536889 | 15617808 | 80919 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | NOK | 803584 | 80706360 | 79736175 |  | (970185) |
|  |  |  |  | $177460393 | $177918497 | 1428289 | (970185) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | **Unrealized**<br> **Appreciation** | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | JPY | 4094548 | $28499213 | $28507296 | $— | $(8083) |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 278738 | 29493620 | 29506294 |  | (12674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 278061 | 29168092 | 29434547 |  | (266455) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CHF | 58939 | 72743429 | 74498737 |  | (1755308) |
|  |  |  |  | $159904354 | $161946874 |  | (2042520) |
|  |  |  |  |  |  | $1428289 | $(3012705) |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** |  |  |
|  ABX.HE.AAA | 05/25/46 | 0.110 %(Q) | 190 | $1947 | $— | $1947 | BARC |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1)(cont'd.):** |
|  ABX.HE.AAA | 05/25/46 | 0.110 %(Q) | 150 | $1537 | $— | $1537 | BOA |
|  ABX.HE.AAA | 05/25/46 | 0.110 %(M) | 70 | 717 |  | 717 | BOA |
|  CMBX.NA.BBB-^ | 02/17/51 | 5.000 %(M) | 350 |  |  |  | CITI |
|  |  |  |  | $4201 | $— | $4201 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Premiums Paid | Premiums Received | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  OTC Swap Agreements | $— | $— | $4201 | $— |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  GS | $– | $44952700 |

---

#### Fair Value Measurements :
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Mutual Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $2107926516 | $— | $— |  |
|  Common Stocks | 137836688 | 182748365 | 173 |  |
|  Preferred Stock |  |  |  | \*\* |
|  Unaffiliated Exchange-Traded Funds | 1080398707 |  |  |  |
|  Corporate Bonds |  | 1271 |  | \*\* |
|  Floating Rate and Other Loans |  | 86027 | 380738 |  |
|  U.S. Treasury Obligation |  | 64123700 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 407981379 |  |  |  |
|  **Total** | $3734143290 | $246959363 | $380911 |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Futures Contracts | $29579103 | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 1428289 |  |  |
|  OTC Credit Default Swap Agreements |  | 4201 | —\*\* |  |
|  **Total** | $29579103 | $1432490 | $— | \*\* |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts | $(6133982) | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (3012705) |  |  |
|  **Total** | $(6133982) | $(3012705) | $— |  |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan) | 63.3 |
|  Unaffiliated Exchange-Traded Funds | 27.2 |
|  U.S. Treasury Obligation | 1.6 |
|  Banks | 1.2 |
|  Semiconductors & Semiconductor Equipment | 0.6 |
|  Capital Markets | 0.5 |
|  Insurance | 0.5 |
|  Hotels, Restaurants & Leisure | 0.4 |
|  Chemicals | 0.3 |
|  Machinery | 0.3 |
|  Oil, Gas & Consumable Fuels | 0.3 |
|  Building Products | 0.2 |
|  Aerospace & Defense | 0.2 |
|  Professional Services | 0.2 |
|  Trading Companies & Distributors | 0.2 |
|  Interactive Media & Services | 0.2 |
|  Household Durables | 0.2 |
|  Food Products | 0.2 |
|  Health Care Equipment & Supplies | 0.2 |
|  Diversified Telecommunication Services | 0.2 |
|  Consumer Staples Distribution & Retail | 0.1 |

---

---

| | |
|:---|:---|
|  Commercial Services & Supplies | 0.1% |
|  Industrial Conglomerates | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Beverages | 0.1 |
|  Health Care Providers & Services | 0.1 |
|  Ground Transportation | 0.1 |
|  Life Sciences Tools & Services | 0.1 |
|  Construction & Engineering | 0.1 |
|  Electrical Equipment | 0.1 |
|  Pharmaceuticals | 0.1 |
|  Software | 0.1 |
|  Broadline Retail | 0.1 |
|  Electric Utilities | 0.1 |
|  Electronic Equipment, Instruments & Components | 0.1 |
|  Automobile Components | 0.1 |
|  IT Services | 0.1 |
|  Automobiles | 0.1 |
|  Multi-Utilities | 0.1 |
|  Leisure Products | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Hotel & Resort REITs | 0.0 \* |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Construction Materials | 0.0 |
|  Specialized REITs | 0.0 \* |
|  Containers & Packaging | 0.0 \* |
|  Financial Services | 0.0 \* |
|  Industrial REITs | 0.0 \* |
|  Retail REITs | 0.0 \* |
|  Specialty Retail | 0.0 \* |
|  Foods | 0.0 \* |
|  Media | 0.0 \* |
|  Oil & Gas | 0.0 \* |

---

---

| | |
|:---|:---|
|  Miscellaneous Manufacturing | 0.0 |
|  Metals & Mining | 0.0 \* |
|  Cosmetics/Personal Care | 0.0 \* |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | $4201 |  | $— |
|  Equity contracts | Due from/to broker-variation margin futures | 19799779 \* | Due from/to broker-variation margin futures | 4766623 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 1428289 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 3012705 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 9779324 \* | Due from/to broker-variation margin futures | 1367359 \* |
|  |  | $31011593 |  | $9146687 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $— | $— | $2719 |
|  Equity contracts | (47324111) |  |  |
|  Foreign exchange contracts |  | (1505462) |  |
|  Interest rate contracts | (2335754) |  |  |
|  **Total** | $(49659865) | $(1505462) | $2719 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $— | $— | $(4741) |
|  Equity contracts | 38355429 |  |  |
|  Foreign exchange contracts |  | (2136482) |  |
|  Interest rate contracts | 12626199 |  |  |
|  **Total** | $50981628 | $(2136482) | $(4741) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $1458130871 |
|  Futures Contracts - Short Positions (1) | 585255111 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 192872422 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 250103121 |
|  Cross Currency Exchange Contracts (3) | 24656673 |
|  Credit Default Swap Agreements - Buy Protection (1) | 846667 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

(3) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net**<br> **Amount** |
| Securities on Loan | $24159365 | $(24159365) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
|  BARC | $536292 | $— | $536292 | $– | $536292 |
|  BOA | 2254 |  | 2254 | – | 2254 |
|  CITI | 741903 | (3004622) | (2262719) | – | (2262719) |
|  GSI | 152041 |  | 152041 | – | 152041 |
|  MSI |  | (8083) | (8083) | – | (8083) |
|  | $1432490 | $(3012705) | $(1580215) | $– | $(1580215) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A83

------

<br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $24,159,365: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,364,114,876) | $2515907895.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,403,884,686) | 1465575669.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2599.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $365,711) | 371714.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 10605896.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 7291510.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 2807893.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1464176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 1428289.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 197454.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 59724.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 6456.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 4201.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3734.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4005727210.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 24708372.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 3012705.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 1269035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 643399.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 381096.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 161793.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 77426.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 24558.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1401.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 30280741.0 |
|  **NET ASSETS** | $3975446469.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $3975446469.0 |
|  Net asset value and redemption price per share, $3,975,446,469 / 153,563,004 outstanding shares of beneficial interest | $25.89 |

---

---

| | |
|:---|:---|
|  **STATEMENT OF OPERATIONS (unaudited)**  | **STATEMENT OF OPERATIONS (unaudited)**  |
|  Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $366,823 foreign withholding tax, of which $53,661 is reimbursable by an affiliate) | $9208475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 7760636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1427968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $42,375) | 188037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18585116 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 13632696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 4921551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 255020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 46981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 41395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 37391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 48268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 18992842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3399517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15593325 |
|  **NET INVESTMENT INCOME (LOSS)** | 2991791 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $34,457,643) | 40889011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (49659865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (1505462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (153143) |
|  | (10426740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $55,653,621) (net of change in foreign capital gains taxes $36) | 133777493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 50981628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (2136482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (4741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 193676 |
|  | 182811574 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 172384834 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $175376625 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2991791 | $29554019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (10426740) | 452979306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received |  | 8170076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 182811574 | (225712876) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 175376625 | 264990525 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [8,601,090 and 12,104,239 shares, respectively] | 213994513 | 293428983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [24,238,488 and 39,104,982 shares, respectively] | (590220927) | (942234582) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS | (376226414) | (648805599) |
|  **TOTAL INCREASE (DECREASE)** | (200849789) | (383815074) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4176296258 | 4560111332 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3975446469 | $4176296258 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A84

------

---

| | |
|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS (unaudited)** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025**  | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $24.68 | $23.24 | $21.06 | $24.99 | $23.16 | $20.80 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.02 | 0.16 | 0.18 | 0.26 | 0.15 | 0.23 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.19 | 1.28 | 2.00 | (4.19) | 1.68 | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.21 | 1.44 | 2.18 | (3.93) | 1.83 | 2.36 |
|  Net Asset Value, end of period | $25.89 | $24.68 | $23.24 | $21.06 | $24.99 | $23.16 |
|  **Total Return<sup>(b)</sup>** | 4.90% | 6.20% | 10.35% | (15.73)% | 7.95% | 11.35% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $3975 | $4176 | $4560 | $2808 | $4912 | $2286 |
|  Average net assets (in millions) | $3970 | $4468 | $4281 | $3620 | $4656 | $2061 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.79 %<sup>(d)</sup> | 0.90% | 0.91% | 0.91% | 0.92% | 1.12 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96 %<sup>(d)</sup> | 1.02% | 1.02% | 1.03% | 1.03% | 1.13 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.15 %<sup>(d)</sup> | 0.66% | 0.84% | 1.16% | 0.60% | 1.12% |
|  Portfolio turnover rate<sup>(f)</sup> | 11% | 72% | 73% | 192% | 192% | 150% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The expense ratio includes interest and dividend expenses on securities sold short and broker fees and expenses on short sales of 0.01% for the year ended December 31, 2020.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A85

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 86.5%** | **LONG-TERM INVESTMENTS — 86.5%** | **LONG-TERM INVESTMENTS — 86.5%** |
|  **AFFILIATED MUTUAL FUND — 31.2%** | **AFFILIATED MUTUAL FUND — 31.2%** | **AFFILIATED MUTUAL FUND — 31.2%** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | 56404799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633989943 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $594,964,622)(wa) |  |  |
|  **COMMON STOCKS — 12.3%** | **COMMON STOCKS — 12.3%** | **COMMON STOCKS — 12.3%** |
|  **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\*(a) | 6221 | 313352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\* | 5014 | 432056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 13755 | 4485838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 4298 | 1053397 |
|  |  | 6284643 |
|  **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michelin SCA (France) | 51642 | 1920784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 30816 | 677644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 396 | 39006 |
|  |  | 2637434 |
|  **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) | 31064 | 2222766 |
|  **Banks — 1.9%** | **Banks — 1.9%** | **Banks — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank (Saudi Arabia) | 101407 | 2557774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT (Indonesia) | 4360600 | 2330948 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 30430 | 1083004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 16299 | 1013309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 8868 | 1139893 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 142640 | 5035489 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 40432 | 980880 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 41454 | 1034692 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 23839 | 505387 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 33044 | 952328 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (India), ADR(a) | 59923 | 4594296 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 33217 | 3428314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 161800 | 2205915 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA (Greece) | 102260 | 1303892 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 497696 | 3495296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)^ | 43116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia), ADR\*^(a) | 18600 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 10505 | 814242 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 45140 | 3028144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 10463 | 1297203 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 16783 | 923065 |
|  |  | 37724073 |
|  **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV (Netherlands) | 33487 | 2921502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp. | 36299 | 1075176 |
|  |  | 3996678 |
|  **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 222600 | 3151114 |
|  **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc. | 11449 | 844364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 8101 | 417039 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Building Products (cont'd.)** | **Building Products (cont'd.)** | **Building Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 112381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 106670 | 868294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC (Ireland) | 20169 | 1718588 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAL TopCo LLC\*^ | 817799 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 8250 | 1281307 |
|  |  | 6680532 |
|  **Capital Markets — 0.7%** | **Capital Markets — 0.7%** | **Capital Markets — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 74854 | 4236153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 4784 | 1291776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 60600 | 3259466 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 18229 | 2665941 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 4977 | 1111563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 8304 | 517505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 2883 | 905060 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) | 21747 | 1206959 |
|  |  | 15194423 |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 25015 | 5158121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 34528 | 1025136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 4740 | 754608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 51668 | 1170280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 53435 | 743815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.(a) | 9210 | 1030968 |
|  |  | 9882928 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\* | 11703 | 1350292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 49583 | 870678 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.(a) | 11327 | 1897612 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 1628 | 306422 |
|  |  | 4425004 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 14518 | 2140975 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.(a) | 62153 | 1702992 |
|  |  | 3843967 |
|  **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 5845 | 1181333 |
|  **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) | 46206 | 2296812 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 2354 | 253832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 396 | 202067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 18692 | 1634989 |
|  |  | 4387700 |
|  **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 5558 | 869438 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 10748 | 1328345 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A86

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 63570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 772849 | 2464323 |
|  |  | 4791214 |
|  **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 115533 | 2222628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 22262 | 904505 |
|  |  | 3127133 |
|  **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 24677 | 3307422 |
|  **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 3599 | 881575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 3033 | 893765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 9669 | 1246624 |
|  |  | 3021964 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 21677 | 947718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. (Class A Stock) | 29532 | 525965 |
|  |  | 1473683 |
|  **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\*(a) | 5505 | 808629 |
|  **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\*(a) | 8999 | 611572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 38560 | 3833881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 78139 | 980645 |
|  |  | 5426098 |
|  **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | 24802 | 1970318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 13607 | 601838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 7170 | 996773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 2369 | 649082 |
|  |  | 4218011 |
|  **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 62087 | 1213180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 22000 | 2612767 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 7448 | 984253 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 13465 | 388061 |
|  |  | 5198261 |
|  **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 2086 | 1015736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 35318 | 726491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 12915 | 1583767 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 8663 | 907536 |
|  |  | 4233530 |
|  **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc.(a) | 12136 | 1197459 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 66113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239380 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 14156 | 1618529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 9747 | 842531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 11861 | 1293442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 3276 | 460606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc.(a) | 3852 | 605265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 31920 | 364526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 12398 | 1006841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. (China) | 63148 | 2823347 |
|  |  | 11254467 |
|  **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 207500 | 5395068 |
|  **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 15546 | 3993118 |
|  **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc.(a) | 4670 | 780450 |
|  **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (The) (Class A Stock)\*(a) | 19357 | 828673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 13266 | 3084765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.(a) | 1980 | 958122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 5373 | 3488874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc. (Class A Stock)\*(a) | 34488 | 739423 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 12265 | 885779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 80800 | 3424389 |
|  |  | 13410025 |
|  **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 84500 | 5444809 |
|  **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. (India), ADR(a) | 127477 | 2362149 |
|  **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp.(a) | 12189 | 887603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 17387 | 960458 |
|  |  | 1848061 |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 4482 | 3205363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\*(a) | 2135 | 670091 |
|  |  | 3875454 |
|  **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 133405 | 2156626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 117115 | 836201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 4137 | 857683 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 3386 | 1302933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 9664 | 683051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 98611 | 2774679 |
|  |  | 8611173 |

---

A87

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GMK Norilskiy Nickel PAO (Russia)\*^ | 143900 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; GMK Norilskiy Nickel PAO (Russia), ADR\*^ | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnitogorsk Iron & Steel Works PJSC (Russia)^ | 112615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO (Russia), GDR\*^ | 11949 | 2 |
|  |  | 2 |
|  **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 93966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208464 |
|  **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 7845 | 862244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (Russia)\*^ | 165440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek PJSC (Russia)^ | 5822 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil Co. PJSC (Russia)^ | 30688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 178688 | 6234345 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 39523 | 976613 |
|  |  | 8073203 |
|  **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 26332 | 3196102 |
|  **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\*(a) | 46057 | 765007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 5062 | 917184 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 60041 | 3244537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\*(a) | 38716 | 982999 |
|  |  | 5909727 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 137407 | 1521096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 254400 | 2462867 |
|  |  | 3983963 |
|  **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 13206 | 570235 |
|  **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 26030 | 889966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 63225 | 2697940 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 9925 | 1422153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 20774 | 1161266 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea) | 13990 | 3014588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 90000 | 3291242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 21473 | 4863420 |
|  |  | 17340575 |
|  **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings,<br>Inc.\*(a) | 76225 | 717277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\* | 36629 | 803274 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\* | 17318 | 484384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 4400 | 628628 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 6384 | 868799 |
|  |  | 3502362 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 23373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993353 |
|  **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Claire's Private Placement\*^ | &nbsp;&nbsp;&nbsp;&nbsp; Claire's Private Placement\*^ | 313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 3458 | 453621 |
|  |  |  | 453621 |
|  **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 4320 | 1004184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 26930 | 1625226 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 60200 | 3152374 |
|  |  |  | 5781784 |
|  **TOTAL COMMON STOCKS**<br> (cost $226,443,828) | **TOTAL COMMON STOCKS**<br> (cost $226,443,828) |  | 249601947 |
|  **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |
|  **Specialty Retail** | **Specialty Retail** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Claire's Stores, Inc., CVT\*^ | &nbsp;&nbsp;&nbsp;&nbsp; Claire's Stores, Inc., CVT\*^ | 331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $68,752) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $68,752) |  |  |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 40.9%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 40.9%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 40.9%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 40.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | 1541438 | 132671569 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | 1858236 | 121714458 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF | 7985697 | 513799745 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF | 1198330 | 60731364 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $811,665,416) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $811,665,416) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $811,665,416) | 828917136 |
|  |  | Principal<br>Amount<br>(000)# |  |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |
|  **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** |
|  Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.646%(c) | 06/30/26^ | 205 | 143538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 11.646% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.646%(c) | 06/30/26^ | 139 | 31414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.045%(c) | 06/30/26^ | 6 | 5873 |
|  |  |  | 180825 |
|  **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
|  Claire's Stores, Inc., | Claire's Stores, Inc., | Claire's Stores, Inc., | Claire's Stores, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 6 Month SOFR + 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 6 Month SOFR + 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 6 Month SOFR + 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 6 Month SOFR + 6.600% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.731%(c) | 12/18/26^ | 541 | 243462 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $836,026) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $836,026) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $836,026) | 424287 |

---

A88

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Maturity**<br> **Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATION(k) — 2.1%** | **U.S. TREASURY OBLIGATION(k) — 2.1%** | **U.S. TREASURY OBLIGATION(k) — 2.1%** | **U.S. TREASURY OBLIGATION(k) — 2.1%** |
|  U.S. Treasury Notes | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/31/26 | 42562 | $42562000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $42,564,223) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $42,564,223) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,676,542,867) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,676,542,867) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,676,542,867) | 1755495313 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS — 14.2%** | **SHORT-TERM INVESTMENTS — 14.2%** | **SHORT-TERM INVESTMENTS — 14.2%** | **SHORT-TERM INVESTMENTS — 14.2%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 267688714 | 267688714 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $20,485,973; includes $20,423,088 of cash collateral for securities on<br>loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $20,485,973; includes $20,423,088 of cash collateral for securities on<br>loan)(b)(wa) | 20500791 | 20486440 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $288,174,687) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $288,174,687) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $288,174,687) | 288175154 |
|  **TOTAL INVESTMENTS—100.7%**<br> (cost $1,964,717,554) | **TOTAL INVESTMENTS—100.7%**<br> (cost $1,964,717,554) | **TOTAL INVESTMENTS—100.7%**<br> (cost $1,964,717,554) | 2043670467 |
|  **Liabilities in excess of other assets(z) — (0.7)%** | **Liabilities in excess of other assets(z) — (0.7)%** | **Liabilities in excess of other assets(z) — (0.7)%** | (13553174) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $2030117293 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $424,373 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $19,946,383; cash collateral of $20,423,088 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br> **Date** | Current<br>Notional<br>Amount | **Value /**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| Long Positions: | Long Positions: |  |  |  |
| 609 | 5 Year U.S. Treasury Notes | Sep. 2025 | $66381000 | $937072 |
| 620 | 10 Year Australian Treasury Bonds | Sep. 2025 | 46770733 | 650669 |
| 170 | 10 Year U.K. Gilt | Sep. 2025 | 21708597 | 614627 |
| 880 | 10 Year U.S. Treasury Notes | Sep. 2025 | 98670000 | 1787759 |
| 245 | Euro-BTP Italian Government Bond | Sep. 2025 | 34920328 | 114529 |
| 129 | FTSE 100 Index | Sep. 2025 | 15563730 | (147593) |
| 797 | Mini MSCI EAFE Index | Sep. 2025 | 106865745 | 2137722 |
| 113 | S&P 500 E-Mini Communication Services Sector Index | Sep. 2025 | 16174538 | 792184 |
| 269 | S&P 500 E-Mini Financials Sector Index | Sep. 2025 | 43803960 | 1725092 |
| 974 | S&P 500 E-Mini Index | Sep. 2025 | 304557625 | 8009211 |
| 66 | S&P 500 E-Mini Technology Sector Index | Sep. 2025 | 17012160 | 710027 |
| 176 | S&P 500 E-Mini Utilities Sector Index | Sep. 2025 | 14615040 | 195005 |
| 195 | TOPIX Index | Sep. 2025 | 38666887 | 890445 |
|  |  |  |  | 18416749 |
| Short Positions: | Short Positions: |  |  |  |
| 81 | 10 Year Japanese Government Bonds | Sep. 2025 | 78196035 | (214052) |
| 169 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 20132125 | (481424) |
| 58 | ASX SPI 200 Index | Sep. 2025 | 8147009 | (15336) |
| 416 | DJ US Real Estate Index | Sep. 2025 | 15096640 | 28163 |
| 815 | Mini MSCI Emerging Markets Index | Sep. 2025 | 50265125 | (775856) |
| 891 | Russell 2000 E-Mini Index | Sep. 2025 | 97640235 | (2232168) |
| 228 | S&P 500 E-Mini Consumer Staples Sector Index | Sep. 2025 | 18775800 | (128141) |
| 219 | S&P 500 E-Mini Materials Sector Index | Sep. 2025 | 20557530 | (120892) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A89

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br> **Date** | Current<br>Notional<br>Amount | **Value /**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| Short Positions (cont'd): | Short Positions (cont'd): |  |  |  |
| 35 | S&P/TSX 60 Index | Sep. 2025 | $8224711 | $(83843) |
|  |  |  |  | (4023549) |
|  |  |  |  | $14393200 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | AUD | 11693 | $7663816 | $7699101 | $35285 | $— |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | GBP | 8053 | 10892181 | 11055309 | 163128 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | EUR | 13018 | 14996464 | 15357933 | 361469 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | NZD | 11797 | 7087652 | 7196302 | 108650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | NZD | 13097 | 7953296 | 7988977 | 35681 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | NOK | 411630 | 41341242 | 40844272 |  | (496970) |
|  |  |  |  | $89934651 | $90141894 | 704213 | (496970) |
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093135 | $14569864 | $14572946 | $— | $(3082) |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 142663 | 14965161 | 15101870 |  | (136709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | SEK | 141462 | 14968296 | 14974728 |  | (6432) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CHF | 29842 | 36831075 | 37719814 |  | (888739) |
|  |  |  |  | $81334396 | $82369358 |  | (1034962) |
|  |  |  |  |  |  | $704213 | $(1531932) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  GS | $– | $30708000 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Mutual Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $633989943 | $— | $— |  |
|  Common Stocks | 112323633 | 137278228 | 86 |  |
|  Preferred Stock |  |  |  | \*\* |
|  Unaffiliated Exchange-Traded Funds | 828917136 |  |  |  |
|  Floating Rate and Other Loans |  |  | 424287 |  |
|  U.S. Treasury Obligation |  | 42562000 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 288175154 |  |  |  |
|  **Total** | $1863405866 | $179840228 | $424373 |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Futures Contracts | $18592505 | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 704213 |  |  |
|  **Total** | $18592505 | $704213 | $— |  |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts | $(4199305) | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (1531932) |  |  |
|  **Total** | $(4199305) | $(1531932) | $— |  |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.0% represents investments purchased with collateral from securities on loan) | 45.4 |
|  Unaffiliated Exchange-Traded Funds | 40.9 |
|  U.S. Treasury Obligation | 2.1 |
|  Banks | 1.9 |
|  Semiconductors & Semiconductor Equipment | 0.8 |
|  Capital Markets | 0.7 |
|  Insurance | 0.7 |
|  Hotels, Restaurants & Leisure | 0.6 |
|  Chemicals | 0.5 |
|  Machinery | 0.4 |
|  Oil, Gas & Consumable Fuels | 0.4 |
|  Building Products | 0.3 |
|  Aerospace & Defense | 0.3 |
|  Professional Services | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Interactive Media & Services | 0.3 |
|  Food Products | 0.3 |
|  Household Durables | 0.3 |
|  Health Care Equipment & Supplies | 0.3 |
|  Diversified Telecommunication Services | 0.2 |
|  Commercial Services & Supplies | 0.2 |

---

---

| | |
|:---|:---|
|  Consumer Staples Distribution & Retail | 0.2 |
|  Health Care Providers & Services | 0.2 |
|  Ground Transportation | 0.2 |
|  Beverages | 0.2 |
|  Industrial Conglomerates | 0.2 |
|  Real Estate Management & Development | 0.2 |
|  Life Sciences Tools & Services | 0.2 |
|  Construction & Engineering | 0.2 |
|  Software | 0.2 |
|  Electrical Equipment | 0.2 |
|  Pharmaceuticals | 0.2 |
|  Broadline Retail | 0.2 |
|  Electric Utilities | 0.1 |
|  Electronic Equipment, Instruments & Components | 0.1 |
|  Automobile Components | 0.1 |
|  IT Services | 0.1 |
|  Automobiles | 0.1 |
|  Multi-Utilities | 0.1 |
|  Leisure Products | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Hotel & Resort REITs | 0.1 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Construction Materials | 0.1% |
|  Specialized REITs | 0.0 \* |
|  Containers & Packaging | 0.0 \* |
|  Financial Services | 0.0 \* |
|  Industrial REITs | 0.0 \* |
|  Retail REITs | 0.0 \* |
|  Specialty Retail | 0.0 \* |
|  Retail | 0.0 \* |

---

---

| | |
|:---|:---|
|  Foods | 0.0 |
|  Metals & Mining | 0.0 \* |
|  | 100.7 |
|  Liabilities in excess of other assets | (0.7) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br>**value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Equity contracts | Due from/to broker-variation<br>margin futures | $14487849 \* | Due from/to broker-variation<br>margin futures | $3503829 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>forward foreign currency<br>exchange contracts | 704213 | Unrealized depreciation on OTC<br>forward foreign currency<br>exchange contracts | 1531932 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 4104656 \* | Due from/to broker-variation<br>margin futures | 695476 \* |
|  |  | $19296718 |  | $5731237 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
|  |  | Forward |
|  |  | & Cross |
|  |  | Currency |
| Derivatives not accounted for as hedging |  | Exchange |
| **instruments, carried at fair value** | Futures | Contracts |
|  Equity contracts | $(6156799) | $— |
|  Foreign exchange contracts |  | (960697) |
|  Interest rate contracts | 1749521 |  |
|  **Total** | $(4407278) | $(960697) |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
|  |  | Forward |
|  |  | & Cross |
| Derivatives not accounted for |  | Currency |
| as hedging instruments, |  | Exchange |
| **carried at fair value** | Futures | Contracts |
|  Equity contracts | $25735082 | $— |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A92

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| <br>**Derivatives not accounted for**<br>**as hedging instruments,**<br>**carried at fair value** |<br><br>**Futures** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** |
|  Foreign exchange contracts | $— | $(974592) |
|  Interest rate contracts | 5358974 |  |
|  **Total** | $31094056 | $(974592) |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $953231215 |
|  Futures Contracts - Short Positions (1) | 350801472 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 105081570 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 133881732 |
|  Cross Currency Exchange Contracts (3) | 12587188 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

(3) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | Gross Market |  |  |
|  | Value of |  |  |
|  | Recognized | Collateral | Net |
| Description | Assets/(Liabilities) | Pledged/(Received)(2) | Amount |
|  Securities on Loan | $19946383 | $(19946383) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Gross Amounts of | Gross Amounts of | Net Amounts of | | |
|  | Recognized | Recognized | Recognized | Collateral | |
| **Counterparty** | Assets(1) | Liabilities(1) | Assets/(Liabilities) | Pledged/(Received)(2) | Net Amount |
|  BARC | $668532 | $(3082) | $665450 | $— | $665450 |
|  CITI | 35681 | (1528850) | (1493169) |  | (1493169) |
|  | $704213 | $(1531932) | $(827719) | $— | $(827719) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A93

------

<br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $19,946,383: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,081,578,245) | $1121505370.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $883,139,309) | 922165097.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2027.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $330,955) | 336493.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 4124862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 1844669.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1660091.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1002905.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 704213.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 163353.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 4979.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 4152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2053518211.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 20423088.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 1531932.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 708299.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 334766.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 254529.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 82645.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 64053.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 638.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax liability accrued | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 23400918.0 |
|  **NET ASSETS** | $2030117293.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2030117293.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, $2,030,117,293 / 80,514,354 outstanding shares of beneficial interest | $25.21 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $3,623 foreign withholding tax, of which $38,207 is reimbursable by an affiliate) | $8262919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 5130671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 639987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $47,315) | 194496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 14228073 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 6938944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 2505034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 207419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 41395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 20748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 38306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9804181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (1919322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7884859 |
|  **NET INVESTMENT INCOME (LOSS)** | 6343214 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $7,307,188) (net of foreign capital gains taxes $3,372) | 2626956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (4407278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (960697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (12502) |
|  | (2753521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $16,144,695) (net of change in foreign capital gains taxes $(4160)) | 75717504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 31094056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (974592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 140825 |
|  | 105977793 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 103224272 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $109567486 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6343214 | $22212188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (2753521) | 381145185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received |  | 7381705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 105977793 | (198837960) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 109567486 | 211901118 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,719,187 and 2,748,546 shares, respectively] | 64447557 | 63797728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [11,494,089 and 19,270,066 shares, respectively] | (267759270) | (444396969) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (203311713) | (380599241) |
|  **TOTAL INCREASE (DECREASE)** | (93744227) | (168698123) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2123861520 | 2292559643 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2030117293 | $2123861520 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A94

------

<br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months Ended<br>June 30, 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $23.79 | $21.67 | $19.02 | $22.91 | $20.38 | $18.01 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.08 | 0.23 | 0.26 | 0.20 | 0.12 | 0.17 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.34 | 1.89 | 2.39 | (4.09) | 2.41 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.42 | 2.12 | 2.65 | (3.89) | 2.53 | 2.37 |
|  Net Asset Value, end of period | $25.21 | $23.79 | $21.67 | $19.02 | $22.91 | $20.38 |
|  **Total Return<sup>(b)</sup>** | 5.97% | 9.83% | 13.88% | (16.98)% | 12.41% | 13.16% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $2030 | $2124 | $2293 | $2163 | $3376 | $3341 |
|  Average net assets (in millions) | $2021 | $2272 | $2196 | $2612 | $3416 | $2893 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.79 %<sup>(d)</sup> | 0.96% | 0.99% | 1.03% | 1.04 %<sup>(e)</sup> | 1.06 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.98 %<sup>(d)</sup> | 1.04% | 1.04% | 1.04% | 1.04 %<sup>(e)</sup> | 1.06 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.63 %<sup>(d)</sup> | 0.98% | 1.30% | 1.00% | 0.56% | 0.94% |
|  Portfolio turnover rate<sup>(f)</sup> | 19% | 105% | 76% | 136% | 113% | 138% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The expense ratio includes interest and dividend expenses on securities sold short and broker fees and expenses on short sales of 0.01% and 0.01% for the years ended December 31, 2021 and 2020, respectively.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A95

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **LONG-TERM INVESTMENTS — 79.1%** | **LONG-TERM INVESTMENTS — 79.1%** | **LONG-TERM INVESTMENTS — 79.1%** |
|  **AFFILIATED MUTUAL FUNDS — 10.4%** | **AFFILIATED MUTUAL FUNDS — 10.4%** | **AFFILIATED MUTUAL FUNDS — 10.4%** |
|  **Domestic Equity — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 164656 | $&nbsp;&nbsp;&nbsp;&nbsp;12895834 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio\* | 350622 | 46110263 |
|  |  | 59006097 |
|  **Fixed Income — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 14872614 | 171183791 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 775519 | 5839655 |
|  |  | 177023446 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $216,589,938)(wa) |  | 236029543 |
|  **COMMON STOCKS — 31.9%** |  |  |
|  **Aerospace & Defense — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 10546 | 2206231 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 4300 | 371262 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 24933 | 647083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 4000 | 838120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 300 | 146565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA (France) | 176 | 62229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 418 | 186191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 16915 | 962633 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 1800 | 524988 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 3400 | 875126 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 2000 | 656000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 5796 | 1078809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA (Norway) | 17316 | 671548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 4451 | 251156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 1200 | 555768 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 234 | 103955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp.(a) | 2612 | 1305948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 1420 | 3007132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 127972 | 1695968 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 1200 | 175224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 4815 | 269223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 8048 | 2624648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 116500 | 714341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 2753 | 812891 |
|  |  | 20743039 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 18188 | 842465 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 2392 | 573732 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 2900 | 659199 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 2400 | 242256 |
|  |  | 2317652 |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 17000 | 217471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 4100 | 279702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 29706 | 1104891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG (Germany) | 2735 | 238705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 1500 | 142470 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Automobile Components (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 20100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431012 |
|  |  | 2414251 |
|  **Automobiles — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 71044 | 1106157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 3176 | 1555957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 19700 | 213745 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 16800 | 826728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 80800 | 779143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 10800 | 136814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 8956 | 332422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 21116 | 1230221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 51536 | 516191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 39600 | 477427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\*(a) | 10201 | 3240450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 94500 | 1627573 |
|  |  | 12042828 |
|  **Banks — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 16633 | 454180 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 192737 | 1590630 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 55857 | 1071158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 75545 | 1163262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 195620 | 1619905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 35195 | 676028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 18545 | 345040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 20400 | 965328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 538170 | 2486760 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 32727 | 2935668 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 170500 | 742228 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 219729 | 1903910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 7300 | 621376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 5800 | 135604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 4480 | 141178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 20766 | 2527394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 17005 | 321705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 11884 | 485388 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 14040 | 495641 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | 29034 | 802923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. (Hong Kong) | 7800 | 117048 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 357918 | 4329445 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. (India), ADR(a) | 16593 | 558189 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 127299 | 2790100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 242941 | 1399440 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 8300 | 2406253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 875425 | 920526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 227300 | 3098915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 23200 | 644030 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 20020 | 518874 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 156095 | 1096248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 64060 | 950504 |

---

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 38676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 21500 | 275701 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 4300 | 801606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 80300 | 741636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)^ | 151076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 13034 | 745600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 31864 | 527303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 74500 | 1875982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. (Japan) | 4500 | 119688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 36170 | 484218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 21225 | 562172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 17600 | 756624 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 26007 | 1176817 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 21908 | 1469663 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (Singapore) | 4700 | 133027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 2400 | 131040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 25913 | 2076150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 12765 | 284488 |
|  |  | 53007228 |
|  **Beverages — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 17756 | 1221619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan) | 45100 | 602858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S (Denmark) (Class B Stock) | 312 | 44205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 17100 | 1209825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom) | 10025 | 929518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 10716 | 559832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 26945 | 679448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 12600 | 416556 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1100 | 145244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 838 | 83592 |
|  |  | 5892697 |
|  **Biotechnology — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10471 | 1943627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 900 | 293481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.(a) | 3500 | 977235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 1405 | 777784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 1165 | 642171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1600 | 200944 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 2100 | 115437 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 5297 | 836717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 11400 | 502455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 2185 | 453756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 5100 | 565437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 300 | 50682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 539 | 282975 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 7700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 792 | 352598 |
|  |  | 8229650 |
|  **Broadline Retail — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 7320 | 830161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 42105 | 9237416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 9300 | 278628 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 1400 | 104244 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 671 | 1753746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 5532 | 944833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 9700 | 333632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 25991 | 1458264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. (Australia) | 1453 | 81088 |
|  |  | 15022012 |
|  **Building Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. (Japan) | 8300 | 243486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 18846 | 1379339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 15173 | 1782452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. (Japan) | 400 | 46954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Switzerland) | 850 | 669413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 13800 | 190440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 3600 | 495072 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 8050 | 377322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 1615 | 706417 |
|  |  | 5890895 |
|  **Capital Markets — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 18327 | 1037166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 1496 | 798460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 6830 | 553611 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. (Australia) | 1499 | 68827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 10200 | 929322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 1361 | 203578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 27100 | 192465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 28523 | 845577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (Germany) | 539 | 176086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (Netherlands), 144A | 5768 | 988301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR | 4557 | 563200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 1000 | 707750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 27718 | 1490856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 3500 | 642145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 29800 | 469946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 14700 | 570948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 2911 | 197467 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 300 | 67002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 9690 | 1364933 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 300 | 173022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 7600 | 679592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 126100 | 830961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 72 | 94200 |

---

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Capital Markets (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 4200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 3300 | 308979 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 2400 | 1265496 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 15500 | 540100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 37000 | 433241 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. (Canada) | 10021 | 424756 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 45810 | 1555331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 1400 | 62706 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 20970 | 423594 |
|  |  | 19303772 |
|  **Chemicals — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 5964 | 1229784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA (France) | 682 | 50361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 112500 | 800861 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE (Germany) | 870 | 43030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 4200 | 232386 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG (Switzerland) | 566 | 60214 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 6500 | 445835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 2500 | 673600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 25 | 121238 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 14179 | 422752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 1400 | 656852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 23700 | 124568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. (Japan) | 2800 | 105956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. (Japan) | 13400 | 258774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 3929 | 282090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 7300 | 146657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 31860 | 409097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 15800 | 521747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG (Switzerland) | 23 | 6258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA (Belgium) | 1540 | 53341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 8752 | 322972 |
|  |  | 6968373 |
|  **Commercial Services & Supplies — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 33773 | 521583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 1100 | 245157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 12000 | 182158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 12090 | 181016 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 5800 | 157569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 6600 | 666270 |
|  |  | 1953753 |
|  **Communications Equipment — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 7400 | 757094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 22100 | 1533298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 141547 | 734435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 69462 | 593575 |
|  |  | 3618402 |
|  **Construction & Engineering — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicios SA (Spain)(a) | 4107 | 285468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 8435 | 381471 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Construction & Engineering (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 4131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 8187 | 436717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 3000 | 78245 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 1100 | 187473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 13347 | 310913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 12004 | 1770234 |
|  |  | 4030981 |
|  **Construction Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 8478 | 422912 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (XLON) | 11782 | 1087593 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (NYSE) | 6700 | 615060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 2632 | 619828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 10003 | 742814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 3193 | 832798 |
|  |  | 4321005 |
|  **Consumer Finance — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 2700 | 105165 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 3975 | 1267946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 4800 | 1021248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 9000 | 600660 |
|  |  | 2995019 |
|  **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 5373 | 75793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 47098 | 645813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1170 | 1158230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 2100 | 207984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 45830 | 120974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Finland) (Class B Stock) | 12457 | 307242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 15784 | 659242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 3800 | 272574 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 31600 | 650029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. (Japan) | 14100 | 226944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 6700 | 660955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 304251 | 1677495 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 6600 | 508266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 21630 | 2114981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. (Australia) | 6044 | 123804 |
|  |  | 9410326 |
|  **Containers & Packaging — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 300 | 52641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 3500 | 360430 |
|  |  | 413071 |
|  **Distributors — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 550 | 118442 |
|  **Diversified Consumer Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 100 | 41002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 600 | 113400 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 1400 | 76846 |
|  |  | 231248 |
|  **Diversified REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 4096 | 259703 |

---

A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Diversified REITs (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc.(a) | 113968 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636719 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 38491 |  | 122886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 277103 |  | 402065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 92996 |  | 328659 |
|  |  |  | 4750032 |
|  **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 43100 |  | 1247314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 76767 |  | 2809949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 2275 |  | 126448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 139985 |  | 682873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA (France) | 58821 |  | 895737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP (Belgium) | 36774 |  | 358716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG (Switzerland) | 3 |  | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA (Norway) | 16540 |  | 257564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 113999 |  | 410035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 386320 |  | 1231829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 5700 |  | 246639 |
|  |  |  | 8269234 |
|  **Electric Utilities — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 2400 |  | 145128 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 6300 |  | 653688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 25400 |  | 314311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1000 |  | 322760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 153381 |  | 1455694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 2920 |  | 242710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 89069 |  | 1713512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 34700 |  | 411536 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 11844 |  | 822210 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 5300 |  | 851074 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 8300 |  | 368354 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 15025 |  | 209449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 7174 |  | 658788 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC (United Kingdom) | 17014 |  | 428415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 36788 |  | 378216 |
|  |  |  | 8975845 |
|  **Electrical Equipment — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 32547 |  | 1950504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 4008 |  | 1430816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 1900 |  | 253327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 7738 |  | 356350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 7000 |  | 368238 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 1700 |  | 899555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 2901 |  | 388817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 24100 |  | 518366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. (Japan) | 9200 |  | 178784 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 3500 |  | 256375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 2000 |  | 664340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 7065 |  | 1896846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 17626 |  | 2060143 |
|  |  |  | 11222461 |
|  **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 1500 |  | 148125 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 4400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 21015 | 923696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 3069 | 1227073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 15300 | 183759 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 19300 | 225280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 4400 | 162360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. (Japan) | 3200 | 85484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 2000 | 616720 |
|  |  | 3803893 |
|  **Energy Equipment & Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 29373 | 1126161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 15100 | 510380 |
|  |  | 1636541 |
|  **Entertainment — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. (Japan) | 4700 | 160512 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA (Germany) | 2277 | 283146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. (Japan) | 5000 | 790509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 1840 | 2463999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 13857 | 1330686 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp. (Class A Stock)\* | 3400 | 357680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 12833 | 2052510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 3793 | 2910521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV (Netherlands) | 5961 | 193378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 17686 | 2193241 |
|  |  | 12736182 |
|  **Financial Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 595 | 1092740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 11256 | 193977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\*(a) | 5900 | 2866043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 8060 | 250348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 600 | 60828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 700 | 56987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 4100 | 328164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 2167 | 78778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 16279 | 482402 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 119819 | 423526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 6114 | 3435701 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 28000 | 631867 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 9600 | 713472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA (Belgium) | 336 | 111132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 6500 | 2307825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. (Australia) | 10653 | 294508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise PLC (United Kingdom) (Class A Stock)\* | 16967 | 242380 |
|  |  | 13570678 |
|  **Food Products — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. (Japan) | 20400 | 553313 |

---

A99

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Food Products (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Switzerland) | 7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 24000 | 491280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 3912 | 320093 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 3500 | 181335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 2600 | 78650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 3600 | 488232 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 1400 | 137480 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV (Netherlands) | 15779 | 450720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 7001 | 472148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 33891 | 3369659 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 621000 | 598515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. (China) | 182500 | 411954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan) | 26200 | 586488 |
|  |  | 8257842 |
|  **Gas Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 4700 | 398137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 9500 | 243674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 38583 | 233570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 13200 | 439060 |
|  |  | 1314441 |
|  **Ground Transportation — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 20200 | 451563 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 14345 | 468077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 2100 | 333900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. (Japan) | 30655 | 356722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 12500 | 1166250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 4200 | 966336 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 17884 | 408848 |
|  |  | 4151696 |
|  **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 9800 | 1332898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 1949 | 172843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 2900 | 87812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 4300 | 461863 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 3800 | 60344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 5400 | 471366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 5804 | 453931 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 3538 | 971509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 25867 | 568162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge AB (Sweden) (Class B Stock) | 4620 | 92819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 10600 | 1258878 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 300 | 160902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 700 | 219926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 1100 | 597751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 12136 | 1057895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. (Japan) | 12900 | 153230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A | 2618 | 145337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 23106 | 353851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG (Switzerland) | 6 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 1300 | 312286 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 6300 | 115617 |
|  |  | 9856907 |
|  **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 4200 | 705600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 9000 | 488520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 2600 | 859508 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 2200 | 151756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 200 | 77792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 1400 | 171682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 11501 | 660792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 3043 | 153132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 500 | 122240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 900 | 236259 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 600 | 439668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 26701 | 471305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 1600 | 281600 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1700 | 530349 |
|  |  | 5350203 |
|  **Health Care REITs — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc.(a) | 133286 | 4896928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 195170 | 1352528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc.(a) | 130985 | 2077422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 12500 | 218875 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 29050 | 2036986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 3500 | 221025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 99167 | 15244943 |
|  |  | 26048707 |
|  **Health Care Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. (Australia) | 1747 | 326924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 600 | 172788 |
|  |  | 499712 |
|  **Hotel & Resort REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc.(a) | 15007 | 1480741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 191351 | 1660926 |
|  |  | 3141667 |
|  **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA (France) | 935 | 49002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 6118 | 516867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 5302 | 227163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 250 | 1447310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 8699 | 488449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 64583 | 2187556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 3500 | 762895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE (South Korea), 144A\* | 1665 | 45192 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 300 | 73953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 14747 | 182651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 120749 | 371883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (Sweden), 144A | 2718 | 215872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 2500 | 421700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 69000 | 307574 |

---

A100

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 3645 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416752 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\* | 5235 |  | 513135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 2024 |  | 552977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 3300 |  | 238623 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 4047 |  | 1182412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. (Japan) | 19600 |  | 451423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 800 |  | 250512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 3152 |  | 193994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 4600 |  | 681628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. (Japan) | 1200 |  | 72631 |
|  |  |  | 11852154 |
|  **Household Durables — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC (United Kingdom) | 22353 |  | 139974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 213747 |  | 540625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 1000 |  | 208720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 50300 |  | 538176 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 600 |  | 63276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 17200 |  | 378561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 98700 |  | 2566232 |
|  |  |  | 4435564 |
|  **Household Products — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 7600 |  | 690840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 23795 |  | 658857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 1351 |  | 97982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 2000 |  | 257840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 5500 |  | 876260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 13394 |  | 912493 |
|  |  |  | 3494272 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 2700 |  | 86400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. (New Zealand) | 20076 |  | 72256 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 11450 |  | 478475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 1600 |  | 310096 |
|  |  |  | 947227 |
|  **Industrial Conglomerates — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 4800 |  | 730752 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 35000 |  | 215519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 45500 |  | 1322428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB (Sweden) (Class B Stock) | 4207 |  | 170496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 21200 |  | 383947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 13897 |  | 3569558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC (United Kingdom) | 16581 |  | 511430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 5000 |  | 42861 |
|  |  |  | 6946991 |
|  **Industrial REITs — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 6200 |  | 103106 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 73722 |  | 3548240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group (Australia) | 10865 |  | 244948 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Industrial REITs (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 102785 | $&nbsp;&nbsp;&nbsp;&nbsp;10804759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 58082 | 543714 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 78340 | 2842175 |
|  |  | 18086942 |
|  **Insurance — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 12263 | 550689 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 150600 | 1364202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 4608 | 1870081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 3500 | 704585 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 3800 | 325242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 200 | 71352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 2842 | 909781 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 15595 | 1036219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC (United Kingdom) | 19081 | 162222 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 66596 | 3270199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 900 | 93438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 3000 | 869160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 43900 | 333754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 256 | 462088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 1900 | 106514 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 1700 | 104363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE (Germany) | 374 | 117852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. (Australia) | 22054 | 131112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. (Japan) | 51600 | 477930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 3300 | 721512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Private Ltd. (Australia) | 51869 | 172252 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 8400 | 675528 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 8500 | 190023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 3430 | 2227217 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 8064 | 536571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 51024 | 461621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 15206 | 326714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 2000 | 158860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 2700 | 720522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 80592 | 1008710 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 120590 | 1856981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ (Finland) (Class A Stock) | 20154 | 216908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 13000 | 391752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 3301 | 47045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Switzerland) | 4 | 4049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 3258 | 563592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 5958 | 772405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 11500 | 487382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 1775 | 474884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 28887 | 572100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 1000 | 80760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 2052 | 1435832 |
|  |  | 27064003 |

---

A101

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Interactive Media & Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 28095 | $4951182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 17800 | 3157542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\* | 3228 | 44385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 11110 | 8200180 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 1939 | 307058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 4241 | 585465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 4952 | 319085 |
|  |  | 17564897 |
|  **IT Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 800 | 239112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 800 | 63808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 1430 | 244868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 9900 | 772497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 18500 | 448799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 1300 | 525486 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1400 | 412692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 3100 | 130076 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 39200 | 1143662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 2700 | 107993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 8700 | 338300 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. (Japan) | 24700 | 744154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\*(a) | 7910 | 912419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 4400 | 984588 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 7800 | 261375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 1300 | 161668 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 200 | 57760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel)\* | 700 | 110922 |
|  |  | 7660179 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 3400 | 121853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 1500 | 110730 |
|  |  | 232583 |
|  **Life Sciences Tools & Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 2200 | 434588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 1925 | 137186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 1251 | 894669 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 9126 | 439687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 955 | 228496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2200 | 892012 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 400 | 87520 |
|  |  | 3114158 |
|  **Machinery — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB (Sweden) | 1713 | 72149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 5400 | 512946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 41854 | 976912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 20582 | 292935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 200 | 77642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 1300 | 246857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 500 | 163750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 1893 | 962572 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Machinery (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 2500 | $458075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 4994 | 95748 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 9100 | 247040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 4100 | 214635 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 4015 | 281452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 24100 | 795144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 1278 | 84196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 9100 | 280261 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 26600 | 388991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 33500 | 838317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1500 | 148530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 600 | 419082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 5100 | 523566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 8589 | 197224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 400 | 145315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) (Part. Cert.) | 734 | 273320 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 600 | 215017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 12719 | 357882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 27628 | 652970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 149400 | 260718 |
|  |  | 10183246 |
|  **Marine Transportation — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class A Stock) | 50 | 92248 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class B Stock) | 139 | 258498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 9300 | 131707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG (Switzerland) | 8 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 8000 | 267198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 7300 | 262617 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 118000 | 378307 |
|  |  | 1392308 |
|  **Media — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\* | 200 | 81762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 19200 | 685248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 4077 | 460476 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 68295 | 480864 |
|  |  | 1708350 |
|  **Metals & Mining — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 4156 | 494273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 7706 | 227157 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 11298 | 358760 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 73000 | 1756205 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. (Australia) | 30600 | 466299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 7110 | 222184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 24432 | 127200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 50580 | 508442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 14300 | 619905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 224167 | 873499 |

---

A102

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Metals & Mining (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 54206 | $| 407217 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 16700 |  | 194265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 2300 |  | 133998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 23200 |  | 438757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 21543 |  | 266102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 1400 |  | 181356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 4956 |  | 350837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 17864 |  | 1039758 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 52260 |  | 99863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa)\* | 912 |  | 40059 |
|  |  |  | 8806136 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 10200 |  | 115158 |
|  **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 2300 |  | 159344 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 1300 |  | 172198 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 89975 |  | 1657847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 53544 |  | 1258434 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 91901 |  | 1348984 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 14600 |  | 588964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. (Singapore) | 51900 |  | 279590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 1500 |  | 113655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 26487 |  | 945635 |
|  |  |  | 6524651 |
|  **Office REITs — 0.3%** | **Office REITs — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.(a) | 7752 |  | 523027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 320524 |  | 878236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. (Class A Stock) | 167266 |  | 1219369 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp.(a) | 66892 |  | 4140615 |
|  |  |  | 6761247 |
|  **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 19080 |  | 402267 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 110801 |  | 552043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 59551 |  | 810340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 400 |  | 97408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 8500 |  | 1217115 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 5800 |  | 520492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 9200 |  | 292652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 400 |  | 54960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 12441 |  | 564150 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 80500 |  | 399025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 12004 |  | 193914 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 6300 |  | 753543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 23841 |  | 602082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp.(a) | 22531 |  | 2428842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 14400 |  | 202135 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 7425 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 600 |  | 99666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 1800 |  | 214740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 9170 |  | 134124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 155334 |  | 5419534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 10959 |  | 771623 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 37704 | $2304569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 2300 | 309166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 12400 | 778844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 7240 | 111836 |
|  |  | 19235070 |
|  **Passenger Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 153463 | 722998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 205491 | 1451706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 4025 | 114172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. (Singapore) | 46800 | 256687 |
|  |  | 2545563 |
|  **Personal Care Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 3895 | 1668437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 33063 | 2017711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 16698 | 1019202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR | 10389 | 635495 |
|  |  | 5340845 |
|  **Pharmaceuticals — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 38400 | 375973 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 22854 | 3180572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 17192 | 517948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 18000 | 833220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 5600 | 292420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. (Japan) | 10600 | 245582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 33900 | 484092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 3111 | 2425118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 8425 | 1224622 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 60015 | 1144274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 22270 | 114460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 12883 | 351564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA (France) | 454 | 54079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 5600 | 855400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 15500 | 1226980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (Germany) | 575 | 74553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 29066 | 3527947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 32711 | 2266678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 9172 | 690042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 5700 | 282602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 24500 | 593880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA (Italy) | 728 | 45758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 12524 | 4088083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 4284 | 234778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 28055 | 2716109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 12114 | 585227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 4000 | 72009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 32700 | 1009547 |

---

A103

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Pharmaceuticals (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 3667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721511 |
|  |  | 30235028 |
|  **Professional Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 3300 | 1017720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\* | 25800 | 110940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 20386 | 534808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 1200 | 63426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 400 | 103748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 12347 | 636688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 1700 | 74817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 500 | 65725 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1700 | 81498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 600 | 108714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 17200 | 1011474 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 10060 | 545229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 2205 | 214166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV (Netherlands) | 578 | 96664 |
|  |  | 4665617 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 1400 | 152486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 7200 | 247412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. (Hong Kong) | 24000 | 84288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. (Hong Kong) | 9700 | 56001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 1100 | 74250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 2500 | 639450 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc. (China), ADR | 17732 | 314566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 9600 | 179972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 41700 | 403701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 3600 | 139030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 5000 | 57615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Switzerland) | 746 | 111992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 7559 | 267992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 1400 | 98070 |
|  |  | 2826825 |
|  **Residential REITs — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 35747 | 1289394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 500 | 56345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 68667 | 4634336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 26709 | 7569330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc.(a) | 9772 | 1446354 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 9714 | 396623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 190572 | 2837617 |
|  |  | 18229999 |
|  **Retail REITs — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp.(a) | 85088 | 6216529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 144387 | 3759838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 70916 | 1619012 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Retail REITs (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 4386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 25845 | 418172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 16832 | 969692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 19624 | 1397818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 162672 | 382070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 46175 | 7423093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 68929 | 1286215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 157311 | 256805 |
|  |  | 23902663 |
|  **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 1100 | 156090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 9400 | 696832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 4300 | 1023486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 2100 | 384447 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV (Netherlands) | 328 | 210405 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (SGMX) | 5156 | 4131693 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 453 | 363030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 24132 | 6651986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Japan) | 1100 | 325868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 17852 | 761781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 7200 | 700848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 1100 | 147467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 4300 | 332820 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. (Taiwan) | 10054 | 430800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 1400 | 98518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 5071 | 625001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 1365 | 386955 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 109949 | 17370842 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands)(a) | 4541 | 992163 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 5200 | 828152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan) | 21300 | 263512 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 3600 | 292721 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 22228 | 681555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 11121 | 2518795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 900 | 80928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 2600 | 539812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 5100 | 976698 |
|  |  | 41973205 |
|  **Software — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 500 | 193440 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 1600 | 560128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 1300 | 264017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 2400 | 742968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\* | 900 | 199125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 194 | 711350 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 4296 | 1747956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (France) | 2531 | 91728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 9000 | 264600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 2589 | 2039174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 36732 | 18270864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 800 | 251584 |

---

A104

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 1238 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 1400 |  | 107016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 12325 |  | 2694615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 900 |  | 107272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 5900 |  | 804288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 200 |  | 113368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 8752 |  | 150296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 5500 |  | 1499795 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 16298 |  | 4983594 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 1130 |  | 1161730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 3800 |  | 84778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (New Zealand)\* | 7228 |  | 855284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (Class A Stock)\* | 7200 |  | 561456 |
|  |  |  | 38670283 |
|  **Specialized REITs — 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 1000 |  | 221020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 4100 |  | 421193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 56775 |  | 9897586 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 80804 |  | 4707641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 11249 |  | 8948242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 19949 |  | 2941281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 62353 |  | 6395547 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 61054 |  | 1953117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 11407 |  | 3347042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc.(a) | 140272 |  | 5082055 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 77629 |  | 2530705 |
|  |  |  | 46445429 |
|  **Specialty Retail — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 40 |  | 148489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 7095 |  | 386472 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 4400 |  | 295724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 900 |  | 303264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 1400 |  | 480010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 500 |  | 65590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 2800 |  | 61068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 3400 |  | 1246576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 15006 |  | 782814 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 360815 |  | 440005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 127194 |  | 507962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 8637 |  | 1916291 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 4400 |  | 543356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 1200 |  | 561384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (Germany), 144A\* | 3883 |  | 128129 |
|  |  |  | 7867134 |
|  **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 68481 |  | 14050247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. (Japan) | 4000 |  | 116015 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 8200 |  | 177576 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 4200 |  | 102732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 2231 |  | 202317 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 14264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 188352 | 1449884 |
|  |  | 16729548 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 4273 | 997446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 9800 | 379848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 54400 | 1387221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 7737 | 939294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 8089 | 1530705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 572 | 1550615 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 2910 | 1523036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 17360 | 990241 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 8030 | 417961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 1838 | 323847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 3200 | 280992 |
|  |  | 10321206 |
|  **Tobacco — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 4200 | 246246 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 12823 | 609687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 30477 | 1204152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 11600 | 341729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 8500 | 1548105 |
|  |  | 3949919 |
|  **Trading Companies & Distributors — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB (Sweden) (Class B Stock) | 4492 | 153139 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 4400 | 514800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 5256 | 337047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 2692 | 589475 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 24700 | 1293416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 20800 | 419292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 108700 | 2172031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 24800 | 505423 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. (Japan) | 7600 | 149613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 32300 | 833557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 39200 | 887929 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 421 | 317181 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 330 | 343279 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 3000 | 555600 |
|  |  | 9071782 |
|  **Transportation Infrastructure — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 26183 | 698923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 14749 | 284715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV (Mexico), ADR | 582 | 133639 |
|  |  | 1117277 |
|  **Water Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 1700 | 236487 |

---

A105

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Water Utilities (cont'd.)** | **Water Utilities (cont'd.)** | **Water Utilities (cont'd.)** | **Water Utilities (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 40460 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635334 |
|  |  |  | 871821 |
|  **Wireless Telecommunication Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 56300 |  | 966704 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 7100 |  | 516213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 18578 |  | 271191 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 3200 |  | 762432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 477104 |  | 510716 |
|  |  |  | 3027256 |
|  **TOTAL COMMON STOCKS**<br> (cost $615,858,033) | **TOTAL COMMON STOCKS**<br> (cost $615,858,033) |  | 726427221 |
|  **PREFERRED STOCKS — 0.1%** |  |  |  |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 972 |  | 80720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 2025 |  | 214070 |
|  |  |  | 294790 |
|  **Household Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 5079 |  | 399126 |
|  **Life Sciences Tools & Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 1752 |  | 446231 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $1,119,509) | **TOTAL PREFERRED STOCKS**<br> (cost $1,119,509) |  | 1140147 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 14.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 14.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 14.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 14.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 1482500 |  | 51250025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 956200 |  | 64084524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Real Estate ETF | 1882700 |  | 44168142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund(a) | 25000 |  | 2120250 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares 0-3 Month Treasury Bond ETF | 399846 |  | 40260494 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF(a) | 338300 |  | 28241284 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 42000 |  | 26077800 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Gold Trust\*(a) | 152800 |  | 9528608 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF(a) | 33574 |  | 2707743 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF(a) | 46236 |  | 4282378 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 22441 |  | 2006001 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF(a) | 69400 |  | 13479562 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares S&P 500 Growth ETF(a) | 34110 |  | 3755511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 110946 |  | 22707318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF(a) | 143525 |  | 12782336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Short-Term Corporate Bond ETF(a) | 47300 |  | 3760350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | 86325 |  | 6356110 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $322,804,618) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $322,804,618) |  | 337568436 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **UNAFFILIATED FUNDS — 9.8%** | **UNAFFILIATED FUNDS — 9.8%** | **UNAFFILIATED FUNDS — 9.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AB Global Bond Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; AB Global Bond Fund, Inc. | 9083696 | &nbsp;&nbsp;&nbsp;&nbsp;63222524 |
| &nbsp;&nbsp;&nbsp;&nbsp; AQR Diversified Arbitrage Fund,<br>(Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; AQR Diversified Arbitrage Fund,<br>(Institutional Shares) | 1895445 | 24015294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calamos Market Neutral Income Fund, (R6 Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Calamos Market Neutral Income Fund, (R6 Shares) | 1304533 | 20050676 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Hedged Equity Fund, (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Hedged Equity Fund, (Institutional Shares) | 721564 | 23883763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merger Fund (The), (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Merger Fund (The), (Institutional Shares) | 2125110 | 37699450 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO TRENDS Managed Futures Strategy Fund, (Institutional Shares)\* | &nbsp;&nbsp;&nbsp;&nbsp; PIMCO TRENDS Managed Futures Strategy Fund, (Institutional Shares)\* | 832430 | 7991329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Market Neutral Income Fund, (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Victory Market Neutral Income Fund, (Institutional Shares) | 4339720 | 37972549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus AlphaSimplex Managed Futures Strategy Fund, (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Virtus AlphaSimplex Managed Futures Strategy Fund, (Institutional Shares) | 1097871 | 7904673 |
|  **TOTAL UNAFFILIATED FUNDS**<br> (cost $219,016,617) | **TOTAL UNAFFILIATED FUNDS**<br> (cost $219,016,617) |  | 222740258 |
|  |  | Units |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |  |
|  **Interactive Media & Services** | **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 6037 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# |  |
|  **ASSET-BACKED SECURITIES — 2.1%** | **ASSET-BACKED SECURITIES — 2.1%** | **ASSET-BACKED SECURITIES — 2.1%** |  |
|  **Collateralized Loan Obligations** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** |  |
|  Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/31/38 | 1500 | 1500117 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.979%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | EUR 2,500 | 2943400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/35 | EUR 2,000 | 2351223 |
|  Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.505%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/37 | EUR 1,500 | 1759408 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/32 | EUR 1,742 | 2048583 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.649%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/18/37 | 3250 | 3260093 |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.689%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/22/37 | 750 | 753000 |

---

A106

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.929%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175845 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/18/37 | 1500 | 1506033 |
|  Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.781%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/34 | 3750 | 3754833 |
|  Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.726%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/38 | 2500 | 2966576 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.698%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/34 | 2000 | 2002144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | 2500 | 2501806 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.636%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/06/37 | 3250 | 3263297 |
|  Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/18/37 | 2750 | 2758933 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.182%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/35 | 1250 | 1252302 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.148%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | 1470489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | 2500 | 2934867 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/20/37 | 1750 | 1749072 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.582%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/37 | 1000 | 1007938 |
|  Vibrant CLO Ltd. (Cayman Islands), | Vibrant CLO Ltd. (Cayman Islands), | Vibrant CLO Ltd. (Cayman Islands), | Vibrant CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A1A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A1A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A1A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A1A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/34 | 2750 | 2752619 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/33 | 2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003659 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $46,763,095) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $46,763,095) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $46,763,095) | 47716237 |
|  **CORPORATE BONDS — 1.0%** | **CORPORATE BONDS — 1.0%** | **CORPORATE BONDS — 1.0%** | **CORPORATE BONDS — 1.0%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33 | 70 | 72538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/27 | 80 | 80503 |
|  |  |  | 153041 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/26 | 2 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/29 | 130 | 129737 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/26 | 225 | 223401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/29 | 15 | 14564 |
|  |  |  | 369702 |
|  **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/43 | 455 | 350003 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/30 | 25 | 25942 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/28 | 75 | 75187 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/29 | 60 | 61871 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/28 | 425 | 420252 |
|  |  |  | 583252 |
|  **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/05/26 | 200 | 201898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/29 | 200 | 207724 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/10/25(oo) | 4 | 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/26(oo) | 380 | 375049 |

---

A107

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/28(x) | 25 | 26883 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/10/26(oo) | 215 | 210543 |
|  |  |  | 1026068 |
|  **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/28 | 200 | 199796 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | 150 | 139604 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/32 | 120 | 123471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/33 | 35 | 36104 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/30 | 175 | 165631 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664606 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Ashland, Inc., | Ashland, Inc., | Ashland, Inc., | Ashland, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/31 | 175 | 155415 |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 150 | 156810 |
|  AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/27 | 350 | 341509 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | 60 | 60761 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33 | 30 | 31441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/30 | 50 | 52350 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 10 | 9401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 186 | 185325 |
|  Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/31(a) | 111 | 100457 |
|  |  |  | 938054 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/29 | 79 | 86473 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/32(x) | 60 | $60550 |
|  Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | 300 | 303178 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | 75 | 73784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/26 | 70 | 71024 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/29 | 200 | 191942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/29 | 100 | 106312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806790 |
|  **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28 | 5 | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/31 | 10 | 9888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/28 | 475 | 474557 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/28(oo) | 50 | 55391 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/26(oo) | 400 | 404815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/26(oo) | 300 | 307093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29(oo) | 250 | 271099 |
|  |  |  | 1527798 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/29 | 65 | 66925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/28 | 175 | 177074 |
|  |  |  | 243999 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/29 | 275 | 262479 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/27 | 150 | 149539 |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/32 | 95 | 99014 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/29 | 5 | 4961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/33 | 45 | 45297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 30 | 31965 |
|  |  |  | 593255 |

---

A108

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/31 | 50 | $52247 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/29 | 60 | 56882 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/14/30 | 460 | 592745 |
|  Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), | Bellis Finco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/16/27 | 500 | 682619 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/30 | 25 | 23836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 280798 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/31 | 150 | 139359 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776239 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/29 | 200 | 192028 |
|  **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 400 | 363772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/30 | 10 | 9583 |
|  Select Medical Corp., | Select Medical Corp., | Select Medical Corp., | Select Medical Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/01/32(a) | 90 | 90544 |
|  |  |  | 463899 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/31 | 668 | 708036 |
|  **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/30 | 175 | 166375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 4 | 4016 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/29 | 4 | 4030 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/27 | 400 | 397824 |
|  Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., | Century Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/27 | 5 | 5012 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Home Builders (cont'd.)** | **Home Builders (cont'd.)** | **Home Builders (cont'd.)** | **Home Builders (cont'd.)** |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/28 | 125 | 124186 |
|  |  |  | 701443 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | 48624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/32 | 20 | 19131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/28 | 50 | 52653 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/32 | 175 | 160651 |
|  |  |  | 281059 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/33 | 40 | 41120 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/01/29 | 75 | 73853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/33 | 55 | 51618 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125471 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/26 | 30 | 30038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/32 | 70 | 71487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/29 | 100 | 105963 |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/27 | 125 | 124594 |
|  VOC Escrow Ltd., | VOC Escrow Ltd., | VOC Escrow Ltd., | VOC Escrow Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28 | 150 | 148641 |
|  |  |  | 480723 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/31 | 195 | 186945 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/29 | 135 | 137311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/32 | 340 | 345478 |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/26 | 200 | 199538 |
|  |  |  | 869272 |

---

A109

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/28 | 100 | $105558 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/32 | 10 | 9307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/28 | 5 | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/27 | 21 | 20928 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/29(d) | 5 | 3332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28 | 50 | 36108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/26 | 400 | 355328 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | 283139 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/30 | 100 | 124884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/29 | 166 | 219315 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057295 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28 | 75 | 75556 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/32 | 30 | 30821 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | 150 | 147545 |
|  |  |  | 253922 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28 | 50 | 51258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/01/30 | 25 | 25375 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/32 | 80 | 78140 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29 | 200 | 200263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29 | 125 | 125544 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/32 | 275 | 262913 |
|  Parkland Corp. (Canada), | Parkland Corp. (Canada), | Parkland Corp. (Canada), | Parkland Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/32 | 70 | 71565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Transocean, Inc., | Transocean, Inc., | Transocean, Inc., | Transocean, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/29 | 55 | 50694 |
|  |  |  | 865752 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/29 | 150 | 154017 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/30 | 160 | 163622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/32 | 75 | 76866 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394505 |
|  **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/28 | 100 | 100061 |
|  Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/30/28 | 5 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/29 | 15 | 10500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/30/30 | 60 | 37688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 50 | 29438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | 292807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 50 | 41950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/28 | 50 | 42356 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/31(a) | 200 | 173632 |
|  |  |  | 732548 |
|  **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/29 | 200 | 198614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/32 | 50 | 51647 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(oo) | 350 | 356915 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/33 | 55 | 57437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/40 | 225 | 224682 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/27 | 170 | 170359 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/29(oo) | 425 | 414226 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/30 | 35 | 33677 |
|  |  |  | 1507557 |

---

A110

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/28 | 550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hunt Cos., Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Hunt Cos., Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Hunt Cos., Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Hunt Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/29 | 225 | 216932 |
|  |  |  | 763249 |
|  **Real Estate Investment Trusts (REITs) — 0.0%** | **Real Estate Investment Trusts (REITs) — 0.0%** | **Real Estate Investment Trusts (REITs) — 0.0%** | **Real Estate Investment Trusts (REITs) — 0.0%** |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/32 | 25 | 26179 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/32 | 150 | 154245 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29(a) | 150 | 141676 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28 | 352 | 372957 |
|  |  |  | 695057 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 5 | 4869 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/01/28 | 86 | 88191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/30 | 375 | 394359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/31 | 107 | 126698 |
|  eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), | eG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 518548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/28 | 200 | 220250 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29 | 150 | 143803 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/29 | 175 | 167015 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/32(a) | 75 | 77016 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/27 | 175 | 175031 |
|  |  |  | 1915780 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/30 | 40 | 40895 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/28 | 350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349786 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/32 | 175 | 176929 |
|  Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A | Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/33 | 80 | 81396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/30 | 275 | 311712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | 358 | 411621 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/32 | 4 | 4853 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/26 | 4 | 3939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 5 | 4553 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 127203 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/31 | 45 | 47130 |
|  |  |  | 1519122 |
|  **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/30 | 85 | 84268 |
|  **TOTAL CORPORATE BONDS**<br> (cost $22,930,885) | **TOTAL CORPORATE BONDS**<br> (cost $22,930,885) | **TOTAL CORPORATE BONDS**<br> (cost $22,930,885) | 23125501 |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.077%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/32 | 75 | 74883 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 1 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 1 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 1 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 1 Month SOFR + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.172%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/28 | 98 | 95633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.422%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/28 | 75 | 73219 |
|  |  |  | 243735 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.316%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/29 | 253 | 244387 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/02/28 | 22 | 19941 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $505,461) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $505,461) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $505,461) | 508063 |

---

A111

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS — 9.0%** | **U.S. TREASURY OBLIGATIONS — 9.0%** | **U.S. TREASURY OBLIGATIONS — 9.0%** | **U.S. TREASURY OBLIGATIONS — 9.0%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/50(h) | 3155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/42 | 1830 | 1513753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/44(h) | 2645 | 2423895 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/26 | 8070 | 7998766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/30 | 20529 | 19371400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/31 | 7868 | 7287823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/32 | 9773 | 8856454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/51 | 1737 | 946243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/52 | 922 | 492354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/29 | 5481 | 5261284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/50 | 3968 | 2302937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/27 | 5843 | 5763171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/27 | 52 | 51754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 27476 | 26958970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/32 | 1568 | 1462178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/43 | 6070 | 4507830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/42 | 2960 | 2297973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/45 | 2452 | 1790049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29 | 4516 | 4446621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/46 | 1394 | 1056930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/48 | 1789 | 1315061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/49 | 612 | 443955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/33 | 10005 | 9557684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/28 | 4251 | 4243125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/33 | 5244 | 5091713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/44 | 3813 | 3201383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/53 | 6011 | 4763083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/30 | 6122 | 6165605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 5528 | 5596767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/34 | 13964 | 13842958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | 4125 | 4130178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/29 | 2697 | 2768613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/35 | 7563 | 7687723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/41 | 1033 | 1010593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/54 | 507 | 464157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/27 | 5456 | 5546820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/55 | 864 | 835807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29 | 3586 | 3730824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/28 | 2747 | 2920414 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/28 | 13500 | 12524414 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.216%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/42(k) | 4560 | 2003543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/46 | 165 | 57841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.715%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/41 | 90 | 40160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/43(h)(k) | 1975 | 807893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/45 | 45 | 16175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.958%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/43 | 265 | 105471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/40 | 600 | 283920 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $209,219,281) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $209,219,281) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $209,219,281) | 205609049 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,654,807,437) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,654,807,437) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,654,807,437) | 1800865795 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | <br>Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **SHORT-TERM INVESTMENTS — 25.3%** | **SHORT-TERM INVESTMENTS — 25.3%** | **SHORT-TERM INVESTMENTS — 25.3%** | **SHORT-TERM INVESTMENTS — 25.3%** |
|  **AFFILIATED MUTUAL FUNDS — 14.6%** | **AFFILIATED MUTUAL FUNDS — 14.6%** | **AFFILIATED MUTUAL FUNDS — 14.6%** | **AFFILIATED MUTUAL FUNDS — 14.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 233004729 | $233004729 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $98,932,744; includes $98,581,417 of cash collateral for securities on<br>loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $98,932,744; includes $98,581,417 of cash collateral for securities on<br>loan)(b)(wa) | 99005902 | 98936598 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $331,937,473) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $331,937,473) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $331,937,473) | 331941327 |
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# |  |
|  **U.S. TREASURY OBLIGATIONS(n) — 5.9%** | **U.S. TREASURY OBLIGATIONS(n) — 5.9%** | **U.S. TREASURY OBLIGATIONS(n) — 5.9%** | **U.S. TREASURY OBLIGATIONS(n) — 5.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/08/25 | 53750 | 53706679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.561% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/10/25 | 5000 | 4994760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.361% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/12/25(k) | 58750 | 58455143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.254% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/02/25(k) | 4000 | 3970125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/18/25(h)(k) | 12700 | 12582433 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $133,707,026) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $133,707,026) |  | 133709140 |
|  |  | Shares |  |
|  **UNAFFILIATED FUNDS — 4.5%** | **UNAFFILIATED FUNDS — 4.5%** | **UNAFFILIATED FUNDS — 4.5%** | **UNAFFILIATED FUNDS — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity FedFund (7-day effective yield 4.223%) (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity FedFund (7-day effective yield 4.223%) (Institutional Shares) | 51927250 | 51927250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund (7-day effective yield 4.213%) (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund (7-day effective yield 4.213%) (Institutional Shares) | 51927252 | 51927252 |
|  **TOTAL UNAFFILIATED FUNDS**<br> (cost $103,854,502) | **TOTAL UNAFFILIATED FUNDS**<br> (cost $103,854,502) | **TOTAL UNAFFILIATED FUNDS**<br> (cost $103,854,502) | 103854502 |
|  **OPTIONS PURCHASED\*~ — 0.3%**<br> (cost $7,271,259) | **OPTIONS PURCHASED\*~ — 0.3%**<br> (cost $7,271,259) | **OPTIONS PURCHASED\*~ — 0.3%**<br> (cost $7,271,259) | 7965133 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $576,770,260) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $576,770,260) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $576,770,260) | 577470102 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—104.4%**<br> (cost $2,231,577,697) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—104.4%**<br> (cost $2,231,577,697) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—104.4%**<br> (cost $2,231,577,697) | 2378335897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $86,947) | &nbsp;&nbsp;&nbsp;&nbsp; **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $86,947) | &nbsp;&nbsp;&nbsp;&nbsp; **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $86,947) | (107761) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—104.4%**<br> (cost $2,231,490,750) | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—104.4%**<br> (cost $2,231,490,750) | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—104.4%**<br> (cost $2,231,490,750) | 2378228136 |
|  **Liabilities in excess of other assets(z) — (4.4)%** | **Liabilities in excess of other assets(z) — (4.4)%** | **Liabilities in excess of other assets(z) — (4.4)%** | (101130179) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $2277097957 |

---

A112

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $0 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $97,148,626; cash collateral of $98,581,417 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | Acquisition<br>Date | Original<br>Cost | Market<br>Value | Percentage<br>of<br>Net Assets |
|  Freedom Mortgage Corp., Sr. Unsec'd. Notes, 144A, 12.000%, 10/01/28 | 09/14/23 | $24500 | $26883 | 0.0% |
|  Freedom Mortgage Holdings LLC, Sr. Unsec'd. Notes, 144A, 8.375%, 04/01/32 | 02/04/25 | 60000 | 60550 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $84500 | $87433 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | Strike | Contracts | **Notional<br>Amount<br>(000)#** | Value |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 5 | 13 | $31 |
|  S&P 500 Index (FLEX) | Call | 06/11/29 | $5450.00 | 20 | 2 | 3485718 |
|  S&P 500 Index (FLEX) | Call | 01/31/30 | $6100.00 | 30 | 3 | 4457029 |
|  **Total Exchange Traded** (cost $7,245,830) |  |  |  |  |  | $7942778 |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs MXN | Call | MSI | 07/30/25 | 26.00 | – | EUR | 132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  Currency Option EUR vs PLN | Call | CITI | 07/21/25 | 5.00 | – | EUR | 132 |  |
|  Currency Option EUR vs TRY | Call | JPM | 07/14/25 | 80.00 | – | EUR | 131 | 30 |
|  Currency Option EUR vs TRY | Call | JPM | 07/24/25 | 90.00 | – | EUR | 133 | 88 |
|  Currency Option USD vs BRL | Call | MSI | 07/02/25 | 6.70 | – |  | 170 |  |
|  Currency Option USD vs BRL | Call | MSI | 07/24/25 | 6.50 | – |  | 92 | 6 |
|  Currency Option USD vs CLP | Call | MSI | 07/07/25 | 1100.00 | – |  | 171 |  |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.95 | – |  | 1834 | 98 |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 5000.00 | – |  | 151 |  |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 155.00 | – |  | 152 | 1 |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1550.00 | – |  | 152 |  |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1750.00 | – |  | 430 | 6 |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 22.00 | – |  | 171 | 1 |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 70.00 | – |  | 85 |  |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 99.00 | – |  | 76 | 45 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A113

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 32.00 |  |  | 307 | $7 |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 21.00 |  |  | 85 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.00 |  | EUR | 150 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.05 |  | EUR | 75 |  |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.05 |  | EUR | 177 |  |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 4.90 |  |  | 511 |  |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.00 |  |  | 76 |  |
|  Currency Option USD vs CNH | Put | DB | 09/24/25 | 7.00 |  |  | 1834 | 5929 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 1199 | 158 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 331 | 44 |
|  Currency Option USD vs KRW | Put | JPM | 09/25/25 | 1331.00 |  |  | 430 | 6446 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 154 | 13 |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 21.00 |  |  | 154 | 13 |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 16.00 |  |  | 92 | 2 |
|  **Total OTC Traded** (cost $13,140) | **Total OTC Traded** (cost $13,140) |  |  |  |  |  |  | $12900 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.450% | 300 | $— |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/4.450% | 300 | 2838 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.60% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 3500 | 3844 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.63% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 2990 | 2773 |
|  **Total OTC Swaptions** (cost $12,289) | **Total OTC Swaptions** (cost $12,289) | **Total OTC Swaptions** (cost $12,289) | **Total OTC Swaptions** (cost $12,289) |  |  |  |  | $9455 |
|  **Total Options Purchased** (cost $7,271,259) | **Total Options Purchased** (cost $7,271,259) | **Total Options Purchased** (cost $7,271,259) | **Total Options Purchased** (cost $7,271,259) |  |  |  |  | $7965133 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 3 | 8 | $(1875) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 3 | 8 | (1275) |
|  **Total Exchange Traded** (premiums received $5,417) |  |  |  |  |  | $(3150) |

---

#### OTC Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | Counterparty | Expiration<br>Date | Strike | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs MXN<br> Call | MSI | 07/30/25 | 22.35 – EUR | 132 | $(1306) |
|  Currency Option EUR vs PLN<br> Call | CITI | 07/21/25 | 4.28 – EUR | 132 | (432) |
|  Currency Option EUR vs TRY<br> Call | JPM | 07/14/25 | 48.00 – EUR | 131 | (1291) |
|  Currency Option EUR vs TRY<br> Call | JPM | 07/24/25 | 49.50 – EUR | 133 | (1536) |
|  Currency Option USD vs BRL<br> Call | MSI | 07/02/25 | 5.70 – | 170 |  |
|  Currency Option USD vs BRL<br> Call | MSI | 07/24/25 | 5.65 – | 92 | (299) |
|  Currency Option USD vs CLP<br> Call | MSI | 07/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;940.00 – | 171 | (558) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A114

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.25 |  |  | 1834 | $(4223) |
|  Currency Option USD vs COP | Call | MSI | 07/10/25 | 4300.00 |  |  | 151 | (75) |
|  Currency Option USD vs JPY | Call | CITI | 07/14/25 | 145.00 |  |  | 152 | (678) |
|  Currency Option USD vs KRW | Call | MSI | 07/10/25 | 1390.00 |  |  | 152 | (92) |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1385.00 |  |  | 430 | (4135) |
|  Currency Option USD vs MXN | Call | CITI | 07/08/25 | 19.40 |  |  | 171 | (92) |
|  Currency Option USD vs TRY | Call | JPM | 07/03/25 | 41.00 |  |  | 85 | (29) |
|  Currency Option USD vs TRY | Call | CITI | 07/18/25 | 42.00 |  |  | 76 | (388) |
|  Currency Option USD vs TWD | Call | CITI | 07/29/25 | 29.15 |  |  | 307 | (2491) |
|  Currency Option USD vs ZAR | Call | CITI | 07/03/25 | 18.20 |  |  | 85 | (6) |
|  Currency Option EUR vs USD | Put | MSI | 07/03/25 | 1.14 |  | EUR | 150 |  |
|  Currency Option EUR vs USD | Put | CITI | 07/07/25 | 1.14 |  | EUR | 75 | (3) |
|  Currency Option EUR vs USD | Put | MSI | 07/17/25 | 1.14 |  | EUR | 177 | (75) |
|  Currency Option USD vs BRL | Put | MSI | 07/07/25 | 6.00 |  |  | 511 | (53105) |
|  Currency Option USD vs BRL | Put | MSI | 07/10/25 | 5.50 |  |  | 76 | (1090) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 760 | (13196) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 77 | (233) |
|  Currency Option USD vs TWD | Put | MSI | 07/29/25 | 27.70 |  |  | 77 | (233) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 77 | (553) |
|  Currency Option USD vs TWD | Put | MSI | 08/27/25 | 27.70 |  |  | 77 | (553) |
|  Currency Option USD vs ZAR | Put | CITI | 07/29/25 | 17.70 |  |  | 92 | (1075) |
|  **Total OTC Traded** (premiums received $63,890) | **Total OTC Traded** (premiums received $63,890) | **Total OTC Traded** (premiums received $63,890) |  |  |  |  |  | $(87747) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay | Notional<br>Amount<br>(000)# | Value |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.450% | 3.21%(A) | 600 | $(1887) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.53% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 3500 | (5476) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | JPM | 09/17/25 | 0.55% | CDX.NA.IG.44. V1(Q) | 1.00%(Q) | 2990 | (6748) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.44.V1(Q) | 490 | (179) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 07/16/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 2470 | (190) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.80% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 3500 | (1422) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 09/17/25 | 0.88% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 2990 | (962) |
|  **Total OTC Swaptions** (premiums received $17,640) | **Total OTC Swaptions** (premiums received $17,640) | **Total OTC Swaptions** (premiums received $17,640) | **Total OTC Swaptions** (premiums received $17,640) | **Total OTC Swaptions** (premiums received $17,640) | **Total OTC Swaptions** (premiums received $17,640) |  |  | $(16864) |
|  **Total Options Written** (premiums received $86,947) | **Total Options Written** (premiums received $86,947) | **Total Options Written** (premiums received $86,947) | **Total Options Written** (premiums received $86,947) | **Total Options Written** (premiums received $86,947) | **Total Options Written** (premiums received $86,947) |  |  | $(107761) |

---

#### Financial Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 137 | 2 Year U.S. Treasury Notes | Sep. 2025 | $28499211 | $&nbsp;&nbsp;&nbsp;&nbsp;110370 |
| 373 | 5 Year U.S. Treasury Notes | Sep. 2025 | 40657000 | 440896 |
| 375 | 10 Year U.S. Treasury Notes | Sep. 2025 | 42046875 | 726901 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A115

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Financial Futures contracts outstanding at June 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 136 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | $15540125 | $307480 |
| 159 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 18359531 | 544577 |
| 81 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 9649125 | 409929 |
| 1 | ASX SPI 200 Index | Sep. 2025 | 140466 | 119 |
| 10 | Euro STOXX 50 Index | Sep. 2025 | 627494 | (1154) |
| 3 | FTSE 100 Index | Sep. 2025 | 361947 | (5044) |
| 20 | IFSC Nifty 50 Index | Jul. 2025 | 1024040 | 10684 |
| 219 | Mini MSCI EAFE Index | Sep. 2025 | 29364615 | 222296 |
| 127 | MSCI Indonesia Index | Sep. 2025 | 1950720 | (47552) |
| 30 | NASDAQ 100 E-Mini Index | Sep. 2025 | 13735950 | 614309 |
| 23 | Russell 2000 E-Mini Index | Sep. 2025 | 2520455 | 84133 |
| 69 | S&P 500 E-Mini Index | Sep. 2025 | 21575437 | 763206 |
| 1 | S&P/TSX 60 Index | Sep. 2025 | 234992 | 3061 |
| 3 | Yen Denominated Nikkei 225 Index | Sep. 2025 | 419725 | 21770 |
|  |  |  |  | 4205981 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 3 | 5 Year Euro-Bobl | Sep. 2025 | 415863 | 1169 |
| 40 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 4765000 | (168440) |
| 33 | Mini MSCI Emerging Markets Index | Sep. 2025 | 2035275 | (30745) |
| 17 | S&P 500 E-Mini Index | Sep. 2025 | 5315687 | (177238) |
| 6 | TOPIX Index | Sep. 2025 | 1189750 | (26053) |
|  |  |  |  | (401307) |
|  |  |  |  | $3804674 |

---

#### Commodity Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 128 | Brent Crude | Sep. 2025 | $8542720 | $838182 |
| 21 | Coffee 'C' | Sep. 2025 | 2363288 | (424999) |
| 44 | Copper | Sep. 2025 | 5590750 | 92065 |
| 408 | Corn | Sep. 2025 | 8348700 | (393667) |
| 34 | Cotton No. 2 | Dec. 2025 | 1158210 | 5704 |
| 42 | Gasoline RBOB | Sep. 2025 | 3602441 | 80969 |
| 65 | Gold 100 OZ | Aug. 2025 | 21500050 | (405756) |
| 79 | Hard Red Winter Wheat | Sep. 2025 | 2080663 | (108448) |
| 27 | Lean Hogs | Aug. 2025 | 1161000 | 4169 |
| 51 | Live Cattle | Aug. 2025 | 4363050 | 59525 |
| 25 | LME Lead | Jul. 2025 | 1267456 | 43222 |
| 23 | LME Lead | Sep. 2025 | 1176088 | 34084 |
| 49 | LME Nickel | Jul. 2025 | 4427581 | (53423) |
| 46 | LME Nickel | Sep. 2025 | 4194049 | (84706) |
| 108 | LME PRI Aluminum | Jul. 2025 | 7014060 | 396015 |
| 98 | LME PRI Aluminum | Sep. 2025 | 6370147 | 281258 |
| 85 | LME Zinc | Jul. 2025 | 5842114 | 105670 |
| 63 | LME Zinc | Sep. 2025 | 4335471 | 99974 |
| 50 | Low Sulphur Gas Oil | Sep. 2025 | 3265000 | 218947 |
| 283 | Natural Gas | Sep. 2025 | 9876700 | (734147) |
| 41 | NY Harbor ULSD | Sep. 2025 | 3877600 | 302820 |
| 39 | Silver | Sep. 2025 | 7053540 | 102152 |
| 141 | Soft Red Winter Wheat | Sep. 2025 | 3794663 | (138878) |
| 148 | Soybean | Nov. 2025 | 7599800 | 7759 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A116

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Commodity Futures contracts outstanding at June 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 137 | Soybean Meal | Dec. 2025 | $3963410 | $(269428) |
| 74 | Soybean Oil | Dec. 2025 | 2342100 | 232698 |
| 63 | Sugar No. 11 | Oct. 2025 | 1143072 | (51442) |
| 144 | WTI Crude | Sep. 2025 | 9194400 | 348310 |
|  |  |  |  | 588629 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 25 | LME Lead | Jul. 2025 | 1267456 | (41052) |
| 49 | LME Nickel | Jul. 2025 | 4427581 | 77562 |
| 108 | LME PRI Aluminum | Jul. 2025 | 7014060 | (487164) |
| 85 | LME Zinc | Jul. 2025 | 5842114 | (205182) |
|  |  |  |  | (655836) |
|  |  |  |  | $(67207) |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 431 | $278595 | $283744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 113 | 73062 | 74458 | 1396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | AUD | 228 | 149456 | 150380 | 924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | AUD | 140 | 91680 | 92046 | 366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | AUD | 15 | 9451 | 9580 | 129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | AUD | 69 | 45063 | 45342 | 279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | AUD | 44 | 28644 | 28820 | 176 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | 7257 | 1273746 | 1334975 | 61229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | BRL | 5769 | 1040542 | 1052536 | 11994 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | GBP | 38 | 52642 | 52755 | 113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | GBP | 28 | 37996 | 38356 | 360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | GBP | 4 | 5395 | 5446 | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 7 | 9583 | 9674 | 91 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | GBP | 13 | 17008 | 17169 | 161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | RBD | GBP | 188 | 255816 | 257749 | 1933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 487 | 659285 | 669367 | 10082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 170 | 230279 | 233880 | 3601 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | CAD | 21 | 15646 | 15729 | 83 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | CAD | 29 | 21336 | 21234 |  | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | CAD | 43 | 32220 | 32066 |  | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CAD | 234 | 173456 | 172623 |  | (833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CAD | 105 | 77044 | 77198 | 154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CAD | 22 | 15744 | 15889 | 145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | CAD | 25 | 18372 | 18284 |  | (88) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85468 | 92000 | 91725 |  | (275) |
|  China Yuan, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | CNY | 28 | 3884 | 3904 | 20 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | CNH | 1362 | 190626 | 191043 | 417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 1724 | 241621 | 242398 | 777 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A117

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | CZK | 2092 | $96312 | $99719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CZK | 3172 | 145477 | 151479 | 6002 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | DKK | 2284 | 351250 | 362750 | 11500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | DKK | 140 | 21934 | 22224 | 290 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 74 | 85000 | 87755 | 2755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 152 | 171931 | 179324 | 7393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 148 | 170000 | 174059 | 4059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | EUR | 75 | 85691 | 88482 | 2791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 153 | 174000 | 179938 | 5938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | EUR | 66 | 76000 | 77867 | 1867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 266 | 303688 | 313565 | 9877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 2000 | 2288753 | 2359517 | 70764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 850 | 966065 | 1003220 | 37155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 152 | 172438 | 179323 | 6885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | EUR | 446 | 520822 | 527552 | 6730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | EUR | 111 | 129064 | 131041 | 1977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | EUR | 272 | 315667 | 322322 | 6655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | EUR | 162 | 190682 | 191303 | 621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | EUR | 1334 | 1555783 | 1579538 | 23755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 1058 | 1226116 | 1252181 | 26065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 369 | 422064 | 436458 | 14394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 308 | 357579 | 365175 | 7596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 240 | 277441 | 284419 | 6978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 235 | 271803 | 277907 | 6104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 167 | 192777 | 197626 | 4849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 128 | 148924 | 151327 | 2403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 18 | 21158 | 21669 | 511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | EUR | 43 | 49890 | 50653 | 763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | EUR | 450 | 524471 | 532519 | 8048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | BOA | EUR | 726 | 764039 | 865649 | 101610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | EUR | 348 | 384749 | 414552 | 29803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | EUR | 979 | 1139543 | 1174328 | 34785 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 6913 | 892639 | 884912 |  | (7727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | HKD | 1131 | 145635 | 144785 |  | (850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | HKD | 152 | 19452 | 19460 | 8 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/29/25 | HSBC | INR | 32714 | 380000 | 380619 | 619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | INR | 99616 | 1159860 | 1158042 |  | (1818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | INR | 80255 | 934852 | 932974 |  | (1878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | INR | 4251 | 49447 | 49418 |  | (29) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | 496485 | 30000 | 30657 | 657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 19278721 | 1180535 | 1190407 | 9872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 5284602 | 324000 | 326309 | 2309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | IDR | 47303 | 2898 | 2921 | 23 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | ILS | 1798 | 487966 | 533927 | 45961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | ILS | 120 | 35237 | 35649 | 412 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | JPY | 44302 | 313716 | 308441 |  | (5275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | JPY | 17641 | 122000 | 122824 | 824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | JPY | 10671 | 72856 | 74528 | 1672 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A118

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Japanese Yen (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | &nbsp;&nbsp;&nbsp;&nbsp;221234 | $1538956 | $1545216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 48604 | 336353 | 339475 | 3122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 34580 | 243710 | 241524 |  | (2186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 4946 | 34191 | 34548 | 357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | JPY | 48608 | 340923 | 340538 |  | (385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | JPY | 89262 | 626056 | 625355 |  | (701) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | JPY | 24028 | 166594 | 168338 | 1744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | CITI | JPY | 111885 | 762705 | 793115 | 30410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | UAG | JPY | 56765 | 394383 | 402389 | 8006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | JPY | 156809 | 1142267 | 1122231 |  | (20036) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | MXN | 56 | 2950 | 2973 | 23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | 7421 | 381940 | 392220 | 10280 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | TWD | 4308 | 146701 | 150799 | 4098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 9733 | 337000 | 340716 | 3716 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | NZD | 192 | 110668 | 117217 | 6549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | NZD | 2 | 1252 | 1268 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | NZD | 5 | 2885 | 2894 | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | NZD | 2 | 1337 | 1341 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | NZD | 2 | 1357 | 1361 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | NZD | 11 | 6819 | 6840 | 21 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | NOK | 107 | 10528 | 10601 | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | NOK | 146 | 14371 | 14478 | 107 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 461 | 127800 | 129788 | 1988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 335 | 93598 | 94398 | 800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 177 | 49203 | 49986 | 783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 167 | 46620 | 47010 | 390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 151 | 42420 | 42668 | 248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | PEN | 801 | 219640 | 225661 | 6021 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 9168 | 160020 | 162514 | 2494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 7302 | 127000 | 129445 | 2445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 33514 | 598898 | 594101 |  | (4797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 12749 | 220980 | 225996 | 5016 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | CITI | SGD | 974 | 749885 | 768541 | 18656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | SGD | 85 | 65398 | 67025 | 1627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | SGD | 99 | 77603 | 78175 | 572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | SGD | 155 | 120608 | 122222 | 1614 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | ZAR | 6433 | 360836 | 361297 | 461 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | KRW | 448575 | 326272 | 332581 | 6309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | KRW | 688658 | 507000 | 511449 | 4449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | KRW | 196157 | 145076 | 145681 | 605 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | SEK | 11429 | 1198190 | 1214255 | 16065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | SEK | 360 | 38073 | 38282 | 209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SEK | 906 | 94945 | 96215 | 1270 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | CHF | 28 | 34621 | 35130 | 509 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A119

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Swiss Franc (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CHF | 158 | $195039 | $201482 | $6443 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CHF | 2846 | 3507289 | 3622603 | 115314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 374 | 461103 | 475767 | 14664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 302 | 372957 | 383745 | 10788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 208 | 256655 | 264230 | 7575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 20 | 24597 | 25456 | 859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | CHF | 8 | 10379 | 10692 | 313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | CHF | 28 | 36062 | 36162 | 100 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 3924 | 120669 | 121437 | 768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | THB | 2810 | 86000 | 86939 | 939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | THB | &nbsp;&nbsp;&nbsp;&nbsp;194149 | 5915916 | 6061002 | 145086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | THB | 94460 | 2976544 | 2970442 |  | (6102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | THB | 91511 | 2862301 | 2877706 | 15405 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 22596 | 554544 | 563202 | 8658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | HSBC | TRY | 3114 | 76000 | 76682 | 682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/23/25 | UAG | TRY | 5609 | 137000 | 138132 | 1132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/30/25 | BARC | TRY | 4502 | 109296 | 110104 | 808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | BARC | TRY | 30901 | 532506 | 616570 | 84064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | GSI | TRY | 32986 | 592738 | 658163 | 65425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | GSI | TRY | 30571 | 531205 | 609976 | 78771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | GSI | TRY | 28432 | 522162 | 567295 | 45133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | GSI | TRY | 3100 | 54669 | 61849 | 7180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/25/27 | GSI | TRY | 95316 | 1575997 | 1524713 |  | (51284) |
|  |  |  |  | $58412656 | $59681890 | 1373754 | (104520) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | MSI | AUD | 413 | $268327 | $271697 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 250 | 158991 | 164256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (5265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | WBC | AUD | 196 | 123884 | 129232 |  | (5348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | AUD | 190 | 124609 | 125252 |  | (643) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | DB | BRL | 543 | 96345 | 99982 |  | (3637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | GSI | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5769 | 1048448 | 1061216 |  | (12768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | HSBC | BRL | 945 | 170000 | 173778 |  | (3778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | BRL | 443 | 78133 | 79875 |  | (1742) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 1270 | 1680857 | 1744026 |  | (63169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 1625 | 2194283 | 2231818 |  | (37535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | GBP | 296 | 398801 | 405823 |  | (7022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 476 | 638775 | 653162 |  | (14387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 251 | 338509 | 345258 |  | (6749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 98 | 131897 | 134588 |  | (2691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 98 | 132242 | 134725 |  | (2483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 47 | 62799 | 64135 |  | (1336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 20 | 27295 | 27741 |  | (446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 10 | 13072 | 13322 |  | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | GBP | 8 | 11166 | 11399 |  | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | GBP | 144 | 194365 | 197212 |  | (2847) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A120

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | CITI | CAD | 1092 | $767117 | $802747 | $— | $(35630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/16/25 | GSI | CAD | 17 | 12010 | 12568 |  | (558) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 14989 | 2102267 | 2107138 |  | (4871) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | COP | 9162 | 2160 | 2218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (58) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 11508 | 523919 | 548626 |  | (24707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | CZK | 3994 | 178000 | 190389 |  | (12389) |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | DKK | 45 | 7044 | 7150 |  | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | DKK | 8 | 1295 | 1314 |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | DKK | 42 | 6631 | 6731 |  | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | DKK | 143 | 22452 | 22788 |  | (336) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | GSI | EUR | 129 | 145000 | 152291 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 5630 | 6195289 | 6642504 |  | (447215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 115 | 131000 | 135323 |  | (4323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 271 | 306000 | 320179 |  | (14179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 689 | 773616 | 812854 |  | (39238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 6091 | 6975285 | 7186293 |  | (211008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 6001 | 6858000 | 7079497 |  | (221497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | EUR | 1063 | 1219505 | 1259048 |  | (39543) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 139 | 159641 | 164826 |  | (5185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | EUR | 125 | 148007 | 148012 |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 478 | 552249 | 565760 |  | (13511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 347 | 400610 | 410644 |  | (10034) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 315 | 362655 | 373345 |  | (10690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 278 | 321202 | 329060 |  | (7858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 236 | 272241 | 279328 |  | (7087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 233 | 269190 | 275776 |  | (6586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 228 | 262799 | 269500 |  | (6701) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 205 | 235273 | 242740 |  | (7467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 185 | 214930 | 219532 |  | (4602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 119 | 137249 | 140315 |  | (3066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | EUR | 116 | 133770 | 136763 |  | (2993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | EUR | 916 | 1049198 | 1084749 |  | (35551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | EUR | 1051 | 1216203 | 1253165 |  | (36962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | EUR | 23 | 24902 | 27035 |  | (2133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | EUR | 490 | 567891 | 587462 |  | (19571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | EUR | 489 | 565389 | 586866 |  | (21477) |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | HKD | 72 | 9207 | 9200 | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | HKD | 264 | 33930 | 33912 | 18 |  |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | HUF | 477 | 1372 | 1400 |  | (28) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | INR | 12557 | 145829 | 145980 |  | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | INR | 34492 | 396000 | 400970 |  | (4970) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | IDR | 2352028 | 143635 | 145231 |  | (1596) |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ILS | 16 | 4479 | 4637 |  | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | ILS | 99 | 28350 | 29344 |  | (994) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A121

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | JPY | 15284 | $108000 | $106409 | $1591 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | MSI | JPY | 36916 | 256793 | 257838 |  | (1045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 39844 | 281083 | 278288 | 2795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | WBC | JPY | 31534 | 218226 | 220249 |  | (2023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | JPY | 168651 | 1216958 | 1195503 | 21455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | JPY | 78625 | 563463 | 562696 | 767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | JPY | 78183 | 567595 | 559534 | 8061 |  |
|  Malaysian Ringgit, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | MYR | 35 | 8274 | 8280 |  | (6) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | MXN | 2258 | 116200 | 119317 |  | (3117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 2255 | 116200 | 119186 |  | (2986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 1914 | 99600 | 101139 |  | (1539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | MXN | 1610 | 84000 | 85095 |  | (1095) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | TWD | 1101 | 37396 | 38543 |  | (1147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CA | TWD | 36261 | 1233468 | 1269327 |  | (35859) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | NOK | 23 | 2287 | 2249 | 38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | NOK | 66 | 6489 | 6531 |  | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | NOK | 689 | 67926 | 68361 |  | (435) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | PHP | 4020 | 71740 | 71254 | 486 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PLN | 34 | 9198 | 9406 |  | (208) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | SGD | 81 | 63954 | 64287 |  | (333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 1191 | 933508 | 942361 |  | (8853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SGD | 696 | 544710 | 550453 |  | (5743) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | SGD | 3 | 2749 | 2763 |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SGD | 345 | 268290 | 272978 |  | (4688) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | ZAR | 3 | 189 | 190 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ZAR | 1902 | 105000 | 106796 |  | (1796) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | ZAR | 69 | 3846 | 3864 |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | ZAR | 34 | 1905 | 1914 |  | (9) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 244262 | 173444 | 181099 |  | (7655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/20/25 | GSI | KRW | 204942 | 151809 | 151948 |  | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | KRW | 296297 | 217619 | 220052 |  | (2433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 1700565 | 1264558 | 1262968 | 1590 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | SEK | 5 | 526 | 525 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | SEK | 247 | 26313 | 26276 | 37 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | CHF | 23 | 28394 | 28966 |  | (572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | CHF | 8 | 9857 | 10056 |  | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | WBC | CHF | 235 | 291820 | 299614 |  | (7794) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | THB | 1327 | 40999 | 41055 |  | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 34649 | 1072203 | 1072195 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | THB | 2708 | 84133 | 83811 | 322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | THB | 65180 | 1917070 | 2034826 |  | (117756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | THB | 64831 | 1911303 | 2023931 |  | (112628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | THB | 61402 | 1839260 | 1916866 |  | (77606) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A122

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Thai Baht (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/06/26 | GSI | THB | 2735 | $81760 | $85378 | $— | $(3618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/28/26 | GSI | THB | 185972 | 5693649 | 5848148 |  | (154499) |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/09/25 | HSBC | TRY | 3920 | 96962 | 97701 |  | (739) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | TRY | 22 | 502 | 508 |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | BARC | TRY | 29070 | 554918 | 580029 |  | (25111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | BARC | TRY | 4952 | 96158 | 98809 |  | (2651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | BARC | TRY | 3948 | 73908 | 78770 |  | (4862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | BARC | TRY | 3211 | 59574 | 64064 |  | (4490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | GSI | TRY | 80507 | 1607564 | 1606343 | 1221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | GSI | TRY | 4302 | 78591 | 85839 |  | (7248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/25/27 | GSI | TRY | 48191 | 808166 | 770879 | 37287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/25/27 | GSI | TRY | 47125 | 776110 | 753834 | 22276 |  |
|  |  |  |  | $67721806 | $69673008 | 97960 | (2049162) |
|  |  |  |  |  |  | $1471714 | $(2153682) |

---

#### Cross currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |  |  |
|  07/22/25 | Buy | EUR | 55 | JPY | 8849 | $3482 | $— | MSI |
|  07/22/25 | Buy | EUR | 175 | PLN | 748 |  | (1017) | CITI |
|  07/22/25 | Buy | JPY | 8894 | EUR | 55 |  | (3167) | CITI |
|  07/22/25 | Buy | JPY | 17805 | EUR | 110 |  | (6215) | MSI |
|  07/22/25 | Buy | PLN | 752 | EUR | 174 | 3311 |  | BNP |
|  |  |  |  |  |  | $6793 | $(10399) |  |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Value at<br>Trade Date | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |  |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 8890 | $(183674) | $(199608) | $(15934) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied Credit<br>Spread at<br>June 30,<br>2025(4) | Value at<br>Trade Date | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |  |  |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000%(Q) | 180 | 3.183% | $(5379) | $(13815) | $(8436) |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery

**SEE NOTES TO FINANCIAL STATEMENTS.**

A123

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. <br>

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Inflation swap agreements outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | Termination<br>Date | Fixed<br>Rate | **Floating**<br> **Rate** | **Value at<br>Trade Date** | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Inflation Swap Agreements:** | **Centrally Cleared Inflation Swap Agreements:** | **Centrally Cleared Inflation Swap Agreements:** | **Centrally Cleared Inflation Swap Agreements:** |  |  |  |
| 1285 | 04/15/35 | 2.353%(T) | U.S. CPI Urban Consumers NSA Index(1)(T) | $— | $12268 | $12268 |
| 1285 | 04/16/35 | 2.335%(T) | U.S. CPI Urban Consumers NSA Index(1)(T) |  | 14253 | 14253 |
| 743 | 06/06/35 | 2.499%(T) | U.S. CPI Urban Consumers NSA Index(1)(T) |  | (762) | (762) |
|  |  |  |  | $— | $25759 | $25759 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Interest rate swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br>Rate | **Floating**<br> **Rate** | **Value at**<br> **Trade Date**  | Value at<br>June 30,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |
|  BRL | 4641 | 01/03/28 | 13.494%(T) | 1 Day BROIS(2)(T)/0.055% | $— | $3833 | $3833 |
|  BRL | 6395 | 01/03/28 | 13.547%(T) | 1 Day BROIS(2)(T)/0.055% |  | 7742 | 7742 |
|  BRL | 10614 | 01/03/28 | 13.560%(T) | 1 Day BROIS(2)(T)/0.055% |  | 12888 | 12888 |
|  BRL | 10312 | 01/03/28 | 14.990%(T) | 1 Day BROIS(2)(T)/0.055% | 7922 | 84040 | 76118 |
|  GBP | 1190 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/4.217% | (16485) | 46290 | 62775 |
|  JPY | 16936 | 11/12/54 | 1.742%(A) | 1 Day TONAR(1)(A)/0.477% |  | 10475 | 10475 |
|  JPY | 8630 | 01/08/55 | 1.886%(A) | 1 Day TONAR(1)(A)/0.477% |  | 3539 | 3539 |
|  JPY | 2662 | 01/30/55 | 1.825%(A) | 1 Day TONAR(1)(A)/0.477% |  | 1378 | 1378 |
|  JPY | 2658 | 01/30/55 | 1.828%(A) | 1 Day TONAR(1)(A)/0.477% |  | 1361 | 1361 |
|  JPY | 5328 | 01/31/55 | 1.805%(A) | 1 Day TONAR(1)(A)/0.477% |  | 2931 | 2931 |
|  JPY | 9079 | 03/12/55 | 2.023%(A) | 1 Day TONAR(1)(A)/0.477% |  | 1965 | 1965 |
|  JPY | 10427 | 06/06/55 | 2.208%(A) | 1 Day TONAR(1)(A)/0.477% |  | (467) | (467) |
|  THB | 174000 | 03/12/30 | 1.750%(Q) | 1 Day THOR(2)(Q)/1.739% |  | 118169 | 118169 |
|  | 6940 | 08/19/25 | 4.395%(A) | 1 Day SOFR(2)(A)/4.450% | 95 | (15575) | (15670) |
|  | 7760 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/4.450% |  | (17353) | (17353) |
|  | 6000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/4.450% | 25344 | 43145 | 17801 |
|  | 12410 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/4.450% |  | (81873) | (81873) |
|  | 1715 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/4.450% | 317 | (21662) | (21979) |
|  | 6315 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/4.450% | 1466 | 111608 | 110142 |
|  | 3930 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/4.450% | (4179) | (120931) | (116752) |
|  | 52 | 02/13/30 | 4.047%(A) | 1 Day SOFR(1)(A)/4.450% |  | (1330) | (1330) |
|  | 2127 | 04/04/30 | 3.526%(A) | 1 Day SOFR(1)(A)/4.450% |  | (5422) | (5422) |
|  | 4105 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/4.450% |  | 8382 | 8382 |
|  | 1060 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/4.450% | (7483) | (29423) | (21940) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A124

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at**<br> **Trade Date**  | **Value at**<br>**June 30,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
| 1047 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/4.450% | $— | $3390 | $3390 |
| 485 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/4.450% | 221386 | 217748 | (3638) |
| 1700 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/4.450% | 24862 | 39282 | 14420 |
| 935 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/4.450% | 7262 | 35852 | 28590 |
| 3130 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/4.450% |  | 59887 | 59887 |
|  |  |  |  | $260507 | $519869 | $259362 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Financing<br>Rate | Counterparty | Termination<br>Date | Long (Short)<br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation)(2) |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |
|  Barclays Japan REITs Index(Q) | 1 Day TONAR<br>+20bps(Q)/0.677% | BARC | 11/07/25 | JPY 53,606 | $14988 | $— | $14988 |
|  Barclays Japan REITs Index(Q) | 1 Day TONAR<br>+20bps(Q)/0.677% | BARC | 11/07/25 | JPY 53,799 | 15055 |  | 15055 |
|  Barclays Japan REITs Index(Q) | 1 Day TONAR<br>+20bps(Q)/0.677% | BARC | 11/07/25 | JPY 56,644 | 10142 |  | 10142 |
|  Barclays Japan REITs Index(Q) | 1 Day TONAR<br>+20bps(Q)/0.677% | BARC | 11/07/25 | JPY 80,332 | 22460 |  | 22460 |
|  Barclays Japan REITs Index(Q) | 1 Day TONAR<br>+2bps(Q)/ 0.497% | BARC | 11/07/25 | JPY 173,946 | 49028 |  | 49028 |
|  Barclays Japan REITs Index(Q) | 1 Day TONAR<br>+5bps(Q)/ 0.527% | BARC | 11/07/25 | JPY 101,012 | 28386 |  | 28386 |
|  Barclays US Cyclicals Index(Q) | 1 Day SOFR<br>+60bps(Q)/5.050% | BARC | 05/19/26 | (1773) | (26225) |  | (26225) |
|  Barclays US Cyclicals Index(Q) | 1 Day SOFR<br>+60bps(Q)/5.050% | BARC | 05/19/26 | (1238) | (1191) |  | (1191) |
|  Barclays US Cyclicals Index(Q) | 1 Day SOFR<br>+60bps(Q)/5.050% | BARC | 05/19/26 | (346) | (5284) |  | (5284) |
|  Barclays US Defensives Index(Q) | 1 Day SOFR<br>+60bps(Q)/5.050% | BARC | 05/19/26 | 335 | (883) |  | (883) |
|  Barclays US Defensives Index(Q) | 1 Day SOFR<br>+60bps(Q)/5.050% | BARC | 05/19/26 | 1238 | (6847) |  | (6847) |
|  Barclays US Defensives Index(Q) | 1 Day SOFR<br>+60bps(Q)/5.050% | BARC | 05/19/26 | 1775 | (5474) |  | (5474) |
|  Bloomberg Commodity Total Return Index(Q) | U.S. Treasury Bill<br>-3 Month Auction<br>Avg Discount<br>+8bps(Q)/ 4.315% | ML | 03/31/26 | 48839 | (5800) |  | (5800) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A125

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Total return swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Financing<br>Rate | Counterparty | Termination<br>Date | Long (Short) <br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation)(2) |
|  **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** |
|  BNP EM Value + Quality Index(Q) | 1 Day SOFR<br>+65bps(Q)/<br>5.100% | BNP | 05/20/26 | 536 | $23364 | $— | $23364 |
|  BNP EM Value + Quality Index(Q) | 1 Day SOFR<br>+65bps(Q)/<br>5.100% | BNP | 05/20/26 | 2063 | 169455 |  | 169455 |
|  BNP EMU Anti-Value + Quality Index(Q) | 1 Day EuroSTR<br>+2bps(Q)/<br>1.941% | BNP | 09/16/25 | EUR (1205) | (19304) |  | (19304) |
|  BNP EMU Anti-Value Index(Q) | 1 Day EuroSTR<br>+2bps(Q)/<br>1.941% | BNP | 09/16/25 | EUR (1368) | (14751) |  | (14751) |
|  BNP EMU Domestics Index(Q) | 1 Day EuroSTR<br>+5bps(Q)/<br>1.971% | BNP | 12/11/25 | EUR 553 | (6556) |  | (6556) |
|  BNP EMU Domestics Index(Q) | 1 Day EuroSTR<br>+5bps(Q)/<br>1.971% | BNP | 12/11/25 | EUR 740 | (8770) |  | (8770) |
|  BNP EMU Domestics Index(Q) | 1 Day EuroSTR<br>+5bps(Q)/<br>1.971% | BNP | 12/11/25 | EUR 793 | (9399) |  | (9399) |
|  BNP EMU Domestics Index(Q) | 1 Day EuroSTR<br>+5bps(Q)/<br>1.971% | BNP | 12/11/25 | EUR 903 | (10713) |  | (10713) |
|  BNP EMU Value + Quality Index(Q) | 1 Day EuroSTR<br>+37bps(Q)/<br>2.291% | BNP | 09/16/25 | EUR 1,206 | (867) |  | (867) |
|  BNP EMU Value Index(Q) | 1 Day EuroSTR<br>+37bps(Q)/<br>2.291% | BNP | 09/16/25 | EUR 1,365 | 3511 |  | 3511 |
|  BNP Japanese Domestics Index(Q) | 1 Day TONAR(Q)/<br>0.477% | BNP | 04/16/26 | JPY 27,570 | 5450 |  | 5450 |
|  BNP Japanese Domestics Index(Q) | 1 Day<br>TONAR(Q)/<br>0.477% | BNP | 04/16/26 | JPY 122,578 | 70192 |  | 70192 |
|  BNP US Domestics Index(Q) | 1 Day SOFR<br>+53bps(Q)/<br>4.980% | BNP | 12/11/25 | (1047) | (11532) |  | (11532) |
|  BNP US Domestics Index(Q) | 1 Day SOFR<br>+53bps(Q)/<br>4.980% | BNP | 12/11/25 | (708) | (7794) |  | (7794) |
|  BNP US Domestics Index(Q) | 1 Day SOFR<br>+85bps(Q)/<br>5.300% | BNP | 12/11/25 | (960) | (10418) |  | (10418) |
|  BNP US Domestics Index(Q) | 1 Day SOFR<br>+85bps(Q)/<br>5.300% | BNP | 12/11/25 | (420) | (4555) |  | (4555) |
|  BNP US Domestics Index(Q) | 1 Day SOFR<br>+85bps(Q)/<br>5.300% | BNP | 12/11/25 | (213) | (2306) |  | (2306) |
|  BNP US Domestics Index(Q) | 1 Day SOFR<br>+85bps(Q)/<br>5.300% | BNP | 12/11/25 | (52) | (559) |  | (559) |
|  JPM EM Anti-Value + Quality + Korea Index(Q) | 1 Day SOFR<br>+200bps(Q)/<br>6.450% | JPM | 05/22/26 | (2742) | (221346) |  | (221346) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A126

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Financing<br>Rate | Counterparty | Termination<br>Date | Long (Short) <br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation)(2) |
|  **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** |
|  JPM EM Anti-Value + Quality + Korea Index(Q) | 1 Day SOFR<br>+200bps(Q)/<br>6.450% | JPM | 05/22/26 | (708) | $(32552) | $— | $(32552) |
|  JPM EM Value + Quality + Korea Index(Q) | 1 Day SOFR<br>+72bps(Q)/<br>5.170% | JPM | 05/22/26 | 717 | 31220 |  | 31220 |
|  JPM EM Value + Quality + Korea Index(Q) | 1 Day SOFR<br>+72bps(Q)/<br>5.170% | JPM | 05/22/26 | 2744 | &nbsp;&nbsp;&nbsp;&nbsp;191401 |  | &nbsp;&nbsp;&nbsp;&nbsp;191401 |
|  JPM Japan Growth Index(Q) | 1 Day SOFR<br>+19bps(Q)/<br>4.640% | JPM | 06/17/26 | (3541) | (113614) |  | (113614) |
|  JPM Japan Value Index(Q) | 1 Day<br>SOFR(Q)/<br>4.450% | JPM | 06/17/26 | 3535 | 78347 |  | 78347 |
|  JPM US Anti-Value Index(Q) | 1 Day SOFR<br>+60bps(Q)/<br>5.050% | JPM | 06/17/26 | (1127) | (22301) |  | (22301) |
|  JPM US Value Index(Q) | 1 Day SOFR<br>+60bps(Q)/<br>5.050% | JPM | 06/17/26 | 1127 | 20763 |  | 20763 |
|  MSCI Emerging Markets ex China Index(Q) | 1 Day SOFR<br>+44bps(Q)/<br>4.890% | UAG | 03/24/26 | 96 | 1501 |  | 1501 |
|  MSCI Emerging Markets ex China Index(Q) | 1 Day SOFR<br>+44bps(Q)/<br>4.890% | UAG | 03/24/26 | 280 | 4378 |  | 4378 |
|  MSCI Emerging Markets ex China Index(Q) | 1 Day SOFR<br>+44bps(Q)/<br>4.890% | UAG | 03/24/26 | 456 | 7157 |  | 7157 |
|  MSCI Emerging Markets ex China Index(Q) | 1 Day SOFR<br>+53bps(Q)/<br>4.980% | BNP | 05/20/26 | (2817) | (178235) |  | (178235) |
|  MSCI Emerging Markets ex China Index(Q) | 1 Day SOFR<br>+53bps(Q)/<br>4.980% | BNP | 05/20/26 | (780) | (36566) |  | (36566) |
|  Total Return Benchmark Bond Index(T) | 1 Day<br>USOIS -<br>40bps(T)/<br>3.930% | GSI | 09/19/25 | (3532) | 10876 |  | 10876 |
|  U.S. Treasury Bond(T) | 1 Day<br>USOIS<br>+23bps(T)/<br>4.560% | JPM | 11/06/25 | 3090 | 26150 |  | 26150 |
|  U.S. Treasury Bond(T) | 1 Day<br>USOIS<br>+19.5bps(T)/<br>4.525% | CITI | 12/12/25 | 5615 | 79899 |  | 79899 |
|  |  |  |  |  | $99881 | $— | $99881 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

**SEE NOTES TO FINANCIAL STATEMENTS.**

A127

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---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Premiums Paid | Premiums Received | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  OTC Swap Agreements | $— | $— | $863723 | $(763842) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  BOS | $— | $652030 |
|  GS | 1186193 |  |
|  MLC |  | 1442606 |
|  MSC | 166258 | 19387765 |
|  **Total** | $1352451 | $21482401 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | **Level 3** | **Level 3** |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity. | $59006097 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 177023446 |  |  |  |
|  Common Stocks | 420765628 | 305661593 |  | \*\* |
|  Preferred Stocks |  | 1140147 |  |  |
|  Unaffiliated Exchange-Traded Funds | 337568436 |  |  |  |
|  Unaffiliated Funds | 222740258 |  |  |  |
|  Warrants |  | 1340 |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations. |  | 47716237 |  |  |
|  Corporate Bonds |  | 23125501 |  |  |
|  Floating Rate and Other Loans |  | 508063 |  |  |
|  U.S. Treasury Obligations |  | 205609049 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 331941327 |  |  |  |
|  U.S. Treasury Obligations |  | 133709140 |  |  |
|  Unaffiliated Funds | 103854502 |  |  |  |
|  Options Purchased | 31 | 7965102 |  |  |
|  **Total** | $1652899725 | $725436172 | $— | \*\* |
|  **Liabilities** |  |  |  |  |
|  Options Written | $(3150) | $(104611) | $— |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Financial Futures Contracts | $4260900 | $— | $— |  |
|  Commodity Futures Contracts | 3331085 |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 1471714 |  |  |
|  OTC Cross Currency Exchange Contracts |  | 6793 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A128

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  Centrally Cleared Inflation Swap Agreements | $— | $26521 | $— |
|  Centrally Cleared Interest Rate Swap Agreements |  | 545786 |  |
|  OTC Total Return Swap Agreements |  | 863723 |  |
|  **Total** | $**7591985** | $**2914537** | $**—** |
|  **Liabilities** |  |  |  |
|  Financial Futures Contracts | $(456226) | $— | $— |
|  Commodity Futures Contracts | (3398292) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (2153682) |  |
|  OTC Cross Currency Exchange Contracts |  | (10399) |  |
|  Centrally Cleared Credit Default Swap Agreements. |  | (24370) |  |
|  Centrally Cleared Inflation Swap Agreement |  | (762) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (286424) |  |
|  OTC Total Return Swap Agreements |  | (763842) |  |
|  **Total** | $**(3854518)** | $**(3239479)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (4.3% represents investments purchased with collateral from securities on loan) | 25.0 |
|  U.S. Treasury Obligations | 14.9 |
|  Unaffiliated Exchange-Traded Funds | 14.8 |
|  Unaffiliated Funds | 14.3 |
|  Banks | 2.4 |
|  Collateralized Loan Obligations | 2.1 |
|  Specialized REITs | 2.0 |
|  Semiconductors & Semiconductor Equipment | 1.8 |
|  Software | 1.7 |
|  Pharmaceuticals | 1.3 |
|  Insurance | 1.2 |
|  Health Care REITs | 1.1 |
|  Retail REITs | 1.1 |
|  Aerospace & Defense | 0.9 |
|  Capital Markets | 0.9 |
|  Oil, Gas & Consumable Fuels | 0.8 |
|  Residential REITs | 0.8 |
|  Industrial REITs | 0.8 |
|  Interactive Media & Services | 0.8 |
|  Technology Hardware, Storage & Peripherals | 0.7 |
|  Broadline Retail | 0.7 |
|  Financial Services | 0.6 |
|  Entertainment | 0.6 |
|  Automobiles | 0.5 |
|  Hotels, Restaurants & Leisure | 0.5 |
|  Electrical Equipment | 0.5 |
|  Textiles, Apparel & Luxury Goods | 0.5 |
|  Machinery | 0.4 |
|  Health Care Equipment & Supplies | 0.4 |
|  Consumer Staples Distribution & Retail | 0.4 |
|  Trading Companies & Distributors | 0.4 |

---

---

| | |
|:---|:---|
|  Electric Utilities | 0.4 |
|  Metals & Mining | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Food Products | 0.4 |
|  Biotechnology | 0.4 |
|  Options Purchased | 0.3 |
|  Specialty Retail | 0.3 |
|  IT Services | 0.3 |
|  Chemicals | 0.3 |
|  Industrial Conglomerates | 0.3 |
|  Office REITs | 0.3 |
|  Multi-Utilities | 0.3 |
|  Beverages | 0.3 |
|  Building Products | 0.3 |
|  Health Care Providers & Services | 0.2 |
|  Personal Care Products | 0.2 |
|  Diversified REITs | 0.2 |
|  Professional Services | 0.2 |
|  Household Durables | 0.2 |
|  Construction Materials | 0.2 |
|  Ground Transportation | 0.2 |
|  Construction & Engineering | 0.2 |
|  Tobacco | 0.2 |
|  Household Products | 0.2 |
|  Electronic Equipment, Instruments & Components | 0.2 |
|  Communications Equipment | 0.2 |
|  Life Sciences Tools & Services | 0.2 |
|  Media | 0.2 |
|  Hotel & Resort REITs | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Consumer Finance | 0.1 |
|  Real Estate Management & Development | 0.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A129

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Passenger Airlines | 0.1% |
|  Automobile Components | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Retail | 0.1 |
|  Foods | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Electric | 0.1 |
|  Telecommunications | 0.1 |
|  Pipelines | 0.1 |
|  Marine Transportation | 0.1 |
|  Gas Utilities | 0.1 |
|  Transportation Infrastructure | 0.1 |
|  Commercial Services | 0.1 |
|  Lodging | 0.1 |
|  Oil & Gas | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.0 \* |
|  Water Utilities | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Diversified Financial Services | 0.0 \* |
|  Real Estate | 0.0 \* |
|  Holding Companies-Diversified | 0.0 \* |
|  Home Builders | 0.0 \* |
|  Real Estate Investment Trusts (REITs) | 0.0 \* |
|  Building Materials | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Leisure Time | 0.0 \* |

---

---

| | |
|:---|:---|
|  Healthcare-Services | 0.0 |
|  Containers & Packaging | 0.0 |
|  Packaging & Containers | 0.0 |
|  Airlines | 0.0 |
|  Auto Manufacturers | 0.0 |
|  Computers | 0.0 |
|  Housewares | 0.0 |
|  Mining | 0.0 |
|  Electrical Components & Equipment | 0.0 |
|  Leisure Products | 0.0 |
|  Diversified Consumer Services | 0.0 |
|  Healthcare-Products | 0.0 |
|  Iron/Steel | 0.0 |
|  Distributors | 0.0 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Transportation | 0.0 |
|  Internet | 0.0 |
|  Environmental Control | 0.0 |
|  | 104.4 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (4.4) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Commodity contracts | Due from/to broker-variation margin<br> futures | $3331085 \* | Due from/to broker-variation margin<br> futures | $3398292 \* |
|  Commodity contracts |  |  | Unrealized depreciation on OTC<br> swap agreements | 5800 |
|  Credit contracts |  |  | Due from/to broker-variation<br> margin swaps | 24370 \* |
|  Credit contracts | Unaffiliated investments | 6617 | Options written outstanding, at<br> value | 14977 |
|  Equity contracts | Due from/to broker-variation<br> margin futures | 1719578 \* | Due from/to broker-variation<br> margin futures | 287786 \* |
|  Equity contracts | Unaffiliated investments | 7942747 |  |  |
|  Equity contracts | Unrealized appreciation on OTC<br> swap agreements | 746798 | Unrealized depreciation on OTC<br> swap agreements | 758042 |
|  Foreign exchange contracts | Unaffiliated investments | 12900 | Options written outstanding, at value | 87747 |
|  | Unrealized appreciation on OTC |  | Unrealized depreciation on OTC |  |
|  | cross currency exchange |  | cross currency exchange |  |
|  Foreign exchange contracts | contracts | 6793 | contracts | 10399 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A130

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  | Unrealized appreciation on OTC<br> forward foreign currency |  | Unrealized depreciation on OTC<br> forward foreign currency |  |
|  Foreign exchange contracts | exchange contracts | $1471714 | exchange contracts | $2153682 |
|  Interest rate contracts | Due from/to broker-variation<br> margin futures | 2541322 \* | Due from/to broker-variation<br> margin futures | 168440 \* |
|  Interest rate contracts | Due from/to broker-variation<br> margin swaps | 572307 \* | Due from/to broker-variation<br> margin swaps | 287186 \* |
|  Interest rate contracts | Unaffiliated investments | 2869 | Options written outstanding, at value | 5037 |
|  Interest rate contracts | Unrealized appreciation on OTC<br>swap agreements | 116925 |  |  |
|  |  | $18471655 |  | $7201758 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |  |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Options<br>Purchased(1) | Options<br>Written | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Commodity contracts | $— | $— | $3282159 | $— | $2652456 |
|  Credit contracts | (21109) | 47114 |  |  | (124393) |
|  Equity contracts | 2091149 |  | (2302419) |  | (689413) |
|  Foreign exchange contracts | (20077) | 135904 |  | 1582679 |  |
|  Interest rate contracts | 58554 | 7112 | (281117) |  | 350946 |
|  **Total** | $2108517 | $190130 | $698623 | $1582679 | $2189596 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

<u>Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(2) | Options<br>Written | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Commodity contracts | $— | $— | $318978 | $— | $88 |
|  Credit contracts | 5254 | (6701) |  |  | (11500) |
|  Equity contracts | (1560783) |  | 3442098 |  | 24644 |
|  Foreign exchange contracts | (4570) | (30083) |  | (1763311) |  |
|  Interest rate contracts | (10605) | 20668 | 3642356 |  | 175768 |
|  **Total** | $(1570704) | $(16116) | $7403432 | $(1763311) | $189000 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $7855653 |
|  Options Written (2) | 43807487 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A131

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---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (2) | $388314933 |
|  Futures Contracts - Short Positions (2) | &nbsp;&nbsp;&nbsp;&nbsp;27587688 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 359791056 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 364581666 |
|  Cross Currency Exchange Contracts (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215867 |
|  Interest Rate Swap Agreements (2) | 100575996 |
|  Credit Default Swap Agreements - Buy Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;3483333 |
|  Credit Default Swap Agreements - Sell Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;7091667 |
|  Total Return Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;99198134 |
|  Inflation Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;2188711 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

---

| | | | |
|:---|:---|:---|:---|
| Offsetting of financial instrument/transaction assets and liabilities: | Offsetting of financial instrument/transaction assets and liabilities: | Offsetting of financial instrument/transaction assets and liabilities: | Offsetting of financial instrument/transaction assets and liabilities: |
| Description | Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities) | **Collateral**<br> **Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  Securities on Loan | $97148626 | $(97148626) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
| BARC(4) | $&nbsp;&nbsp;&nbsp;&nbsp;234108 | $(85992) | $148116 | $(148116) | $— |
| BARC(6) | 1269 | (5275) | (4006) | 4006 |  |
| BNP(4) | 280908 | (323704) | (42796) | 42796 |  |
| BNP(6) | 3311 |  | 3311 |  | 3311 |
| BOA(4) | 101610 | (208) | 101402 |  | 101402 |
| BOA(6) | 8518 | (11970) | (3452) |  | (3452) |
| CA(6) |  | (35859) | (35859) |  | (35859) |
| CITI(4) | 30461 | (385) | 30076 |  | 30076 |
| CITI(5) | 48838 | (75215) | (26377) |  | (26377) |
| CITI(6) | 103513 | (34056) | 69457 |  | 69457 |
| DB(6) | 23450 | (79463) | (56013) | 56013 |  |
| GSI(4) | 513178 | (634458) | (121280) |  | (121280) |
| GSI(5) | 115314 | (66676) | 48638 | (20000) | 28638 |
| GSI(6) | 84099 | (27967) | 56132 |  | 56132 |
| HSBC(6) | 53887 | (465723) | (411836) | 387177 | (24659) |
| JPM(4) | 346596 | (391747) | (45151) | 45151 |  |
| JPM(6) | 110303 | (53944) | 56359 |  | 56359 |
| ML(3) |  | (5800) | (5800) | 5800 |  |
| MSI(5) | 193172 | (116206) | 76966 |  | 76966 |
| MSI(6) | 58894 | (121797) | (62903) | 62903 |  |
| RBD(4) | 1933 |  | 1933 |  | 1933 |
| SCB(4) | 763 |  | 763 |  | 763 |
| SSB(6) |  | (211008) | (211008) | 125043 | (85965) |
| TD(6) |  | (221497) | (221497) | 154053 | (67444) |
| UAG(4) | 31911 | (2938) | 28973 | (28973) |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A132

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
| UAG(6) | $2071 | $(1818) | $253 | $— | $253 |
| WBC(5) | 16478 | (58828) | (42350) |  | (42350) |
|  | $2364585 | $(3032534) | $(667949) | $685853 | $17904 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) Morgan Stanley

(5) Putnam

(6) PGIM Fixed Income

**SEE NOTES TO FINANCIAL STATEMENTS.**

A133

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<br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $97,148,626: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,683,050,286) | $1810365027.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $548,527,411) | 567970870.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash segregated for counterparty — OTC | 300000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $1,928,313) | 1937231.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 8794771.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 5298979.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 3424108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 1930839.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 1471714.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1352451.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 863723.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 567128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 18824.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 13888.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 11247.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 6793.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3341.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2404330934.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 98581417.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 21972200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 2153682.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1244067.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 909668.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 763842.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 709176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 659449.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $86,947) | 107761.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 92107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 21788.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 10399.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian | 5357.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 127232977.0 |
|  **NET ASSETS** | $2277097957.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2277097957.0 |
|  Net asset value and redemption price per share, $2,277,097,957 / 109,673,700 outstanding shares of beneficial interest | $20.76 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $765,268 foreign withholding tax, of which $73,469 is reimbursable by an affiliate) | $17718522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 10422962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 5154763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $70,586) | 73189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 33369436 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 8559829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 2799472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 216580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 57401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 23135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 9383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 61699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11766991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (330052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fee waiver | (16086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11420853 |
|  **NET INVESTMENT INCOME (LOSS)** | 21948583 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $7,248,721) (net of foreign capital gains taxes $(1)) | 50876639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 698623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | 1582679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 190130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 2189596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (26981) |
|  | 55510686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $3,451,623) (net of change in foreign capital gains taxes $13,888) | 59231499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 7403432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (1763311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (16116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 189000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 203485 |
|  | 65247989 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 120758675 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $142707258 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $21948583 | $51992618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 55510686 | 142222207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received |  | 490557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 65247989 | (13177747) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 142707258 | 181527635 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [6,746,920 and 11,180,607 shares, respectively] | 134375271 | 211906653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [17,106,206 and 31,097,866 shares, respectively] | (330278855) | (585347039) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (195903584) | (373440386) |
|  **TOTAL INCREASE (DECREASE)** | (53196326) | (191912751) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2330294283 | 2522207034 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2277097957 | $2330294283 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A134

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<br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>

#### FINANCIAL HIGHLIGHTS (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br>June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | Six Months Ended<br>June 30, 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $19.41 | $18.02 | $16.35 | $18.89 | $16.80 | $16.12 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.19 | 0.40 | 0.40 | 0.24 | 0.07 | 0.01 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.16 | 0.99 | 1.27 | (2.78) | 2.02 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.35 | 1.39 | 1.67 | (2.54) | 2.09 | 0.68 |
|  Net Asset Value, end of period | $20.76 | $19.41 | $18.02 | $16.35 | $18.89 | $16.80 |
|  **Total Return<sup>(b)</sup>** | 6.96% | 7.71% | 10.21% | (13.45)% | 12.44% | 4.22% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in millions) | $2277 | $2330 | $2522 | $2488 | $4423 | $4431 |
|  Average net assets (in millions) | $2258 | $2477 | $2463 | $3246 | $4490 | $3925 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.02 %<sup>(d)</sup> | 1.02% | 1.07% | 1.06% | 0.94 %<sup>(e)</sup> | 0.82 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.05 %<sup>(d)</sup> | 1.11% | 1.11% | 1.11% | 0.99 %<sup>(e)</sup> | 0.83 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.96 %<sup>(d)</sup> | 2.10% | 2.37% | 1.39% | 0.39% | 0.08% |
|  Portfolio turnover rate<sup>(f)(g)</sup> | 39% | 100% | 103% | 96% | 257% | 452% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) Annualized.

(e) The expense ratio includes dividend expense and broker fees and expenses on short sales of 0.02% and 0.04% for the years ended December 31, 2021 and 2020, respectively.

(f) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A135

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#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
(unaudited)

1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of June 30, 2025 consisted of 34 separate portfolios. The information presented in these financial statements pertains only to the 5 Portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The Portfolios have the following investment objective(s):

---

| | |
|:---|:---|
| Portfolio | Investment Objective(s) |
|  AST Aggressive Asset Allocation Portfolio<br> ("Aggressive Asset Allocation") formerly known as<br> AST Capital Growth Asset Allocation Portfolio | Highest potential total return consistent with its specified level of risk tolerance. |
|  AST J.P. Morgan Aggressive Multi-Asset Portfolio<br> ("J.P. Morgan Aggressive Multi-Asset") | Capital appreciation consistent with its specified level of risk tolerance. |
|  AST J.P. Morgan Conservative Multi-Asset Portfolio<br> ("J.P. Morgan Conservative Multi-Asset") | Maximize return compared to its benchmark through security selection and tactical asset allocation. |
|  AST J.P. Morgan Moderate Multi-Asset Portfolio<br> ("J.P. Morgan Moderate Multi-Asset") | Capital appreciation consistent with its specified level of risk tolerance. |
|  AST Multi-Asset Diversified Plus Portfolio<br> ("Multi-Asset Diversified Plus") formerly known as<br> AST Academic Strategies Asset Allocation Portfolio | Long-term capital appreciation. |

---

2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in

B1

------

accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments") and/orAST Investment Services, Inc., the co-managers of the Portfolio, as applicable (collectively, the "Investment Manager" or "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*Financial/Commodity Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial and/or commodity futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates.

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Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Inflation Swaps:* Certain Portfolios entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Portfolios to interest rate risk.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity

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reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolio's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and

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identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants and Rights:* Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:* Certain fixed income Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

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*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

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| | |
|:---|:---|
| Portfolio | Subadviser(s) |
|  Aggressive Asset Allocation | Jennison Associates, LLC ("Jennison") (a wholly-owned subsidiary of PGIM, Inc.); J.P. Morgan Investment Management Inc. ("J.P. Morgan"); PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.); PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") (a wholly-owned subsidiary of PGIM, Inc.); Putnam Investment Management, LLC ("Putnam") |
|  J.P. Morgan Aggressive Multi-Asset | J.P. Morgan |
|  J.P. Morgan Conservative Multi-Asset | J.P. Morgan |
|  J.P. Morgan Moderate Multi-Asset | J.P. Morgan |
|  Multi-Asset Diversified Plus | Jennison; J.P. Morgan; Morgan Stanley Investment Management Inc.; PFI; PGIM Quantitative Solutions; PGIM Real Estate (a business unit of PGIM, Inc.); Systematica Investments Limited, acting as general partner of Systematica Investments LP; Putnam |

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*Management Fees and Expense Limitations:* The Investment Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at the respective annual rate specified below. The Investment Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Investment Manager under the agreements are reflected in the Statement of Operations.

The Investment Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain Portfolios so that management fees plus other annual ordinary operating expenses, excluding taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales, do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made

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if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

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| | | | |
|:---|:---|:---|:---|
| Portfolio | Management Fee | **Effective Management**<br> **Fee,**<br> **before any waivers**<br> **and/or expense<br>reimbursements** | **Effective Management** <br> **Fee,**<br> **after any waivers**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Aggressive Asset Allocation^ | 0.6225% first $15 billion;<br> 0.6025% on next $5 billion;<br> 0.5825% on next $5 billion;<br> 0.5625% on next $5 billion;<br> 0.5425% on next $5 billion;<br> 0.5225% on next $5 billion;<br> 0.5025% in excess of $40 billion | 0.58% | 0.50% |
| &nbsp;&nbsp; J.P. Morgan Aggressive<br> Multi-Asset | 0.6825% first $6 billion;<br> 0.6625% on next $4 billion;<br> 0.6425% in excess of $10 billion | 0.68% | 0.52% |
| &nbsp;&nbsp; J.P. Morgan Conservative<br> Multi-Asset | 0.6925% on all net assets | 0.69% | 0.52% |
| &nbsp;&nbsp; J.P. Morgan Moderate<br> Multi-Asset | 0.6925% on all net assets | 0.69% | 0.50% |
| &nbsp;&nbsp; Multi-Asset Diversified Plus^ | 0.8025% first $15 billion;<br> 0.7825% on next $5 billion;<br> 0.7625% on next $5 billion;<br> 0.7425% on next $5 billion;<br> 0.7225% on next $5 billion;<br> 0.7025% on next $5 billion;<br> 0.6825% in excess of $40 billion | 0.76% | 0.73% |

---

---

| | |
|:---|:---|
| Portfolio | **Fee Waivers and/or**<br> **Expense Limitations\*** |
|  J.P. Morgan Conservative Multi-Asset | contractually waive 0.055% through June 30, 2026 |
|  Multi-Asset DiversifiedPlus | contractually limit expenses to 1.13% through June 30, 2026 |

---

^ Management fees are calculated based on an aggregation of net assets of Aggressive Asset Allocation, Balanced Asset Allocation, Multi-Asset Diversified Plus and Preservation Asset Allocation.

\* For Aggressive Asset Allocation and Multi-Asset Diversified Plus, the Investment Manager and Prudential Annuities Distributors, Inc. ("PAD") have agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the management and distribution fee they receive from other portfolios of the Trust and Funds of other affiliated investment companies due to the Portfolios' investment in any such portfolios/funds. The Investment Manager has also agreed to waive a portion of its investment management fee equal to the amount of the management fee received by the subadviser due to the Portfolios' investment in any fund managed or subadvised by the subadviser. 

The Trust, on behalf of the Portfolios, has entered into an agreement with PAD, which serves as the distributor for the shares of each Portfolio. The Trust, on behalf of the Portfolios, has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940Act (the "12b-1 Plan") for the shares of each Portfolio. Under the 12b-1 Plan, the shares of each covered Portfolio are charged an annual fee, primarily to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The annual shareholder services and distribution fee (the "12b-1 fee") for each covered Portfolio's shares is 0.25% of the average daily net assets of the Portfolios. The 12b-1 fee is waived for the assets of Aggressive Asset Allocation and Multi-Asset Diversified Plus that are invested in other Portfolios.

The Trust, on behalf of certain Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the

B9

------

applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended June 30, 2025, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| Portfolio | Amount |
|  Aggressive Asset Allocation | $4515 |
|  J.P. Morgan Aggressive Multi-Asset | 973 |
|  J.P. Morgan Conservative Multi-Asset | 2925 |
|  J.P. Morgan Moderate Multi-Asset | 15000 |
|  Multi-Asset Diversified Plus | 189 |

---

AST Investment Services, Inc., Jennison, PAD, PGIM Investments, PGIM, Inc. and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the PGIM Core Government Money Market Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the PGIM Core Government Money Market Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended June 30, 2025, no Rule 17a-7 transactions were entered into by the Portfolios.

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of

B10

------

Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| Portfolio | 2025 Payments |
|  Aggressive Asset Allocation | $258449 |
|  J.P. Morgan Aggressive Multi-Asset | 86333 |
|  J.P. Morgan Conservative Multi-Asset | 53661 |
|  J.P. Morgan Moderate Multi-Asset | 38207 |
|  Multi-Asset Diversified Plus | 73469 |

---

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| Portfolio | 2025 Payments |
|  Aggressive Asset Allocation | $453707 |
|  J.P. Morgan Aggressive Multi-Asset | 86627 |
|  J.P. Morgan Conservative Multi-Asset | 53805 |
|  J.P. Morgan Moderate Multi-Asset | 36502 |
|  Multi-Asset Diversified Plus | 157227 |

---

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Portfolio | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** |
|  Aggressive Asset Allocation | $3239580912 | $4061153303 |
|  J.P. Morgan Aggressive Multi-Asset | 768972205 | 1445125408 |
|  J.P. Morgan Conservative Multi-Asset | 363992936 | 854117356 |
|  J.P. Morgan Moderate Multi-Asset | 330994910 | 652210694 |
|  Multi-Asset Diversified Plus | 609187909 | 728513205 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2025, is presented as follows:

#### Aggressive Asset Allocation

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | Capital Gain<br>Distributions |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** |  |  |  |  |
|  AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> |  |
| $1077945327 | $— | $189500001 | $(1388397) | $41076802 | $928133731 | 9208589 | $— | $— |
|  AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;402940664 |  | 61400000 | (5272165) | 20232001 | 356500500 | 6474764 |  |  |
|  AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1344712226 | &nbsp;&nbsp;&nbsp;&nbsp;16224707 | 154034546 | &nbsp;&nbsp;&nbsp;&nbsp;36989861 | 17465542 | 1261357790 | 109587992 |  |  |
|  AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> |  |

---

B11

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain<br>Distributions** |
| $281251365 | $— | $20000000 | $(11452151) | $5602942 | $255402156 | 3261008 | $— | $— |
|  PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18397219 | 13185581 | 31445001 | 886750 | (360780) | 663769 | 32458 | 35581 |  |
|  PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14915152 | 11290000 | 24035000 | 614894 | (392878) | 2392168 | 125113 |  |  |
|  PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 22250000 | 10895000 | 702434 | 533633 | 12591067 | 208048 |  |  |
|  PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37934421 | 59475000 | 46925000 | 576712 | 352258 | 51413391 | 6827808 |  |  |
| $3178096374 | $122425288 | $538234548 | $21657938 | $84509520 | $2868454572 |  | $35581 | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1254637481 | 2271148662 | 2501258963 |  |  | 1024527180 | 1024527180 | 24488831 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;124449347 | 550878985 | 560327783 | 1294 | (10458) | 114991385 | 115071935 | 100513<sup>(1)</sup> |  |
| $1379086828 | $2822027647 | $3061586746 | $1294 | $(10458) | $1139518565 |  | $24589344 | $— |
| $4557183202 | $2944452935 | $3599821294 | $21659232 | $84499062 | $4007973137 |  | $24624925 | $— |

---

#### J.P. Morgan Aggressive Multi-Asset

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** |
|  AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> |
| $161047648 | $177100000 | $| 74500000 | $7904491 | $472208 | $272024347 | 24201454 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| $126448118 | $1375212446 |  | $1060719115 | $— | $— | $440941449 | 440941449 | $6916177 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;44120434 | 587934145 |  | 583470676 | 237 | (3425) | 48580715 | 48614745 | 76566<sup>(1)</sup> |  |
| $170568552 | $1963146591 |  | $1644189791 | $237 | $(3425) | $489522164 |  | $6992743 | $— |
| $331616200 | $2140246591 |  | $1718689791 | $7904728 | $468783 | $761546511 |  | $6992743 | $— |

---

#### J.P. Morgan Conservative Multi-Asset

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** |
|  AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> |
| $2211003175 | $281800000 | $475000000 | $55653409 | $34469932 | $2107926516 | 187537946 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| $281839086 | $981989978 | $880635175 | $— | $— | $383193889 | 383193889 | $7760636 | $— |

---

B12

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain<br>Distributions** |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |
| $15380205 | $270320850 | $260901488 | $212 | $(12289) | $24787490 | 24804854 | $42375<sup>(1)</sup> | $— |
| $297219291 | $1252310828 | $1141536663 | $212 | $(12289) | $407981379 |  | $7803011 | $— |
| $2508222466 | $1534110828 | $1616536663 | $55653621 | $34457643 | $2515907895 |  | $7803011 | $— |

---

#### J.P. Morgan Moderate Multi-Asset

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** |
|  AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> |
| $525039663 | $190500000 | $105000000 | $16144228 | $7306052 | $633989943 | 56404799 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| $124202575 | $724406094 | $580919955 | $— | $— | $267688714 | 267688714 | $5130671 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;16255397 | 166176424 | 161946984 | 467 | 1136 | 20486440 | 20500791 | 47315<sup>(1)</sup> |  |
| $140457972 | $890582518 | $742866939 | $467 | $1136 | $288175154 |  | $5177986 | $— |
| $665497635 | $1081082518 | $847866939 | $16144695 | $7307188 | $922165097 |  | $5177986 | $— |

---

#### Multi-Asset Diversified Plus

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** |
|  AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |
| $220533587 | $8643586 | $65800067 | $1024645 | $6782040 | $171183791 | 14872614 | $— | $— |
|  AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;14300082 | 946516 | 1957675 | (778473) | 385384 | 12895834 | 164656 |  |  |
|  PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;8451922 | 5302000 | 8046273 | 104146 | 27860 | 5839655 | 775519 |  |  |
|  PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;47256881 |  | 4309000 | 3097451 | 64931 | 46110263 | 350622 |  |  |
| $290542472 | $14892102 | $80113015 | $3447769 | $7260215 | $236029543 |  | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;215971965 | 707892763 | 690859999 |  |  | 233004729 | 233004729 | 5154763 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;72665070 | 607880700 | 581601532 | 3854 | (11494) | 98936598 | 99005902 | 70586<sup>(1)</sup> |  |
| $288637035 | $1315773463 | $1272461531 | $3854 | $(11494) | $331941327 |  | $5225349 | $— |
| $579179507 | $1330665565 | $1352574546 | $3451623 | $7248721 | $567970870 |  | $5225349 | $— |

---

\* Non-income producing security.

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

B13

------

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2024 are subject to such review.

7. Borrowings

The Trust, on behalf of the Portfolios, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | SCA |
| &nbsp;&nbsp; **Term of Commitment** | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolio indicated below utilized the SCA during the reporting period ended June 30, 2025. The average balance outstanding is for the number of days the Portfolio utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Portfolio | **Average**<br> **Balance**<br> **Outstanding** | **Weighted**<br> **Average**<br> **Interest Rates** | **Number**<br> **of Days**<br> **Outstanding** | **Maximum**<br> **Balance**<br> **Outstanding** | **Balance**<br> **Outstanding at<br> June 30, 2025**  |
| &nbsp;&nbsp; J.P. Morgan Aggressive Multi-Asset | $80779000 | 5.43% | 1 | $80779000 | $— |

---

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of June 30, 2025, all Portfolios offer only a single share class to investors.

As of June 30, 2025, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

---

| | | |
|:---|:---|:---|
| Portfolio | Number of Shares | **Percentage of**<br> **Outstanding Shares**  |
|  Aggressive Asset Allocation | 244774516 | 72.6% |

---

B14

------

---

| | | |
|:---|:---|:---|
| Portfolio | Number of Shares | **Percentage of**<br> **Outstanding Shares**  |
|  J.P. Morgan Aggressive Multi-Asset | 103499776 | 100.0% |
|  J.P. Morgan Conservative Multi-Asset | 130066003 | 84.7 |
|  J.P. Morgan Moderate Multi-Asset | 66324953 | 82.4 |
|  Multi-Asset Diversified Plus | 72271196 | 65.9 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

---

| | | |
|:---|:---|:---|
| Portfolio | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
|  **Affiliated:** |  |  |
|  Aggressive Asset Allocation | 2 | 72.6% |
|  J.P. Morgan Aggressive Multi-Asset | 2 | 100.0 |
|  J.P. Morgan Conservative Multi-Asset | 2 | 84.7 |
|  J.P. Morgan Moderate Multi-Asset | 2 | 82.4 |
|  Multi-Asset Diversified Plus | 2 | 65.9 |
|  **Unaffiliated:** |  |  |
|  Aggressive Asset Allocation | 1 | 27.2 |
|  J.P. Morgan Aggressive Multi-Asset |  |  |
|  J.P. Morgan Conservative Multi-Asset | 1 | 15.3 |
|  J.P. Morgan Moderate Multi-Asset | 1 | 17.6 |
|  Multi-Asset Diversified Plus | 1 | 34.1 |

---

9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Risks | **Aggressive<br>Asset**<br> **Allocation** | **Aggressive<br>Asset**<br> **Allocation** | **J.P. Morgan** <br> **Aggressive<br>Multi-Asset** | **J.P. Morgan** <br> **Aggressive<br>Multi-Asset** | J.P. Morgan<br> Conservative <br>Multi-Asset | J.P. Morgan<br> Conservative <br>Multi-Asset |
| &nbsp;&nbsp; Asset Allocation |  | X |  | X |  |  |
| &nbsp;&nbsp; Asset-Backed and/or Mortgage-Backed Securities |  | X |  | X |  | X |
| &nbsp;&nbsp; Asset Transfer Program |  | X |  | X |  | X |
| &nbsp;&nbsp; Blend Style |  | X |  | X |  | X |
| &nbsp;&nbsp; Commodity |  |  |  |  |  |  |
| &nbsp;&nbsp; Covenant-Lite |  | X |  |  |  |  |
| &nbsp;&nbsp; Credit |  | X |  | X |  | X |
| &nbsp;&nbsp; Derivatives |  | X |  | X |  | X |
| &nbsp;&nbsp; Emerging Markets |  | X |  | X |  | X |
| &nbsp;&nbsp; Equity Securities |  | X |  | X |  | X |
| &nbsp;&nbsp; Exchange-Traded Funds (ETF) |  | X |  | X |  | X |
| &nbsp;&nbsp; Exchange-Traded Notes (ETN) |  |  |  |  |  |  |
| &nbsp;&nbsp; Expense |  | X |  | X |  | X |
| &nbsp;&nbsp; Fixed Income Securities |  | X |  | X |  | X |
| &nbsp;&nbsp; Foreign Custody |  |  |  |  |  | X |
| &nbsp;&nbsp; Foreign Investment |  | X |  | X |  | X |
| &nbsp;&nbsp; Fund of Funds |  | X |  | X |  |  |
| &nbsp;&nbsp; High Yield |  | X |  | X |  | X |
| &nbsp;&nbsp; Interest Rate |  | X |  | X |  | X |
| &nbsp;&nbsp; Investment Style |  |  |  | X |  |  |
| &nbsp;&nbsp; Large Company |  | X |  | X |  |  |

---

B15

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Risks | Aggressive<br>Asset<br>Allocation | Aggressive<br>Asset<br>Allocation | J.P. Morgan<br>Aggressive<br> Multi-Asset | J.P. Morgan<br>Aggressive<br> Multi-Asset | J.P. Morgan<br> Conservative <br>Multi-Asset | J.P. Morgan<br> Conservative <br>Multi-Asset |
| &nbsp;&nbsp; Leverage |  |  |  |  |  | X |
| &nbsp;&nbsp; Liquidity Allocation |  | X |  | X |  | X |
| &nbsp;&nbsp; Liquidity and Valuation |  | X |  | X |  | X |
| &nbsp;&nbsp; Loan |  | X |  |  |  |  |
| &nbsp;&nbsp; Market and Management |  | X |  | X |  | X |
| &nbsp;&nbsp; Participation Notes (P-Notes) |  |  |  |  |  |  |
| &nbsp;&nbsp; Portfolio Turnover |  |  |  | X |  | X |
| &nbsp;&nbsp; Prepayment or Call |  | X |  | X |  | X |
| &nbsp;&nbsp; Quantitative Model |  |  |  |  |  |  |
| &nbsp;&nbsp; Real Estate |  | X |  | X |  | X |
| &nbsp;&nbsp; Regulatory |  | X |  | X |  | X |
| &nbsp;&nbsp; Short Sale |  |  |  |  |  | X |
| &nbsp;&nbsp; Small Sized Company |  | X |  | X |  |  |
| Risks | | | J.P. Morgan <br>Moderate<br>Multi-Asset | J.P. Morgan <br>Moderate<br>Multi-Asset | Multi-Asset <br>Diversified<br>Plus | Multi-Asset <br>Diversified<br>Plus |
| &nbsp;&nbsp; Asset Allocation |  |  |  |  |  | X |
| &nbsp;&nbsp; Asset-Backed and/or Mortgage-Backed Securities |  |  |  | X |  | X |
| &nbsp;&nbsp; Asset Transfer Program |  |  |  | X |  | X |
| &nbsp;&nbsp; Blend Style |  |  |  | X |  | X |
| &nbsp;&nbsp; Commodity |  |  |  | X |  | X |
| &nbsp;&nbsp; Covenant-Lite |  |  |  |  |  | X |
| &nbsp;&nbsp; Credit |  |  |  | X |  | X |
| &nbsp;&nbsp; Derivatives |  |  |  | X |  | X |
| &nbsp;&nbsp; Emerging Markets |  |  |  | X |  | X |
| &nbsp;&nbsp; Equity Securities |  |  |  | X |  | X |
| &nbsp;&nbsp; Exchange-Traded Funds (ETF) |  |  |  | X |  | X |
| &nbsp;&nbsp; Exchange-Traded Notes (ETN) |  |  |  |  |  | X |
| &nbsp;&nbsp; Expense |  |  |  | X |  | X |
| &nbsp;&nbsp; Fixed Income Securities |  |  |  | X |  | X |
| &nbsp;&nbsp; Foreign Custody |  |  |  | X |  |  |
| &nbsp;&nbsp; Foreign Investment |  |  |  | X |  | X |
| &nbsp;&nbsp; Fund of Funds |  |  |  | X |  | X |
| &nbsp;&nbsp; High Yield |  |  |  | X |  | X |
| &nbsp;&nbsp; Interest Rate |  |  |  | X |  | X |
| &nbsp;&nbsp; Investment Style |  |  |  |  |  |  |
| &nbsp;&nbsp; Large Company |  |  |  |  |  |  |
| &nbsp;&nbsp; Leverage |  |  |  |  |  | X |
| &nbsp;&nbsp; Liquidity Allocation |  |  |  | X |  |  |
| &nbsp;&nbsp; Liquidity and Valuation |  |  |  | X |  | X |
| &nbsp;&nbsp; Loan |  |  |  |  |  | X |
| &nbsp;&nbsp; Market and Management |  |  |  | X |  | X |
| &nbsp;&nbsp; Participation Notes (P-Notes) |  |  |  | X |  |  |
| &nbsp;&nbsp; Portfolio Turnover |  |  |  | X |  | X |
| &nbsp;&nbsp; Prepayment or Call |  |  |  | X |  |  |
| &nbsp;&nbsp; Quantitative Model |  |  |  |  |  | X |
| &nbsp;&nbsp; Real Estate |  |  |  | X |  | X |
| &nbsp;&nbsp; Regulatory |  |  |  | X |  | X |

---

B16

------

---

| | | | |
|:---|:---|:---|:---|
| Risks | J.P. Morgan <br>Moderate<br>Multi-Asset | Multi-Asset <br>Diversified<br>Plus | Multi-Asset <br>Diversified<br>Plus |
| &nbsp;&nbsp; Restricted Securities |  |  | X |
| &nbsp;&nbsp; Short Sale |  |  | X |
| &nbsp;&nbsp; Sovereign Debt Securities |  |  | X |

---

*Asset Allocation Risk:* The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

*Asset-Backed and/or Mortgage-Backed Securities Risk:* Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

*Asset Transfer Program Risk:* Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Commodity Risk:* The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and maybe more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, insufficient storage capacity, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

B17

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*Covenant-Lite Risk:* Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be "covenant-lite", which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio's exposure to losses may be increased, which could result in an adverse impact on the Portfolio's net income and net asset value.

*Credit Risk*: This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

*Emerging Markets Risk:* The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

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*Exchange-Traded Notes (ETN) Risk*: Because exchange-traded notes (ETNs) are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Portfolio to the risk that an ETN's issuer may be unable to pay or fulfill its contractual obligations. In addition, the Portfolio will bear its proportionate share of the fees and expenses of the ETN, which may cause the Portfolio's operating expenses to be higher and its performance to be lower.

*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table in the Portfolio's prospectus for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. In recent years, the Federal Open Market Committee (FOMC) began implementing increases to the federal funds interest rate and there may be further rate increases. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

*Foreign Custody Risk:* If a Portfolio invests in foreign securities, the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio's custodian (each, a Subcustodian). Some foreign Subcustodians may be recently organized or new to the foreign custody business. In some countries, Subcustodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Portfolio's ability to recover its assets if a Subcustodian enters bankruptcy or if other disputes or proceedings arise related to a Portfolio's assets. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries and a Portfolio may be limited in its ability to enforce contractual rights or obligations.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Fund of Funds Risk:* In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

*High Yield Risk:* Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield" securities or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income

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investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

*Investment Style Risk:* Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

*Large Company Risk:* Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

*Leverage Risk:* Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value), which may amplify the Portfolio's gains and losses and cause the Portfolio to be more volatile and riskier than if it had not been leveraged.

*Liquidity Allocation Risk:* The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

*Loan Risk*: The Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a Portfolio Manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures,

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near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can adversely affect the liquidity and volatility of investments held by the Portfolio, and there is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Participation Notes (P-Notes) Risk:* The Portfolio may gain exposure to securities traded in foreign markets through P-notes. In addition to risks similar to those associated with a direct investment in the underlying security, such as foreign investment risk, the holder of a P-note is not entitled to the same rights as an underlying security's direct owner and P-notes are considered general unsecured contractual obligations and are subject to counterparty credit risks.

*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

*Prepayment or Call Risk*: Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Real Estate Risk:* Investments in real estate investment trusts ("REITs") and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

*Restricted Securities Risk:* The Portfolio may invest in restricted securities. Restricted securities are subject to legal and contractual restrictions on resale. Restricted securities are not traded on established markets and may be classified as illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Portfolio.

*Short Sale Risk:* A short sale involves the risk that the price of a borrowed security will increase during the time the Portfolio has borrowed the security and the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Short sales may result in losses that are greater than the cost of the investment. In addition, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

*Small Sized Company Risk*: Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response

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to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

*Sovereign Debt Securities Risk:* Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

10. Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

11. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of June 30, 2025.

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#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies- None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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#### Advanced Series Trust

#### Approval of Advisory Agreements

#### Renewal of Management and Subadvisory Agreements

#### The Trust's Board of Trustees
The Board of Trustees (the Board) of Advanced Series Trust (the Trust, and each series thereof, the Portfolios) consists of eight individuals, six of whom are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on directors or trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Governance Committee, the Compliance Committee, and the Investment Review and Risk Committee. Each committee is chaired by an Independent Trustee.

#### Annual Approval of the Trust's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Trust's management agreements with PGIM Investments LLC (PGIM Investments) and AST Investment Services, Inc. (ASTIS), as applicable,<sup>1</sup> and each Portfolio's subadvisory agreement(s). As is further discussed and explained below, in considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 17-18, 2025 (the Meeting) and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each Portfolio's beneficial shareholders.

In advance of the Meeting, the Trustees requested and received materials relating to the agreements and had the opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of the Manager and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board's decision to approve an agreement. In connection with its deliberations, the Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from the Manager and subadviser personnel such as portfolio managers.

The Board determined that the overall arrangements between the Trust and the Manager, which serves as the Trust's investment manager pursuant to a management agreement, and between the Manager and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with the Manager, are in the best interests of the Trust, each Portfolio and each Portfolio's shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each Portfolio as part of its consideration of agreements for multiple portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.

The material factors and conclusions that formed the basis for the Board's determinations to approve the renewal of the agreements are discussed separately below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by the Manager and each subadviser. The Board considered the services provided by the Manager, including but not limited to the oversight of the subadvisers, the provision of accounting oversight, recordkeeping, compliance and other services to the Trust, such as the Manager's role as administrator of the Trust's liquidity risk management program and as valuation designee. With respect to the Manager's oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board noted that the PGIM Fixed Income unit of PGIM, Inc., the PGIM Real Estate unit of PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), and Jennison Associates LLC (Jennison), which

<sup>1</sup> When used herein, the term "Manager" refers to (1) PGIM Investments with respect to each Portfolio solely managed by PGIM Investments; and (2) PGIM Investments and ASTIS collectively with respect to each Portfolio jointly managed by PGIM Investments and ASTIS.

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serve as subadvisers to certain of the Portfolios, are each affiliated with the Manager. The Board also considered that the Manager pays the salaries of all of the officers and Trustees that are employed by the Manager or its affiliates. The Board also considered the investment subadvisory services provided by each subadviser, as well as compliance with each Portfolio's investment restrictions, policies and procedures. The Board considered the Manager's evaluation of the subadvisers, as well as the Manager's recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager's senior management personnel responsible for the oversight of each Portfolio and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers' portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to the Manager's and each subadviser's organizational structure, senior management, investment operations, and other relevant information pertaining to the Manager and each subadviser. The Board also noted that it received favorable compliance reports from the Trust's Chief Compliance Officer (CCO) with respect to the Manager and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by the Manager and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the services provided by the Manager and each subadviser under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by the Manager
The Board was provided with information on the profitability of the Manager and its affiliates from serving as the Trust's investment manager. The Board discussed with the Manager the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. The Board considered information regarding the profitability of PGIM, Inc., Jennison and PGIM Quantitative Solutions, each of which are affiliates of the Manager, on a consolidated basis. Taking these factors into account, the Board concluded that the profitability of the Manager and its affiliates in relation to the services rendered was not unreasonable.

The Board concluded that the level of profitability of a subadviser not affiliated with the Manager may not be as significant as the Manager's profitability given the arm's length nature of the process by which the subadvisory fee rates were negotiated by the Manager and the unaffiliated subadvisers, as well as the fact that the Manager compensates the subadvisers out of its management fee.

#### Economies of Scale
The Board received and discussed information concerning whether the Manager realizes economies of scale as each Portfolio's assets grow beyond current levels. The Board noted that the management fee schedules for most of the Portfolios of the Trust contain breakpoints, which have the effect of decreasing the fee rate as assets increase, and that at current asset levels the effective fee rates for many of the Portfolios reflected some of these rate reductions. The Board took note that the fee structure for those Portfolios currently results in benefits to Portfolio shareholders whether or not the Manager realizes any economies of scale. The Board considered that economies of scale, if any, may be shared with the Portfolios in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of the Manager's costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to the Manager and the Subadvisers
The Board considered potential ancillary benefits that might be received by the Manager, the subadvisers, and their affiliates as a result of their relationship with the Trust. The Board concluded that potential benefits to be derived by the Manager included compensation received by insurance company affiliates of the Manager from the subadvisers, as well as benefits to its reputation or other intangible benefits resulting from the Manager's association with the Trust. The Board also considered information provided by the Manager regarding the regulatory requirement that insurance companies determine that the fees and charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of the Manager at least annually review and represent that the fees

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and charges of the variable contracts using the Trust's Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions that may be received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by the Manager and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Portfolios / Fees and Expenses / Other Factors
With respect to each Portfolio, the Board also considered certain additional factors and made related conclusions relating to the historical performance of the Portfolios (depending on each Portfolio's inception date) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2024, except as otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio's benchmark index and/or performance or custom benchmark index (as applicable), and to a universe of mutual funds that were determined by Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio (the Peer Universe).

The Board also considered each Portfolio's actual management fee, as well as each Portfolio's net total expense ratio, for the calendar year 2024. The Board considered the management fee for each Portfolio as compared to the management fee charged by the Manager to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the variable contracts.

The mutual funds included in each Peer Universe and each Peer Group were objectively selected by Broadridge, an independent provider of mutual fund data. To the extent that the Manager deemed appropriate, and for reasons addressed in detail with the Board, the Manager may have provided, and the Board may have considered, supplemental data compiled by Broadridge for the Board's consideration. Further, to the extent that it deemed appropriate, and for the reasons summarized below, for certain Portfolios the Board considered information provided by a different, independent third-party provider, JDL Consultants, Inc. (JDL Consultants). The comparisons used by the Board placed the Portfolios in various quartiles over various periods, with the 1st quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The sections below summarize certain key factors considered by the Board and the Board's conclusions regarding each Portfolio's performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST Aggressive Asset Allocation Portfolio** (formerly, AST Capital Growth Asset Allocation Portfolio) | &nbsp;&nbsp; **AST Aggressive Asset Allocation Portfolio** (formerly, AST Capital Growth Asset Allocation Portfolio) | &nbsp;&nbsp; **AST Aggressive Asset Allocation Portfolio** (formerly, AST Capital Growth Asset Allocation Portfolio) | &nbsp;&nbsp; **AST Aggressive Asset Allocation Portfolio** (formerly, AST Capital Growth Asset Allocation Portfolio) | &nbsp;&nbsp; **AST Aggressive Asset Allocation Portfolio** (formerly, AST Capital Growth Asset Allocation Portfolio) |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile | 1<sup>st</sup> Quartile  | 1<sup>st</sup> Quartile  |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

• The Board noted that the Portfolio equaled its custom benchmark index over the one-year period, outperformed its custom benchmark index over the three-year period and underperformed its custom benchmark index over the five- and ten-year periods.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST J.P. Morgan Aggressive Multi-Asset Portfolio** (formerly, AST T. Rowe Price Growth Opportunities Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Aggressive Multi-Asset Portfolio** (formerly, AST T. Rowe Price Growth Opportunities Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Aggressive Multi-Asset Portfolio** (formerly, AST T. Rowe Price Growth Opportunities Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Aggressive Multi-Asset Portfolio** (formerly, AST T. Rowe Price Growth Opportunities Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Aggressive Multi-Asset Portfolio** (formerly, AST T. Rowe Price Growth Opportunities Portfolio) |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 2<sup>nd</sup> Quartile | 2<sup>nd</sup> Quartile | 2<sup>nd</sup> Quartile  | 1<sup>st</sup> Quartile  |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

• The Board noted that the Portfolio underperformed its custom benchmark index for all periods.

------

• The Board noted that in connection with the Portfolio's repositioning in November 2024, the investment management fee for the Portfolio was reduced.

• The also Board noted that the Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST J.P. Morgan Conservative Multi-Asset Portfolio** (formerly, AST J.P. Morgan Tactical Preservation Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Conservative Multi-Asset Portfolio** (formerly, AST J.P. Morgan Tactical Preservation Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Conservative Multi-Asset Portfolio** (formerly, AST J.P. Morgan Tactical Preservation Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Conservative Multi-Asset Portfolio** (formerly, AST J.P. Morgan Tactical Preservation Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Conservative Multi-Asset Portfolio** (formerly, AST J.P. Morgan Tactical Preservation Portfolio) |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 2<sup>nd</sup> Quartile | 3<sup>rd</sup> Quartile | 1<sup>st</sup> Quartile  | 1<sup>st</sup> Quartile  |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Portfolio outperformed its custom benchmark index over the ten-year period and underperformed its custom benchmark index over the other periods.

• The Board noted that the Portfolio underwent a repositioning in November 2024 with a change in investment strategy, and as a result, the Portfolio's performance prior to November 2024 was not attributable to the Portfolio's current investment strategy. In this regard, the Board considered the Manager's assertion that additional time is necessary to evaluate the Portfolio's performance.

• The Board noted that in connection with the Portfolio's repositioning in November 2024, the investment management fee for the Portfolio was reduced. The Board also noted that the Manager has contractually agreed to waive 0.055% of its management fee through June 30, 2026, and contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST J.P. Morgan Moderate Multi-Asset Portfolio** (formerly, AST J.P. Morgan Global Thematic Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Moderate Multi-Asset Portfolio** (formerly, AST J.P. Morgan Global Thematic Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Moderate Multi-Asset Portfolio** (formerly, AST J.P. Morgan Global Thematic Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Moderate Multi-Asset Portfolio** (formerly, AST J.P. Morgan Global Thematic Portfolio) | &nbsp;&nbsp; **AST J.P. Morgan Moderate Multi-Asset Portfolio** (formerly, AST J.P. Morgan Global Thematic Portfolio) |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | 4<sup>th</sup> Quartile | 3<sup>rd</sup> Quartile  | 3<sup>rd</sup> Quartile  |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Portfolio outperformed its custom benchmark index over the five- and ten-year periods and underperformed its custom benchmark index over the one- and three-year periods.

• The Board noted that the Portfolio underwent a repositioning in November 2024 with a change in investment strategy, and as a result, the Portfolio's performance prior to November 2024 was not attributable to the Portfolio's current investment strategy. In this regard, the Board noted that the Portfolio ranked in the first quartile for the quarter ended March 31, 2025, and considered the Manager's assertion that additional time is necessary to evaluate the Portfolio's performance.

• The Board noted that in connection with the Portfolio's repositioning in November 2024, the investment management fee for the Portfolio was reduced. The Board also noted that the Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **AST Multi-Asset Diversified Plus Portfolio** (formerly, AST Academic Strategies Asset Allocation Portfolio)\* | &nbsp;&nbsp; **AST Multi-Asset Diversified Plus Portfolio** (formerly, AST Academic Strategies Asset Allocation Portfolio)\* | &nbsp;&nbsp; **AST Multi-Asset Diversified Plus Portfolio** (formerly, AST Academic Strategies Asset Allocation Portfolio)\* | &nbsp;&nbsp; **AST Multi-Asset Diversified Plus Portfolio** (formerly, AST Academic Strategies Asset Allocation Portfolio)\* | &nbsp;&nbsp; **AST Multi-Asset Diversified Plus Portfolio** (formerly, AST Academic Strategies Asset Allocation Portfolio)\* |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 3<sup>rd</sup> Quartile | 3<sup>rd</sup> Quartile | 3<sup>rd</sup> Quartile  | 2<sup>nd</sup> Quartile  |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 4<sup>th</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile |

---

• The Board noted that the Portfolio outperformed its custom benchmark index over the one-year period and underperformed its custom benchmark index over the remaining periods.

• The Board also noted that the Portfolio outperformed its custom benchmark index in three of the last six years.

• The Board noted that the Portfolio underwent a repositioning in December 2024 with a change in investment strategy and a new subadviser added to the Portfolio replacing certain of the Portfolio's prior subadvisers, and as a result, the Portfolio's performance prior to December 2024 was not attributable to the Portfolio's current subadvisers. In this regard, the Board considered the Manager's assertion that the new mix of subadvisers should be afforded more time to develop their own performance record.

• The Board noted that in connection with the Portfolio's repositioning in December 2024, the investment management fee for the Portfolio was reduced. The Board also noted that the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 1.13% of the Portfolio's average daily net assets through June 30, 2026.

• The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*\** *The Board considered the Manager's assertion that the Peer Universe selected for the Portfolio by Broadridge did not provide a meaningful basis for peer fund performance and expense comparisons, due to the fact that, unlike the funds in the Peer Universe, the Portfolio was structured to allocate assets in underlying funds following traditional strategies and to allocate assets in non-traditional investment strategies. Consequently, the Board considered an alternative peer performance and peer expense analysis prepared at the request of the Board by JDL Consultants, which utilized peer groups reflective of the Portfolio's traditional and non-traditional investment strategies.* 

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Trust, each Portfolio and its beneficial shareholders.

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### June 30, 2025

---

| | |
|:---|:---|
| ![LOGO](g36696g01g02.jpg) | **AST J.P. Morgan Fixed Income Central Portfolio**<br> **AST PGIM Fixed Income Central Portfolio**<br> **AST Target Maturity Central Portfolio** |

---

![LOGO](g36696g01g01.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Series Trust &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** Financial Statements and Other Information June 30, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

---

| | | |
|:---|:---|:---|
|  Section A  | [Schedule of Investments, Financial Statements, and Financial Highlights](#edgar36696_1) |  |
|  | [Glossary](#edgar36696_2) | A1 |
|  | [AST J.P. Morgan Fixed Income Central Portfolio](#edgar36696_3) | A2 |
|  | [AST PGIM Fixed Income Central Portfolio](#edgar36696_4) | A29 |
|  | [AST Target Maturity Central Portfolio](#edgar36696_5) | A90 |
|  Section B  | [Notes to Financial Statements](#edgar36696_6) |  |

---

∎ [**OTHER INFORMATION - FORM N-CSR ITEMS 8-11**](#edgar36696_7)

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

------

<br> ***Glossary*** <br>

The following abbreviations are used in the Portfolios' descriptions:

CAD Canadian Dollar

EUR Euro

GBP British Pound

USD US Dollar

144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

A — Annual payment frequency for swaps

Aces — Alternative Credit Enhancements Securities

BABs — Build America Bonds

BARC — Barclays Bank PLC

BNP — BNP Paribas S.A.

BNY — Bank of New York Mellon

BOA — Bank of America, N.A.

BOS — BofA Securities, Inc.

CA — Credit Agricole Securities Inc.

CDX — Credit Derivative Index

CITI — Citibank, N.A.

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

DAC — Designated Activity Company

DB — Deutsche Bank AG

EMTN — Euro Medium Term Note

EURIBOR — Euro Interbank Offered Rate

FHLMC — Federal Home Loan Mortgage Corporation

GMTN — Global Medium Term Note

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

HSBC — HSBC Bank PLC

ING — ING Financial Markets LLC

IO — Interest Only (Principal amount represents notional)

JPM — JPMorgan Chase Bank N.A.

LP — Limited Partnership

M — Monthly payment frequency for swaps

MASTR — Morgan Stanley Structured Asset Security

MLC — Merrill Lynch Capital Services, Inc.

MSI — Morgan Stanley & Co International PLC

MTN — Medium Term Note

N/A — Not Applicable

OTC — Over-the-counter

PIK — Payment-in-Kind

PO — Principal Only

Q — Quarterly payment frequency for swaps

REITs — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

RFUCCT — Refinitiv USD IBOR Consumer Cash Fallbacks Term

SDR — Sweden Depositary Receipt

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

STRIPs — Separate Trading of Registered Interest and Principal of Securities

T — Swap payment upon termination

TBA — To Be Announced

USOIS — United States Overnight Index Swap

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO**<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal** <br>**Amount<br>(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 96.0%** | **LONG-TERM INVESTMENTS — 96.0%** | **LONG-TERM INVESTMENTS — 96.0%** | **LONG-TERM INVESTMENTS — 96.0%** |
|  **ASSET-BACKED SECURITIES — 1.2%** | **ASSET-BACKED SECURITIES — 1.2%** | **ASSET-BACKED SECURITIES — 1.2%** | **ASSET-BACKED SECURITIES — 1.2%** |
|  **Automobiles — 0.3%** | **Automobiles — 0.3%** |  |  |
|  Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 12/17/29 | 3200 | $3213509 |
|  Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.120% | 07/15/31 | 2540 | 2557781 |
|  Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | 07/16/35 | 4912 | 5016964 |
|  |  |  | 10788254 |
|  **Consumer Loans — 0.4%** | **Consumer Loans — 0.4%** | **Consumer Loans — 0.4%** |  |
|  Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 12/19/50 | 2527 | 2542475 |
|  Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 04/15/50 | 2837 | 2853986 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/20/32 | 3528 | 3357968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.680% | 09/20/34 | 1475 | 1497058 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.210% | 09/14/35 | 2915 | 2775011 |
|  |  |  | 13026498 |
|  **Equipment — 0.2%** | **Equipment — 0.2%** |  |  |
|  GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.580% | 01/15/32 | 1207 | 1212327 |
|  SCF Equipment Trust LLC, | SCF Equipment Trust LLC, | SCF Equipment Trust LLC, | SCF Equipment Trust LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 09/20/34 | 4316 | 4411190 |
|  |  |  | 5623517 |
|  **Other — 0.3%** | **Other — 0.3%** | **Other — 0.3%** |  |
|  AMSR Trust, | AMSR Trust, | AMSR Trust, | AMSR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/17/41 | 4275 | 4199002 |
|  CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.980% | 03/15/61 | 584 | 548688 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.305% | 04/17/42 | 3535 | 3328018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/30 | 2375 | 2232438 |
|  |  |  | 10308146 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal** <br>**Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Student Loan — 0.0%** | **Student Loan — 0.0%** |  |  |
|  Edsouth Indenture No. 06 LLC, | Edsouth Indenture No. 06 LLC, | Edsouth Indenture No. 06 LLC, | Edsouth Indenture No. 06 LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02, Class A, 144A, 30 Day Average SOFR + 0.794% (Cap N/A, Floor 0.680%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02, Class A, 144A, 30 Day Average SOFR + 0.794% (Cap N/A, Floor 0.680%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02, Class A, 144A, 30 Day Average SOFR + 0.794% (Cap N/A, Floor 0.680%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02, Class A, 144A, 30 Day Average SOFR + 0.794% (Cap N/A, Floor 0.680%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%(c) | 05/25/39 | 427 | $424537 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $39,561,490) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $39,561,490) |  | 40170952 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%** |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PRM02, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PRM02, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PRM02, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PRM02, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.376%(c) | 10/15/38 | 5940 | 5918144 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740%(cc) | 09/10/50 | 650 | 616747 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 09/15/37 | 1200 | 1107000 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, | DOLP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956% | 05/10/41 | 2580 | 2295906 |
|  Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.051%(cc) | 07/25/30 | 2091 | 116818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.924%(cc) | 10/25/30 | 338 | 14097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M03, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.017%(cc) | 11/25/33 | 321 | 21353 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.155%(cc) | 07/10/51 | 2976 | 2909874 |
|  MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, 144A, 1 Month SOFR + 0.915% (Cap N/A, Floor 0.801%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, 144A, 1 Month SOFR + 0.915% (Cap N/A, Floor 0.801%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, 144A, 1 Month SOFR + 0.915% (Cap N/A, Floor 0.801%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, 144A, 1 Month SOFR + 0.915% (Cap N/A, Floor 0.801%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%(c) | 04/15/38 | 234 | 234447 |
|  ROCK Trust, | ROCK Trust, | ROCK Trust, | ROCK Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.388% | 11/13/41 | 2568 | 2627128 |
|  SDR Commercial Mortgage Trust, | SDR Commercial Mortgage Trust, | SDR Commercial Mortgage Trust, | SDR Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 144A, 1 Month SOFR + 1.741% (Cap N/A, Floor 1.741%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 144A, 1 Month SOFR + 1.741% (Cap N/A, Floor 1.741%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 144A, 1 Month SOFR + 1.741% (Cap N/A, Floor 1.741%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 144A, 1 Month SOFR + 1.741% (Cap N/A, Floor 1.741%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.053%(c) | 05/15/39 | 1144 | 1138290 |
|  SREIT Trust, | SREIT Trust, | SREIT Trust, | SREIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 144A, 1 Month SOFR + 0.845% (Cap N/A, Floor 0.731%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 144A, 1 Month SOFR + 0.845% (Cap N/A, Floor 0.731%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 144A, 1 Month SOFR + 0.845% (Cap N/A, Floor 0.731%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 144A, 1 Month SOFR + 0.845% (Cap N/A, Floor 0.731%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.157%(c) | 11/15/38 | 2504 | 2502377 |
|  Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02, Class M4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(cc) | 11/25/47 | 26 | 23515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%(cc) | 10/26/48 | 30 | 28303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720%(cc) | 10/26/48 | 31 | 28500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%(cc) | 10/26/48 | 25 | 22509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.260%(cc) | 07/25/49 | 20 | 18182 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal** <br>**Amount<br>(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC01, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/60 | 500 | 436114 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $19,387,806) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $19,387,806) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $19,387,806) | 20059304 |
|  **CORPORATE BONDS — 36.9%** | **CORPORATE BONDS — 36.9%** | **CORPORATE BONDS — 36.9%** | **CORPORATE BONDS — 36.9%** |
|  **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |  |  |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 11/01/28 | 1534 | 1478829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/01/59 | 248 | 169337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805% | 05/01/50 | 3996 | 3833620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.008% | 05/01/64 | 920 | 1010582 |
|  GE Capital Funding LLC, | GE Capital Funding LLC, | GE Capital Funding LLC, | GE Capital Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 05/15/32 | 2367 | 2351257 |
|  L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/15/28(a) | 1625 | 1629561 |
|  Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/15/54 | 1410 | 1421761 |
|  RTX Corp., | RTX Corp., | RTX Corp., | RTX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 09/01/31 | 797 | 682003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 03/15/32(a) | 2724 | 2370766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 07/01/50 | 383 | 253493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 11/16/38 | 442 | 407509 |
|  |  |  | 15608718 |
|  **Agriculture — 1.3%** | **Agriculture — 1.3%** |  |  |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/04/32 | 2808 | 2422191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 05/06/30 | 1200 | 1140110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/04/41 | 4086 | 3029289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/06/35 | 1905 | 1943297 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% | 09/25/40 | 2255 | 1768785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 555 | 493824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | 08/15/47 | 850 | 682604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 08/15/35 | 1740 | 1768616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.834% | 02/20/31 | 4297 | 4517332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079% | 08/02/43 | 2634 | 2877312 |
|  Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 07/01/55 | 2845 | 2877403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/30 | 5179 | 5335102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/01/34 | 4670 | 4784775 |
|  Japan Tobacco, Inc. (Japan), | Japan Tobacco, Inc. (Japan), | Japan Tobacco, Inc. (Japan), | Japan Tobacco, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 06/15/35 | 2085 | 2175866 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal** <br>**Amount<br>(000)#** | **Principal** <br>**Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Agriculture (cont'd.)** | **Agriculture (cont'd.)** | **Agriculture (cont'd.)** |  |  |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/21/42 |  | 344 | $280008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/01/31 |  | 5228 | 5265458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/13/31 |  | 2093 | 2155535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/33 |  | 2340 | 2416785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/17/29 |  | 1071 | 1124486 |
|  |  |  |  | 47058778 |
|  **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |  |  |
|  Air Canada 2015-1 Class A Pass-Through Trust (Canada), | Air Canada 2015-1 Class A Pass-Through Trust (Canada), | Air Canada 2015-1 Class A Pass-Through Trust (Canada), | Air Canada 2015-1 Class A Pass-Through Trust (Canada), | Air Canada 2015-1 Class A Pass-Through Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/28 |  | 321 | 313130 |
|  Air Canada 2017-1 Class B Pass-Through Trust (Canada), | Air Canada 2017-1 Class B Pass-Through Trust (Canada), | Air Canada 2017-1 Class B Pass-Through Trust (Canada), | Air Canada 2017-1 Class B Pass-Through Trust (Canada), | Air Canada 2017-1 Class B Pass-Through Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 07/15/27 |  | 220 | 217410 |
|  Air Canada 2020-2 Class B Pass-Through Trust (Canada), | Air Canada 2020-2 Class B Pass-Through Trust (Canada), | Air Canada 2020-2 Class B Pass-Through Trust (Canada), | Air Canada 2020-2 Class B Pass-Through Trust (Canada), | Air Canada 2020-2 Class B Pass-Through Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 04/01/27 |  | 129 | 129898 |
|  American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 |  | 464 | 452218 |
|  American Airlines 2016-1 Class A Pass-Through Trust, | American Airlines 2016-1 Class A Pass-Through Trust, | American Airlines 2016-1 Class A Pass-Through Trust, | American Airlines 2016-1 Class A Pass-Through Trust, | American Airlines 2016-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 07/15/29 |  | 693 | 670188 |
|  JetBlue 2019-1 Class AA Pass-Through Trust, | JetBlue 2019-1 Class AA Pass-Through Trust, | JetBlue 2019-1 Class AA Pass-Through Trust, | JetBlue 2019-1 Class AA Pass-Through Trust, | JetBlue 2019-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 11/15/33 |  | 928 | 812494 |
|  United Airlines 2013-1 Class A Pass-Through Trust, | United Airlines 2013-1 Class A Pass-Through Trust, | United Airlines 2013-1 Class A Pass-Through Trust, | United Airlines 2013-1 Class A Pass-Through Trust, | United Airlines 2013-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 02/15/27 |  | 195 | 194496 |
|  United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 04/07/30 |  | 611 | 576999 |
|  United Airlines 2024-1 Class A Pass Through Trust, | United Airlines 2024-1 Class A Pass Through Trust, | United Airlines 2024-1 Class A Pass Through Trust, | United Airlines 2024-1 Class A Pass Through Trust, | United Airlines 2024-1 Class A Pass Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 08/15/38 |  | 2088 | 2077955 |
|  |  |  |  | 5444788 |
|  **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** |  |  |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 03/05/31 |  | 1940 | 1936259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | 06/10/30 |  | 1070 | 1125394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% | 03/06/30 |  | 1121 | 1182994 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/01/49 |  | 472 | 440184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 04/01/36 |  | 864 | 913496 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 01/08/31 |  | 3000 | 2597376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/30 |  | 1430 | 1450627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 |  | 1105 | 1117052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 01/07/35 |  | 2125 | 2134450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/04/34(a) |  | 1894 | 1921412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 01/07/34 |  | 874 | 899809 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal** <br>**Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 07/15/35 | 860 | $878391 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/29/32(a) | 149 | 150876 |
|  Stellantis Finance US, Inc., | Stellantis Finance US, Inc., | Stellantis Finance US, Inc., | Stellantis Finance US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/18/30 | 628 | 633317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 03/18/35 | 5425 | 5447811 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/22/27 | 3826 | 3856195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/27/35 | 1833 | 1844071 |
|  |  |  | 28529714 |
|  **Banks — 10.6%** | **Banks — 10.6%** | **Banks — 10.6%** |  |
|  ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.988%(ff) | 12/03/28 | 3000 | 3034277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%(ff) | 09/18/27 | 800 | 817106 |
|  AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%(ff) | 05/15/31 | 540 | 549505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.871%(ff) | 03/28/35 | 680 | 699933 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.381% | 03/13/29(a) | 2400 | 2472974 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | 05/21/33(oo) | 800 | 929712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.722%(ff) | 09/14/27 | 600 | 579441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294% | 08/18/27 | 800 | 812836 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(ff) | 05/01/30(oo) | 1207 | 1246528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | 01/24/31(a) | 3885 | 3982205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.202%(ff) | 04/25/29(a) | 2446 | 2499706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%(ff) | 05/09/36 | 3515 | 3606509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%(ff) | 09/15/29 | 9943 | 10364628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 4251 | 3733648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%(ff) | 10/24/31 | 2154 | 1877590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%(ff) | 06/19/41 | 403 | 287201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.884%(ff) | 10/22/30 | 3680 | 3443547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 4943 | 4900855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.974%(ff) | 02/07/30 | 6631 | 6529338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 | 1086 | 993540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%(ff) | 10/25/35 | 1990 | 1985085 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.601%(ff) | 03/20/30 | 2411 | 2485146 |
|  Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 2 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 2 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 2 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 10/27/81 | 361 | 337191 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal** <br>**Amount<br>(000)#** | **Principal** <br>**Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |  |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690%(ff) | 03/12/30 |  | 3016 | $3119947 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 09/10/34(oo) |  | 810 | 821131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 08/16/29(oo) |  | 3070 | 3223500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.792%(ff) | 05/09/29 |  | 1845 | 1850855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%(ff) | 05/09/31 |  | 2830 | 2854879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 |  | 630 | 654602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(ff) | 06/12/29 |  | 6080 | 6216820 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 |  | 1160 | 1199921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.293%(ff) | 01/14/36 |  | 1700 | 1785456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.116%(ff) | 10/19/32 |  | 2530 | 2191772 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | 07/03/36 |  | 600 | 605044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%(ff) | 06/15/35(a) |  | 870 | 908461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%(ff) | 09/13/27 |  | 1165 | 1192337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 |  | 1859 | 2037114 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 08/15/29(oo) |  | 3378 | 3482912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 02/15/30(oo) |  | 2985 | 3005703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 02/15/30(oo) |  | 1906 | 1945454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 02/18/26(oo) |  | 1325 | 1307738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 |  | 336 | 297658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 06/03/31 |  | 1148 | 1041023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | 11/05/30 |  | 5242 | 4903235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520%(ff) | 10/27/28 |  | 339 | 331971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | 07/24/28 |  | 1109 | 1091685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 |  | 8137 | 7972273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(ff) | 04/23/29 |  | 477 | 472298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 |  | 4624 | 4601178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.952%(ff) | 05/07/31(a) |  | 3000 | 3034386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%(ff) | 03/27/36(a) |  | 1800 | 1813908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 07/25/28 |  | 321 | 318778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 |  | 1029 | 1048952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%(ff) | 01/24/36 |  | 1390 | 1427170 |
|  Commonwealth Bank of Australia (Australia), | Commonwealth Bank of Australia (Australia), | Commonwealth Bank of Australia (Australia), | Commonwealth Bank of Australia (Australia), | Commonwealth Bank of Australia (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.688% | 03/11/31 |  | 1300 | 1156164 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(ff) | 09/23/34(oo) |  | 976 | 951600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/09/29 | 3740 | 3801564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862%(ff) | 01/09/36 | 295 | 304337 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(ff) | 10/02/30 | 3374 | 3356033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 720 | 746071 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | 11/16/27 | 2405 | 2333740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297%(ff) | 05/09/31 | 2955 | 2998837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%(ff) | 07/13/27 | 945 | 968896 |
|  Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/14/28 | 800 | 827821 |
|  Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.337%(ff) | 04/25/33(a) | 1210 | 1155782 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.431%(ff) | 03/09/27 | 1183 | 1157574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%(ff) | 09/10/27 | 6753 | 6520919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%(ff) | 10/31/38 | 1658 | 1445034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 1413 | 1417141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%(ff) | 04/23/31 | 7215 | 7398438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.330%(ff) | 07/23/35 | 5762 | 5830436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%(ff) | 01/28/36(a) | 112 | 114867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%(ff) | 10/24/29 | 12584 | 13352160 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050%(ff) | 06/05/30(oo) | 2115 | 2139849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 11/19/28 | 2411 | 2439030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 03/03/31 | 930 | 941735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240%(ff) | 05/13/31(a) | 5130 | 5208276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(ff) | 11/19/30 | 2737 | 2788480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%(ff) | 05/17/28 | 2155 | 2193158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.887%(ff) | 08/14/27 | 3453 | 3499784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.390%(ff) | 11/03/28 | 1678 | 1780559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.874%(ff) | 11/18/35 | 896 | 905324 |
|  Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%(ff) | 02/02/35 | 2094 | 2139494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%(ff) | 08/21/29 | 1203 | 1262002 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.010% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.010% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.010% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.010% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.422%(c) | 03/25/29 | 2745 | 2744088 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 | 2174 | 2353648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | 11/28/33 | 1636 | 1833045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | 06/01/42 | 3517 | 2844701 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 | 870 | 878565 |
|  KeyBank NA, | KeyBank NA, | KeyBank NA, | KeyBank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 04/13/29 | 1250 | 1206745 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.789%(ff) | 06/01/33 | 3205 | 3123757 |
|  M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.179%(ff) | 07/08/31 | 1200 | 1220145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.833%(ff) | 01/16/29 | 260 | 262144 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.593%(ff) | 05/04/27 | 3450 | 3366945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 3382 | 3388986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.042%(ff) | 07/19/30 | 1722 | 1751493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(ff) | 01/16/30 | 1510 | 1541819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%(ff) | 04/17/31 | 2027 | 2078529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 2875 | 2948044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 3850 | 3958962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.516%(ff) | 11/19/55(a) | 1669 | 1631601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%(ff) | 04/17/36 | 5204 | 5394570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.407%(ff) | 11/01/29 | 3709 | 3928843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512%(ff) | 07/20/27 | 515 | 499659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 2421 | 2231341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794%(ff) | 02/13/32 | 1081 | 924604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 525 | 448901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 513 | 449445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889%(ff) | 07/20/33(a) | 2355 | 2357757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 | 1571 | 1609901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(ff) | 04/18/30 | 2680 | 2785324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%(ff) | 09/16/36 | 2726 | 2315915 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(ff) | 05/26/28 | 1810 | 1848372 |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.332% | 08/21/30 | 2518 | 2225623 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 12/29/25(oo) | 695 | 692705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 11/10/33(oo) | 790 | 849250 |
|  NatWest Markets PLC (United Kingdom), | NatWest Markets PLC (United Kingdom), | NatWest Markets PLC (United Kingdom), | NatWest Markets PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN, SOFR + 1.190% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN, SOFR + 1.190% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN, SOFR + 1.190% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN, SOFR + 1.190% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.022% | 03/21/30 | 2830 | 2872450 |
|  Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%(ff) | 09/13/33 | 1175 | 1164773 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series T | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series T | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series T | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series T |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%(ff) | 09/15/26(oo) | 1726 | 1669816 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 2009 | $2013924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.676%(ff) | 01/22/35 | 1378 | 1431086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | 10/20/34 | 789 | 881702 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 09/11/30 | 3642 | 3632189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%(ff) | 04/15/31 | 3450 | 3557117 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 11/21/29(oo) | 2649 | 2692046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 2630 | 2313302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.512%(ff) | 05/22/31 | 1065 | 1085603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792%(ff) | 06/09/27 | 4875 | 4745227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/19/27 | 470 | 474785 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.018%(ff) | 02/08/30 | 4062 | 4362101 |
|  State Street Corp., | State Street Corp., | State Street Corp., | State Street Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(ff) | 03/15/29(oo) | 1041 | 1084790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(ff) | 09/15/29(a)(oo) | 2574 | 2682687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.834% | 04/24/30 | 1065 | 1085383 |
|  Svenska Handelsbanken AB (Sweden), | Svenska Handelsbanken AB (Sweden), | Svenska Handelsbanken AB (Sweden), | Svenska Handelsbanken AB (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/28 | 1175 | 1213717 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298% | 01/30/32 | 1745 | 1788719 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(ff) | 01/26/34 | 3461 | 3459441 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.083%(ff) | 05/15/31 | 1285 | 1310988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 821 | 852624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 | 1704 | 1789511 |
|  UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/09/27 | 1350 | 1370376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/15/28 | 2517 | 2712791 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%(ff) | 02/10/31(oo) | 1300 | 1145625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/28(oo) | 1690 | 1842100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/33(oo) | 790 | 913437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.305%(ff) | 02/02/27 | 1750 | 1717457 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.982%(ff) | 06/03/27 | 544 | 530174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%(ff) | 06/03/32 | 3673 | 3324446 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series BB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series BB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series BB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series BB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%(ff) | 03/15/26(oo) | 804 | 796701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(ff) | 04/23/31 | 3333 | 3413981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 3440 | 3528858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 04/24/34 | 2380 | 2437074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(ff) | 04/23/36 | 8268 | 8534370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393%(ff) | 06/02/28 | 1921 | 1851252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584%(ff) | 05/22/28 | 1204 | 1185769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808%(ff) | 07/25/28 | 1163 | 1172609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%(ff) | 07/25/33 | 1625 | 1624820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 3608 | 3725924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%(ff) | 07/25/29 | 3073 | 3172663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.707%(ff) | 04/22/28 | 3002 | 3069652 |
|  |  |  | 367991254 |
|  **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (Belgium), | &nbsp;&nbsp;&nbsp;&nbsp; (Belgium), | &nbsp;&nbsp;&nbsp;&nbsp; (Belgium), | &nbsp;&nbsp;&nbsp;&nbsp; (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 | 2690 | 2623996 |
|  Anheuser-Busch InBev Finance, Inc. (Belgium), | Anheuser-Busch InBev Finance, Inc. (Belgium), | Anheuser-Busch InBev Finance, Inc. (Belgium), | Anheuser-Busch InBev Finance, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 | 985 | 960831 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 01/23/59 | 139 | 142649 |
|  Coca-Cola Co. (The), | Coca-Cola Co. (The), | Coca-Cola Co. (The), | Coca-Cola Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/13/54 | 212 | 206263 |
|  Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/01/30 | 1476 | 1365797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/01/33 | 1082 | 1071830 |
|  Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 03/15/51 | 636 | 427280 |
|  Pepsico Singapore Financing I Pte Ltd., | Pepsico Singapore Financing I Pte Ltd., | Pepsico Singapore Financing I Pte Ltd., | Pepsico Singapore Financing I Pte Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/16/34 | 2305 | 2287473 |
|  Pernod Ricard International Finance LLC, | Pernod Ricard International Finance LLC, | Pernod Ricard International Finance LLC, | Pernod Ricard International Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/01/31 | 1184 | 997851 |
|  |  |  | 10083970 |
|  **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/21/30 | 2155 | 1973773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 02/21/40 | 2473 | 1903690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/22/52 | 1462 | 1143053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% | 06/15/51 | 355 | 303902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53(a) | 1509 | 1316981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 1259 | 1224001 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |  |
|  Biogen, Inc., | Biogen, Inc., | Biogen, Inc., | Biogen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 05/01/30(a) | 8530 | 7685142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/15/35 | 2020 | 2076657 |
|  Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 10/01/40 | 1560 | 1118782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 10/01/50 | 2543 | 1596818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/33(a) | 2764 | 2856705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/54 | 270 | 264931 |
|  |  |  | 23464435 |
|  **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 328 | 291722 |
|  Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/30 | 2715 | 2750609 |
|  Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/15/42 | 519 | 422539 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% | 11/15/38 | 2435 | 2520591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 710 | 715634 |
|  EIDP, Inc., | EIDP, Inc., | EIDP, Inc., | EIDP, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/32 | 1245 | 1268534 |
|  |  |  | 7969629 |
|  **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
|  DP World Crescent Ltd. (United Arab Emirates), | DP World Crescent Ltd. (United Arab Emirates), | DP World Crescent Ltd. (United Arab Emirates), | DP World Crescent Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/30/30 | 270 | 257006 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 05/15/30 | 451 | 414918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/15/29 | 7818 | 7391143 |
|  Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/01/30(a) | 689 | 635648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 08/09/34 | 3139 | 3176823 |
|  Trustees of Boston University, | Trustees of Boston University, | Trustees of Boston University, | Trustees of Boston University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series EE |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.173% | 10/01/50 | 503 | 328940 |
|  University of Miami, | University of Miami, | University of Miami, | University of Miami, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 04/01/52(a) | 843 | 655552 |
|  |  |  | 12860030 |
|  **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
|  Accenture Capital, Inc., | Accenture Capital, Inc., | Accenture Capital, Inc., | Accenture Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/04/31 | 1351 | 1337078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/04/34 | 1338 | 1301649 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Computers (cont'd.)** | **Computers (cont'd.)** | **Computers (cont'd.)** |  |
|  Apple, Inc., | Apple, Inc., | Apple, Inc., | Apple, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/08/51 | 673 | 418083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 08/05/51 | 2618 | 1638096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 02/08/61 | 928 | 549238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/11/49 | 1135 | 762040 |
|  Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 10/15/29 | 465 | 462716 |
|  IBM International Capital Pte Ltd., | IBM International Capital Pte Ltd., | IBM International Capital Pte Ltd., | IBM International Capital Pte Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/05/31 | 1691 | 1708256 |
|  Leidos, Inc., | Leidos, Inc., | Leidos, Inc., | Leidos, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 02/15/31 | 1409 | 1233448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/30 | 5065 | 4994842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/15/32 | 1505 | 1540105 |
|  |  |  | 15945551 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Kenvue, Inc., | Kenvue, Inc., | Kenvue, Inc., | Kenvue, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/22/63(a) | 855 | 791172 |
|  **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/29/28 | 1244 | 1184832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 01/30/32 | 2908 | 2635066 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.731%(ff) | 04/25/29(a) | 991 | 1001760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 780 | 807998 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 4505 | 4532188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 4740 | 4822926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 415 | 424869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 945 | 982072 |
|  |  |  | 16391711 |
|  **Electric — 5.2%** | **Electric — 5.2%** | **Electric — 5.2%** | **Electric — 5.2%** |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/01/28 | 1759 | 1798125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/32 | 1006 | 1021409 |
|  Alliant Energy Finance LLC, | Alliant Energy Finance LLC, | Alliant Energy Finance LLC, | Alliant Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 03/30/29(a) | 2953 | 3095045 |
|  Ameren Corp., | Ameren Corp., | Ameren Corp., | Ameren Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/35 | 3305 | 3325978 |
|  Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 06/01/54(a) | 1860 | 1843353 |
|  Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/01/53 | 812 | 679135 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 3610 | $3562288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 575 | 568579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 1430 | 1428667 |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 06/01/55 | 1310 | 1314029 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.677% | 02/09/51 | 1114 | 779800 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/15/42 | 290 | 284488 |
|  Consumers Energy Co., | Consumers Energy Co., | Consumers Energy Co., | Consumers Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/43 | 1307 | 1068365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/31 | 1201 | 1204639 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | 06/01/54 | 1219 | 1304935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 12/01/44 | 759 | 649967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/15/35 | 784 | 790947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/01/41 | 1404 | 1267577 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/30 | 3950 | 4044073 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 01/15/54 | 267 | 257088 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/30/42 | 467 | 385617 |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/01/50 | 2008 | 1233293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/01/34 | 2941 | 3004937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/53 | 1337 | 1274818 |
|  Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/01/33 | 265 | 272535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/15/35 | 3180 | 3229898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 993 | 970314 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 08/15/51 | 328 | 204367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/30/44 | 313 | 265066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/15/35 | 2212 | 2222824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/15/33 | 539 | 556261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 | 80 | 78245 |
|  Duquesne Light Holdings, Inc., | Duquesne Light Holdings, Inc., | Duquesne Light Holdings, Inc., | Duquesne Light Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.616% | 08/01/27 | 286 | 277543 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(ff) | 12/15/26(oo) | 1943 | 1682110 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/15/32 | 572 | $542174 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 01/13/55 | 1485 | 1483187 |
|  Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639% | 06/15/31 | 1797 | 1572445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/46 | 1475 | 1220834 |
|  Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 07/12/41 | 800 | 543940 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 07/12/28 | 4387 | 4090133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/12/31 | 1382 | 1211403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/06/28 | 770 | 750745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/26/29 | 2057 | 2093911 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/10/29 | 1235 | 1263691 |
|  Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/01/54 | 777 | 771867 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 | 3384 | 3501611 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | 12/15/30 | 522 | 451753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/15/51 | 366 | 226770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/15/34 | 140 | 140958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/15/54 | 1152 | 1136861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/55 | 1430 | 1431498 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/51 | 418 | 289854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/15/55 | 2069 | 2074204 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 12/01/27 | 32 | 31197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 | 380 | 362930 |
|  Exelon Corp., | Exelon Corp., | Exelon Corp., | Exelon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 03/15/55 | 1785 | 1815375 |
|  Fells Point Funding Trust, | Fells Point Funding Trust, | Fells Point Funding Trust, | Fells Point Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.046% | 01/31/27 | 4227 | 4137285 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/01/49 | 638 | 541140 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/15/55 | 1603 | 1624640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/65 | 377 | 382276 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Fortis, Inc. (Canada), | Fortis, Inc. (Canada), | Fortis, Inc. (Canada), | Fortis, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055% | 10/04/26 | 454 | $445971 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 5128 | 4767338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 | 2351 | 2377205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 | 2638 | 2704561 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 01/15/35 | 406 | 405236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 | 4473 | 3922344 |
|  Massachusetts Electric Co., | Massachusetts Electric Co., | Massachusetts Electric Co., | Massachusetts Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.729% | 11/24/30 | 661 | 567078 |
|  Monongahela Power Co., | Monongahela Power Co., | Monongahela Power Co., | Monongahela Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 05/15/27 | 1123 | 1106098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 12/15/43 | 1117 | 1090120 |
|  Nevada Power Co., | Nevada Power Co., | Nevada Power Co., | Nevada Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 05/15/55 | 2770 | 2757919 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/15/35(a) | 1750 | 1785215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/15/55 | 2205 | 2212615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 | 435 | 444958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 | 1219 | 1266347 |
|  Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.278% | 12/15/28 | 530 | 526126 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 06/15/29 | 2560 | 2518281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 03/15/33 | 1327 | 1456285 |
|  Ohio Power Co., | Ohio Power Co., | Ohio Power Co., | Ohio Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/01/51 | 964 | 587899 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/31 | 442 | 383671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 03/01/32 | 1151 | 1079393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 04/15/42 | 547 | 432138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/40 | 1507 | 1253902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 07/01/30 | 1191 | 1161816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 | 683 | 541259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/29 | 1896 | 1926473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/01/35 | 1509 | 1497021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 1808 | 1827958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 01/15/29 | 1157 | 1198630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 518 | 533860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 06/15/33 | 2681 | 2800573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/01/31 | 1925 | 1729729 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  PacifiCorp, | PacifiCorp, | PacifiCorp, | PacifiCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 06/15/52 | 963 | $572116 |
|  Palomino Funding Trust I, | Palomino Funding Trust I, | Palomino Funding Trust I, | Palomino Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.233% | 05/17/28 | 1040 | 1101098 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/15/50 | 980 | 615073 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 1563 | 1482464 |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/44 | 1887 | 1553191 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 36 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 36 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 36 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 01/15/51 | 378 | 223665 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/52 | 408 | 332155 |
|  Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/35 | 1241 | 1241021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 01/15/36 | 4600 | 4633616 |
|  Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 08/01/50 | 262 | 139566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 05/01/50 | 230 | 143504 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.379% | 06/15/28 | 538 | 508228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725% | 03/15/35 | 2218 | 2235087 |
|  Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | 04/15/41 | 1183 | 1171165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.685% | 06/15/54 | 432 | 423825 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 08/15/28 | 945 | 964578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 4715 | 4397878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/15/35 | 2620 | 2675743 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | 10/01/54 | 1183 | 1196345 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 | 4786 | 4644736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/15/30 | 1173 | 1184030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/35 | 543 | 533275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/01/53 | 265 | 238244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 11/01/27 | 751 | 769598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 12/01/53 | 1956 | 1786471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/01/55 | 160 | 146390 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/01/29 | 1538 | 1505753 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series B | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series B | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 03/01/28 | 1189 | 1155976 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/01/45 | 428 | 294803 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/15/43 | 574 | 538036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 12/15/46 | 2493 | 2158533 |
|  Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 04/01/45 | 217 | 163217 |
|  Tucson Electric Power Co., | Tucson Electric Power Co., | Tucson Electric Power Co., | Tucson Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 08/01/30 | 445 | 383920 |
|  Union Electric Co., | Union Electric Co., | Union Electric Co., | Union Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 03/15/32 | 834 | 718322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 04/01/52 | 208 | 158315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/34 | 1068 | 1086211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/15/35 | 1715 | 1750415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/54 | 1033 | 956178 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 12/15/50 | 2042 | 1148745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 08/15/53 | 852 | 840297 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 2366 | 2408813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 | 1337 | 1388998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 10/15/33 | 1500 | 1648940 |
|  |  |  | 180165550 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Tyco Electronics Group SA (Switzerland), | Tyco Electronics Group SA (Switzerland), | Tyco Electronics Group SA (Switzerland), | Tyco Electronics Group SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/09/35 | 910 | 903795 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% | 03/15/32(a) | 5016 | 3730013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% | 03/15/32 | 151 | 127356 |
|  |  |  | 3857369 |
|  **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/28 | 680 | 653466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 | 6175 | 6452505 |
|  Veralto Corp., | Veralto Corp., | Veralto Corp., | Veralto Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/18/28 | 1227 | 1264812 |
|  |  |  | 8370783 |
|  **Foods — 0.8%** | **Foods — 0.8%** | **Foods — 0.8%** | **Foods — 0.8%** |
|  Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/09/36 | 2583 | 2552004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 01/15/29 | 837 | 872949 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |  |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/15/32 | 600 | 524580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 01/15/32 | 1045 | 955381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/02/52 | 1266 | 977103 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 | 3845 | 3839794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 04/15/66 | 1240 | 1246765 |
|  Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 09/15/64 | 1987 | 1882850 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/39 | 630 | 542516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/01/28 | 3195 | 3221508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/32 | 1110 | 1124844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 1600 | 1618836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 | 1066 | 1066955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 2565 | 2558561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/01/65 | 1036 | 1035155 |
|  Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/15/30 | 2615 | 2380161 |
|  |  |  | 26399962 |
|  **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  Boston Gas Co., | Boston Gas Co., | Boston Gas Co., | Boston Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.001% | 08/01/29 | 430 | 405025 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 | 1232 | 1283921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 02/01/42 | 183 | 178805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 06/15/41 | 1117 | 1136622 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 06/01/50 | 1271 | 850380 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 | 1810 | 1898329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 20-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 20-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 20-A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/15/31 | 559 | 480860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 09/30/51 | 1363 | 869888 |
|  |  |  | 7103830 |
|  **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** |
|  Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.272% | 12/01/28 | 2605 | 2425128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.539% | 02/01/32(a) | 7117 | 6208310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Products (cont'd.)** | **Healthcare-Products (cont'd.)** | **Healthcare-Products (cont'd.)** |  |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/01/29 | 4972 | 5120612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | 2948 | 3060023 |
|  Zimmer Biomet Holdings, Inc., | Zimmer Biomet Holdings, Inc., | Zimmer Biomet Holdings, Inc., | Zimmer Biomet Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 09/15/34 | 3453 | 3462575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/19/35 | 2162 | 2215847 |
|  |  |  | 22492495 |
|  **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/15/44 | 883 | 748219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 12/15/37 | 993 | 1073182 |
|  Banner Health, | Banner Health, | Banner Health, | Banner Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.338% | 01/01/30 | 779 | 714987 |
|  Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777% | 11/15/30 | 271 | 238159 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 02/15/54(a) | 1766 | 1689396 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/43 | 235 | 205840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 10/15/52 | 1660 | 1690715 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/29 | 3517 | 3455560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/15/27 | 1593 | 1593377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/52 | 3792 | 3047669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/28 | 2093 | 2138628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/32 | 2750 | 2838179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/01/28 | 1761 | 1813093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/35 | 1730 | 1778671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29(a) | 2525 | 2620705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/54(a) | 1129 | 1097222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 03/01/55 | 341 | 343261 |
|  Iowa Health System, | Iowa Health System, | Iowa Health System, | Iowa Health System, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.665% | 02/15/50 | 701 | 512738 |
|  New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.256% | 08/01/40 | 237 | 162834 |
|  OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.297% | 11/15/31 | 804 | 710850 |
|  Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.044% | 01/01/32 | 980 | 819737 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/15/27 | 459 | 463188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/34 | 2521 | 2509111 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |  |
|  Roche Holdings, Inc., | Roche Holdings, Inc., | Roche Holdings, Inc., | Roche Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338% | 11/13/28 | 1651 | 1713486 |
|  Stanford Health Care, | Stanford Health Care, | Stanford Health Care, | Stanford Health Care, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.310% | 08/15/30 | 194 | 185101 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 05/15/40 | 2427 | 1759695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 05/15/50 | 522 | 324846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/41 | 358 | 263011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/51 | 510 | 338052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/15/39 | 743 | 599664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 02/15/33 | 2900 | 2985036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/15/54 | 445 | 415765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 02/15/63 | 618 | 626444 |
|  West Virginia United Health System Obligated Group, | West Virginia United Health System Obligated Group, | West Virginia United Health System Obligated Group, | West Virginia United Health System Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.129% | 06/01/50 | 608 | 377837 |
|  |  |  | 41854258 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Lennar Corp., | Lennar Corp., | Lennar Corp., | Lennar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/30/30 | 1420 | 1446932 |
|  MDC Holdings, Inc., | MDC Holdings, Inc., | MDC Holdings, Inc., | MDC Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/43(a) | 1634 | 1473155 |
|  |  |  | 2920087 |
|  **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
|  Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 03/15/52 | 449 | 347306 |
|  Equitable Holdings, Inc., | Equitable Holdings, Inc., | Equitable Holdings, Inc., | Equitable Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.572% | 02/15/29 | 745 | 742565 |
|  Manulife Financial Corp. (Canada), | Manulife Financial Corp. (Canada), | Manulife Financial Corp. (Canada), | Manulife Financial Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.061%(ff) | 02/24/32 | 427 | 422079 |
|  Met Tower Global Funding, | Met Tower Global Funding, | Met Tower Global Funding, | Met Tower Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/12/29 | 2274 | 2343862 |
|  Metropolitan Life Global Funding I, | Metropolitan Life Global Funding I, | Metropolitan Life Global Funding I, | Metropolitan Life Global Funding I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/09/30 | 525 | 491234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/28/33 | 2539 | 2576107 |
|  Nationwide Mutual Insurance Co., | Nationwide Mutual Insurance Co., | Nationwide Mutual Insurance Co., | Nationwide Mutual Insurance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/30/50 | 334 | 257482 |
|  New York Life Global Funding, | New York Life Global Funding, | New York Life Global Funding, | New York Life Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 08/07/30 | 773 | 660071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% | 08/01/31 | 822 | 708172 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |  |
|  New York Life Insurance Co., | New York Life Insurance Co., | New York Life Insurance Co., | New York Life Insurance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/50 | 537 | 396550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 05/15/69 | 202 | 157299 |
|  Northwestern Mutual Life Insurance Co. (The), | Northwestern Mutual Life Insurance Co. (The), | Northwestern Mutual Life Insurance Co. (The), | Northwestern Mutual Life Insurance Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 09/30/47 | 598 | 454774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.063% | 03/30/40 | 538 | 564893 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 05/15/50 | 751 | 502988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 12/16/39 | 2168 | 2444619 |
|  |  |  | 13070001 |
|  **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/40 | 905 | 607360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/55 | 670 | 659607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/65 | 530 | 519031 |
|  Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/03/50 | 665 | 399613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 06/03/60 | 291 | 167072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 05/12/51 | 514 | 346441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/13/32 | 1158 | 1108164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/22/37(a) | 2396 | 2166433 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 08/15/52 | 2448 | 2063180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 4024 | 3923117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/64 | 848 | 828957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 05/15/53 | 954 | 953575 |
|  Netflix, Inc., | Netflix, Inc., | Netflix, Inc., | Netflix, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/15/28 | 929 | 948116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 2826 | 2952001 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/29 | 2326 | 2314026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/34 | 1785 | 1757295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/15/54(a) | 1972 | 1842806 |
|  |  |  | 23556794 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  CFAMC II Co. Ltd. (China), | CFAMC II Co. Ltd. (China), | CFAMC II Co. Ltd. (China), | CFAMC II Co. Ltd. (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/03/26 | 340 | 339660 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 04/15/32 | 810 | 820437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 1455 | 1455203 |
|  |  |  | 2275640 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |  |
|  Caterpillar, Inc., | Caterpillar, Inc., | Caterpillar, Inc., | Caterpillar, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 05/15/35 | 1860 | 1895588 |
|  **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 04/15/28 | 2251 | 2317220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 04/15/33 | 549 | 580007 |
|  |  |  | 2897227 |
|  **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 1231 | 1134424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 3598 | 2610885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/42 | 2279 | 1626069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 04/01/51 | 1721 | 1147103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/01/50 | 1316 | 1053951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908% | 07/23/25 | 453 | 452952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% | 10/23/35 | 121 | 127100 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 01/15/31 | 1678 | 1470237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/01/30 | 4658 | 4326912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 01/15/51 | 701 | 419751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% | 11/01/51 | 4521 | 2748189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 6629 | 3891531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/40 | 1717 | 1422785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/35(a) | 3215 | 3275162 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/42 | 746 | 593856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | 1490 | 1354140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/15/40 | 1643 | 1576895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 05/01/37 | 883 | 912181 |
|  |  |  | 30144123 |
|  **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
|  Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 09/10/30 | 1186 | 1069997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/16/52 | 985 | 818781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/05/34 | 800 | 821492 |
|  Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 01/14/30 | 270 | 250509 |
|  Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/15/43 | 1690 | 1600032 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186% | 04/01/30 | 780 | 795261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 05/08/28 | 1501 | 1532245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673% | 04/01/35(a) | 5295 | 5401866 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 | 1257 | 1347424 |
|  |  |  | 13637607 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Eaton Corp., | Eaton Corp., | Eaton Corp., | Eaton Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/02/42 | 1900 | 1634024 |
|  **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** |
|  Antero Resources Corp., | Antero Resources Corp., | Antero Resources Corp., | Antero Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/01/30 | 1726 | 1737396 |
|  BG Energy Capital PLC, | BG Energy Capital PLC, | BG Energy Capital PLC, | BG Energy Capital PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/15/41 | 1300 | 1225983 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54(a) | 883 | 843546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/15/63 | 1576 | 1509691 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 | 2622 | 2440553 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 754 | 699997 |
|  Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 10/01/40 | 2110 | 2003084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/54 | 2089 | 2009823 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/29 | 665 | 656734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/31 | 3570 | 3514491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 04/01/29 | 2920 | 3011032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 931 | 1023231 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/32 | 3078 | 2988868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 202 | 202266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/30 | 3705 | 3717567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 1617 | 1624037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 3112 | 3151089 |
|  Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227% | 03/19/40 | 1936 | 1730879 |
|  Hess Corp., | Hess Corp., | Hess Corp., | Hess Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 02/15/41 | 1881 | 1867750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/40 | 2925 | 3080267 |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/15/44 | 512 | 426570 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/45 | 1250 | 954257 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 724 | 747299 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/13/27 | 2597 | 2578821 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 2790 | 2473681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 01/15/31 | 3236 | 2873907 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | 04/29/31 | 1619 | 1508114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 1385 | 1510378 |
|  TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.986% | 06/29/41 | 1456 | 1063344 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% | 09/10/54 | 344 | 320938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.488% | 04/05/54 | 1326 | 1269993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | 04/05/64 | 1581 | 1531502 |
|  Woodside Finance Ltd. (Australia), | Woodside Finance Ltd. (Australia), | Woodside Finance Ltd. (Australia), | Woodside Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 05/19/30 | 2310 | 2341350 |
|  |  |  | 58638438 |
|  **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
|  Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 03/17/30 | 1110 | 1128906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/17/35 | 1770 | 1796315 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 01/15/34 | 2032 | 2101389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/31 | 1528 | 1606860 |
|  Sonoco Products Co., | Sonoco Products Co., | Sonoco Products Co., | Sonoco Products Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 09/01/29 | 1404 | 1400771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/34(a) | 2265 | 2204218 |
|  |  |  | 10238459 |
|  **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 750 | 657124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 4227 | 3482986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 11/06/42 | 534 | 469098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/42 | 1113 | 1003587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/15/29 | 4150 | 4231195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/64 | 1015 | 984430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/55 | 540 | 539946 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 11/13/40 | 669 | 459402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/52 | 300 | 218420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/62 | 768 | 549923 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 02/22/34 | 418 | 427979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54(a) | 2945 | 2868974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 02/22/64 | 2110 | 2047561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 11/15/53 | 2308 | 2469611 |
|  Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/54 | 555 | 546908 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 03/15/31 | 4395 | 3969770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 05/15/30 | 1949 | 1810825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 12/15/29 | 322 | 326925 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 03/25/38 | 234 | 214684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/01/53 | 2309 | 2206842 |
|  CVS Pass-Through Trust, | CVS Pass-Through Trust, | CVS Pass-Through Trust, | CVS Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.704% | 01/10/36 | 349 | 331857 |
|  Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/17/63 | 340 | 313057 |
|  Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/19/33 | 651 | 648936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340% | 05/19/63 | 2624 | 2433735 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 07/05/44 | 329 | 326219 |
|  Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/15/30 | 3452 | 3101214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/43 | 1060 | 967553 |
|  |  |  | 37608761 |
|  **Pipelines — 2.3%** | **Pipelines — 2.3%** | **Pipelines — 2.3%** | **Pipelines — 2.3%** |
|  Cheniere Corpus Christi Holdings LLC, | Cheniere Corpus Christi Holdings LLC, | Cheniere Corpus Christi Holdings LLC, | Cheniere Corpus Christi Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 11/15/29 | 1267 | 1222208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/30/27 | 1336 | 1349005 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/31/32 | 2390 | 2141633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 2999 | 2966450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/34 | 1276 | 1310158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 10/30/35 | 1616 | 1628879 |
|  Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/28 | 1446 | 1443872 |
|  Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097% | 10/01/31 | 813 | 816728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.042% | 08/15/28 | 354 | 368559 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439% | 02/15/35 | 1990 | 2001567 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 455 | $480326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 828 | 869278 |
|  DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/29 | 1856 | 1793828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 06/15/31 | 1435 | 1374954 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 05/01/27 | 1205 | 1205553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/29 | 3643 | 3701776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/01/31 | 4216 | 4419037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30(oo) | 1648 | 1680558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 11/15/26(oo) | 1400 | 1406939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 04/01/35 | 1490 | 1517437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/01/30 | 936 | 1009567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 12/01/33 | 728 | 789842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/38 | 515 | 517495 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 10/15/34 | 1382 | 1535055 |
|  Hess Midstream Operations LP, | Hess Midstream Operations LP, | Hess Midstream Operations LP, | Hess Midstream Operations LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/15/30 | 4940 | 4960051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/01/29 | 1005 | 1032897 |
|  Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/01/42 | 662 | 573947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/41 | 1130 | 1172149 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 06/01/30 | 930 | 949991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 06/01/35 | 355 | 367904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 02/01/34 | 5 | 5065 |
|  Kinetik Holdings LP, | Kinetik Holdings LP, | Kinetik Holdings LP, | Kinetik Holdings LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/15/30(a) | 4057 | 4092867 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 1298 | 1304248 |
|  NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/27 | 858 | 853850 |
|  Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 10/16/51 | 442 | 291235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 01/15/49 | 318 | 252766 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 04/01/45 | 542 | 460065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 543 | 554543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/44 | 1895 | 1728587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 11/15/32 | 270 | 285477 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 09/01/53 | 1766 | 1836332 |
|  Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/28 | 2728 | 2714371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/30(a) | 1430 | 1427253 |
|  South Bow USA Infrastructure Holdings LLC (Canada), | South Bow USA Infrastructure Holdings LLC (Canada), | South Bow USA Infrastructure Holdings LLC (Canada), | South Bow USA Infrastructure Holdings LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.911% | 09/01/27 | 848 | 853612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026% | 10/01/29 | 2389 | 2393159 |
|  TransCanada PipeLines Ltd. (Canada), | TransCanada PipeLines Ltd. (Canada), | TransCanada PipeLines Ltd. (Canada), | TransCanada PipeLines Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/31/34 | 820 | 832495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 06/01/40 | 574 | 594022 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 16-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%(ff) | 08/15/76 | 1060 | 1063678 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 2095 | 2160665 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 11/15/29 | 2712 | 2746118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 08/15/28 | 3391 | 3484801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 09/30/35 | 2045 | 2047136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/55 | 1421 | 1421522 |
|  |  |  | 80011510 |
|  **Real Estate Investment Trusts (REITs) — 1.0%** | **Real Estate Investment Trusts (REITs) — 1.0%** | **Real Estate Investment Trusts (REITs) — 1.0%** | **Real Estate Investment Trusts (REITs) — 1.0%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/18/32 | 3820 | 3170699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/15/52 | 1183 | 796425 |
|  American Homes 4 Rent LP, | American Homes 4 Rent LP, | American Homes 4 Rent LP, | American Homes 4 Rent LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/30 | 590 | 595836 |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 02/15/29 | 2424 | 2482023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 02/15/34 | 1325 | 1362413 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/15/31 | 553 | 489239 |
|  Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/01/27 | 1709 | 1680045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 02/15/29 | 883 | 871819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/11/28 | 784 | 792012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/01/29 | 2163 | 2234088 |
|  Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/34(a) | 2402 | 2460411 |
|  ERP Operating LP, | ERP Operating LP, | ERP Operating LP, | ERP Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/32(a) | 980 | 990485 |
|  Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 03/01/28 | 1101 | 1026225 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Extra Space Storage LP, | Extra Space Storage LP, | Extra Space Storage LP, | Extra Space Storage LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/30 | 1352 | 1402079 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/35 | 790 | 798073 |
|  NNN REIT, Inc., | NNN REIT, Inc., | NNN REIT, Inc., | NNN REIT, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/15/52 | 505 | 311172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 04/15/50 | 1546 | 984826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/15/51 | 1050 | 722663 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 12/15/32 | 667 | 583989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/15/35 | 530 | 530705 |
|  Regency Centers LP, | Regency Centers LP, | Regency Centers LP, | Regency Centers LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/15/29 | 1116 | 1055551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 06/15/30 | 879 | 849522 |
|  UDR, Inc., | UDR, Inc., | UDR, Inc., | UDR, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 09/01/34 | 2497 | 2472322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 01/26/29 | 595 | 594707 |
|  Ventas Realty LP, | Ventas Realty LP, | Ventas Realty LP, | Ventas Realty LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/15/30 | 3731 | 3498706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/28 | 318 | 315088 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 02/01/31 | 2368 | 2083454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/01/32 | 343 | 294278 |
|  |  |  | 35448855 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 03/15/51 | 1426 | 804349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 04/15/40 | 501 | 399928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 04/15/50 | 547 | 383690 |
|  Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 09/15/41 | 3769 | 2633209 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 09/01/49 | 720 | 522598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 02/15/42 | 570 | 451040 |
|  |  |  | 5194814 |
|  **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127% | 07/29/29 | 2517 | 2575293 |
|  **Semiconductors — 0.9%** | **Semiconductors — 0.9%** | **Semiconductors — 0.9%** | **Semiconductors — 0.9%** |
|  Advanced Micro Devices, Inc., | Advanced Micro Devices, Inc., | Advanced Micro Devices, Inc., | Advanced Micro Devices, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.393% | 06/01/52(a) | 927 | 775531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** |  |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/51 | 502 | 375336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 02/15/32 | 450 | 445861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 6335 | 5343661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 | 1003 | 908481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% | 04/15/34 | 1820 | 1623421 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/25/31 | 905 | 928009 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/15/42 | 1225 | 983415 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/15/31 | 1745 | 1587588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 07/15/30 | 250 | 251134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/35 | 1885 | 1898596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/15/29 | 3006 | 3128470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/33 | 3452 | 3643808 |
|  Microchip Technology, Inc., | Microchip Technology, Inc., | Microchip Technology, Inc., | Microchip Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 02/15/30 | 1430 | 1450729 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/09/33 | 1680 | 1751533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 | 3145 | 3289427 |
|  Texas Instruments, Inc., | Texas Instruments, Inc., | Texas Instruments, Inc., | Texas Instruments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/14/53 | 404 | 372532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 05/18/63 | 990 | 909148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 02/08/54(a) | 700 | 660056 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30326736 |
|  **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
|  Cadence Design Systems, Inc., | Cadence Design Systems, Inc., | Cadence Design Systems, Inc., | Cadence Design Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/10/34 | 2926 | 2890039 |
|  Electronic Arts, Inc., | Electronic Arts, Inc., | Electronic Arts, Inc., | Electronic Arts, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% | 02/15/31 | 1233 | 1070215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 02/15/51 | 1303 | 813461 |
|  Microsoft Corp., | Microsoft Corp., | Microsoft Corp., | Microsoft Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/15/50 | 1633 | 1001829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525% | 06/01/50 | 1205 | 744956 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/40 | 774 | 619466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/50 | 3756 | 2624943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 314 | 231671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/55 | 1205 | 942247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 | 940 | 858121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 | 3705 | 3699210 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** |  |  |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/15/29 | 4229 | 3994749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/15/29 | 795 | 796398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/32 | 530 | 531043 |
|  Salesforce, Inc., | Salesforce, Inc., | Salesforce, Inc., | Salesforce, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 07/15/41 | 1530 | 1099409 |
|  Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 04/01/30 | 1570 | 1592135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/32 | 749 | 758545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 04/01/35 | 18 | 18146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 04/01/55 | 980 | 973953 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 03/28/28 | 377 | 382729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/12/29 | 513 | 528551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/12/34 | 3540 | 3667051 |
|  |  |  | 29838867 |
|  **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 12/01/33 | 2921 | 2445165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 2681 | 2102708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/53 | 512 | 346626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/15/55 | 3942 | 2659025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/15/59 | 1063 | 712840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/01/57 | 2826 | 1977215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 02/15/34 | 938 | 965289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 08/15/56(a) | 1050 | 1072706 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/15/32 | 3815 | 3542468 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/15/28 | 1351 | 1450234 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 02/15/29 | 2649 | 2487520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 02/15/51 | 2665 | 1765835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 3130 | 3039082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/32 | 1947 | 1984305 |
|  United States Cellular Corp., | United States Cellular Corp., | United States Cellular Corp., | United States Cellular Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 12/15/33(a) | 1598 | 1681079 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/20/31 | 5024 | 4336554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401% | 07/02/37 | 12171 | 12241491 |
|  Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/28/54 | 623 | 596444 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45406586 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |  |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 08/01/46 | 362 | 288943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 04/01/45 | 374 | 313514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/54(a) | 2542 | 2404663 |
|  Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 12/02/51(a) | 4075 | 2645354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/01/48 | 1285 | 1128790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 08/15/45 | 285 | 259140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/37 | 330 | 350554 |
|  FedEx Corp., | FedEx Corp., | FedEx Corp., | FedEx Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/41 | 347 | 248444 |
|  Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/50 | 439 | 287715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 10/01/42 | 517 | 422115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 06/15/45 | 1030 | 878514 |
|  Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.891% | 04/06/36 | 2238 | 1853036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 08/15/39 | 1253 | 1048414 |
|  |  |  | 12129196 |
|  **TOTAL CORPORATE BONDS**<br> (cost $1,261,244,696) | **TOTAL CORPORATE BONDS**<br> (cost $1,261,244,696) | **TOTAL CORPORATE BONDS**<br> (cost $1,261,244,696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283076058 |
|  **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** |
|  **California — 0.0%** | **California — 0.0%** | **California — 0.0%** | **California — 0.0%** |
|  Port of Oakland, | Port of Oakland, | Port of Oakland, | Port of Oakland, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series R |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.099% | 05/01/30 | 20 | 17474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.199% | 05/01/31 | 201 | 177074 |
|  |  |  | 194548 |
|  **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |
|  State of Illinois, | State of Illinois, | State of Illinois, | State of Illinois, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% | 07/01/35 | 102 | 110954 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.630% | 02/01/35 | 342 | 358959 |
|  |  |  | 469913 |
|  **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** |
|  Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458% | 10/01/62 | 415 | 345603 |
|  **TOTAL MUNICIPAL BONDS**<br> (cost $1,003,244) | **TOTAL MUNICIPAL BONDS**<br> (cost $1,003,244) | **TOTAL MUNICIPAL BONDS**<br> (cost $1,003,244) | 1010064 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.3%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.3%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.3%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.3%** |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 369, Class 12, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 369, Class 12, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 369, Class 12, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 369, Class 12, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(cc) | 05/25/36 | 65 | 11129 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 383, Class 60, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 383, Class 60, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 383, Class 60, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 383, Class 60, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/37 | 28 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 417, Class C11, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 417, Class C11, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 417, Class C11, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 417, Class C11, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/28 | 442 | 10972 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-057, Class NK, 30 Day Average SOFR x (4) + 21.542% (Cap 22.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-057, Class NK, 30 Day Average SOFR x (4) + 21.542% (Cap 22.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-057, Class NK, 30 Day Average SOFR x (4) + 21.542% (Cap 22.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-057, Class NK, 30 Day Average SOFR x (4) + 21.542% (Cap 22.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.321%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/35 | 19 | 21280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-02, Class LY, 30 Day Average SOFR x (16) + 94.168% (Cap 8.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-02, Class LY, 30 Day Average SOFR x (16) + 94.168% (Cap 8.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-02, Class LY, 30 Day Average SOFR x (16) + 94.168% (Cap 8.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-02, Class LY, 30 Day Average SOFR x (16) + 94.168% (Cap 8.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/35 | 6 | 6530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-044, Class P, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-044, Class P, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-044, Class P, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-044, Class P, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.535%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/33 | 13 | 11586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class IB, IO, 30 Day Average SOFR x (1) + 6.476% (Cap 6.590%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class IB, IO, 30 Day Average SOFR x (1) + 6.476% (Cap 6.590%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class IB, IO, 30 Day Average SOFR x (1) + 6.476% (Cap 6.590%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class IB, IO, 30 Day Average SOFR x (1) + 6.476% (Cap 6.590%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.170%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/36 | 79 | 7542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23, Class NS, 30 Day Average SOFR x (18) + 105.939% (Cap 9.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23, Class NS, 30 Day Average SOFR x (18) + 105.939% (Cap 9.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23, Class NS, 30 Day Average SOFR x (18) + 105.939% (Cap 9.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23, Class NS, 30 Day Average SOFR x (18) + 105.939% (Cap 9.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/36 | 23 | 24981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-058, Class SV, IO, 30 Day Average SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-058, Class SV, IO, 30 Day Average SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-058, Class SV, IO, 30 Day Average SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-058, Class SV, IO, 30 Day Average SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.330%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/37 | 87 | 8060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-102, Class SA, IO, 30 Day Average SOFR x (1) + 6.286% (Cap 6.400%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-102, Class SA, IO, 30 Day Average SOFR x (1) + 6.286% (Cap 6.400%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-102, Class SA, IO, 30 Day Average SOFR x (1) + 6.286% (Cap 6.400%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-102, Class SA, IO, 30 Day Average SOFR x (1) + 6.286% (Cap 6.400%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.980%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/37 | 156 | 12214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109, Class YI, IO, 30 Day Average SOFR x (1) + 6.336% (Cap 6.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109, Class YI, IO, 30 Day Average SOFR x (1) + 6.336% (Cap 6.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109, Class YI, IO, 30 Day Average SOFR x (1) + 6.336% (Cap 6.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109, Class YI, IO, 30 Day Average SOFR x (1) + 6.336% (Cap 6.450%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.030%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/37 | 155 | 16574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-85, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-85, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-85, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-85, Class EB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/28 | 5 | 5209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-91, Class SI, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-91, Class SI, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-91, Class SI, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-91, Class SI, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.580%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/38 | 66 | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.830%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/40 | 142 | 14482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class SW, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class SW, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class SW, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class SW, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.830%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/40 | 93 | 8516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IO, 30 Day Average SOFR x (1) + 6.306% (Cap 6.420%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IO, 30 Day Average SOFR x (1) + 6.306% (Cap 6.420%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IO, 30 Day Average SOFR x (1) + 6.306% (Cap 6.420%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IO, 30 Day Average SOFR x (1) + 6.306% (Cap 6.420%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/40 | 41 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class SC, 30 Day Average SOFR x (2) + 12.431% (Cap 12.660%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class SC, 30 Day Average SOFR x (2) + 12.431% (Cap 12.660%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class SC, 30 Day Average SOFR x (2) + 12.431% (Cap 12.660%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class SC, 30 Day Average SOFR x (2) + 12.431% (Cap 12.660%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/40 | 22 | 21161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/28 | 144 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/48 | 18227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16034477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-88, Class BV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-88, Class BV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-88, Class BV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-88, Class BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/33 | 2723 | 2807546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/46 | 5640 | 5759674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 30 Day Average SOFR + 1.170% (Cap 6.500%, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 30 Day Average SOFR + 1.170% (Cap 6.500%, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 30 Day Average SOFR + 1.170% (Cap 6.500%, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 30 Day Average SOFR + 1.170% (Cap 6.500%, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/54 | 8806 | 8767374 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Fannie Mae REMIC Trust, | Fannie Mae REMIC Trust, | Fannie Mae REMIC Trust, | Fannie Mae REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W11, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W11, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W11, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W11, Class 1PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.212%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/44 | 148 | 108742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W12, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W12, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W12, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W12, Class 1PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.287%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/44 | 99 | 83854 |
|  Fannie Mae Trust, | Fannie Mae Trust, | Fannie Mae Trust, | Fannie Mae Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W09, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W09, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W09, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W09, Class 1PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.930%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/44 | 152 | 113005 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Class TM, 30 Day Average SOFR x (10) + 63.855% (Cap 10.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Class TM, 30 Day Average SOFR x (10) + 63.855% (Cap 10.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Class TM, 30 Day Average SOFR x (10) + 63.855% (Cap 10.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Class TM, 30 Day Average SOFR x (10) + 63.855% (Cap 10.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/33 | 8 | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2643, Class SA, 30 Day Average SOFR x (7) + 44.756% (Cap 45.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2643, Class SA, 30 Day Average SOFR x (7) + 44.756% (Cap 45.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2643, Class SA, 30 Day Average SOFR x (7) + 44.756% (Cap 45.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2643, Class SA, 30 Day Average SOFR x (7) + 44.756% (Cap 45.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.781%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 3 | 3243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2922, Class SU, 30 Day Average SOFR x (2) + 14.071% (Cap 14.300%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2922, Class SU, 30 Day Average SOFR x (2) + 14.071% (Cap 14.300%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2922, Class SU, 30 Day Average SOFR x (2) + 14.071% (Cap 14.300%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2922, Class SU, 30 Day Average SOFR x (2) + 14.071% (Cap 14.300%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.463%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/35 | 27 | 27625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2990, Class SR, IO, 30 Day Average SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2990, Class SR, IO, 30 Day Average SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2990, Class SR, IO, 30 Day Average SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2990, Class SR, IO, 30 Day Average SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.232%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/35 | 20 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3126, Class AO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3126, Class AO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3126, Class AO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3126, Class AO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.897%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/36 | 13 | 11167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3201, Class IN, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3201, Class IN, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3201, Class IN, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3201, Class IN, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.832%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/36 | 74 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3218, Class HS, IO, 30 Day Average SOFR x (1) + 7.086% (Cap 7.200%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3218, Class HS, IO, 30 Day Average SOFR x (1) + 7.086% (Cap 7.200%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3218, Class HS, IO, 30 Day Average SOFR x (1) + 7.086% (Cap 7.200%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3218, Class HS, IO, 30 Day Average SOFR x (1) + 7.086% (Cap 7.200%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/26 | 13 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3237, Class BO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3237, Class BO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3237, Class BO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3237, Class BO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/36 | 132 | 112596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TB, 30 Day Average SOFR + 2.864% (Cap 8.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TB, 30 Day Average SOFR + 2.864% (Cap 8.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TB, 30 Day Average SOFR + 2.864% (Cap 8.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TB, 30 Day Average SOFR + 2.864% (Cap 8.840%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.168%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/37 | 8 | 7698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TC, 30 Day Average SOFR + 2.324% (Cap 8.640%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TC, 30 Day Average SOFR + 2.324% (Cap 8.640%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TC, 30 Day Average SOFR + 2.324% (Cap 8.640%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TC, 30 Day Average SOFR + 2.324% (Cap 8.640%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.628%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/37 | 7 | 6731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3385, Class SN, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3385, Class SN, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3385, Class SN, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3385, Class SN, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.582%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/37 | 15 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3609, Class SA, IO, 30 Day Average SOFR x (1) + 6.226% (Cap 6.340%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3609, Class SA, IO, 30 Day Average SOFR x (1) + 6.226% (Cap 6.340%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3609, Class SA, IO, 30 Day Average SOFR x (1) + 6.226% (Cap 6.340%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3609, Class SA, IO, 30 Day Average SOFR x (1) + 6.226% (Cap 6.340%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/39 | 164 | 10348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3740, Class SB, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3740, Class SB, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3740, Class SB, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3740, Class SB, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.582%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/40 | 45 | 3843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class QN, 30 Day Average SOFR x (4) + 26.796% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class QN, 30 Day Average SOFR x (4) + 26.796% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class QN, 30 Day Average SOFR x (4) + 26.796% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class QN, 30 Day Average SOFR x (4) + 26.796% (Cap 5.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/41 | 49 | 46777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, 30 Day Average SOFR x (4) + 27.080% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, 30 Day Average SOFR x (4) + 27.080% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, 30 Day Average SOFR x (4) + 27.080% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, 30 Day Average SOFR x (4) + 27.080% (Cap 5.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/41 | 60 | 60095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 37 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/47 | 14340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12869677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class AK | &nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class AK | &nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class AK | &nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class AK |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/49 | 3209 | 2973005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 30 Day Average SOFR + 1.200% (Cap 6.500%, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 30 Day Average SOFR + 1.200% (Cap 6.500%, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 30 Day Average SOFR + 1.200% (Cap 6.500%, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 30 Day Average SOFR + 1.200% (Cap 6.500%, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.505%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/54 | 11823 | 11797189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 30 Day Average SOFR + 1.350% (Cap 6.500%, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 30 Day Average SOFR + 1.350% (Cap 6.500%, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 30 Day Average SOFR + 1.350% (Cap 6.500%, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 30 Day Average SOFR + 1.350% (Cap 6.500%, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/54 | 11757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11778306 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 147 | 3558 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class KE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class KE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class KE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class KE |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/16/34 | 482 | 479708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-86, Class SP, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-86, Class SP, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-86, Class SP, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-86, Class SP, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.668%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/34 | 42 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26, Class S, IO, 1 Month SOFR x (1) + 6.386% (Cap 6.500%, Floor 0.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26, Class S, IO, 1 Month SOFR x (1) + 6.386% (Cap 6.500%, Floor 0.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26, Class S, IO, 1 Month SOFR x (1) + 6.386% (Cap 6.500%, Floor 0.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26, Class S, IO, 1 Month SOFR x (1) + 6.386% (Cap 6.500%, Floor 0.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.068%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/36 | 109 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16, Class KU, IO, 1 Month SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16, Class KU, IO, 1 Month SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16, Class KU, IO, 1 Month SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16, Class KU, IO, 1 Month SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.218%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/37 | 123 | 4876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-24, Class SA, IO, 1 Month SOFR x (1) + 6.396% (Cap 6.510%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-24, Class SA, IO, 1 Month SOFR x (1) + 6.396% (Cap 6.510%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-24, Class SA, IO, 1 Month SOFR x (1) + 6.396% (Cap 6.510%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-24, Class SA, IO, 1 Month SOFR x (1) + 6.396% (Cap 6.510%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.078%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/37 | 308 | 17054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-58, Class SD, IO, 1 Month SOFR x (1) + 6.376% (Cap 6.490%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-58, Class SD, IO, 1 Month SOFR x (1) + 6.376% (Cap 6.490%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-58, Class SD, IO, 1 Month SOFR x (1) + 6.376% (Cap 6.490%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-58, Class SD, IO, 1 Month SOFR x (1) + 6.376% (Cap 6.490%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.058%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/37 | 213 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-73, Class SK, IO, 1 Month SOFR x (1) + 6.626% (Cap 6.740%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-73, Class SK, IO, 1 Month SOFR x (1) + 6.626% (Cap 6.740%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-73, Class SK, IO, 1 Month SOFR x (1) + 6.626% (Cap 6.740%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-73, Class SK, IO, 1 Month SOFR x (1) + 6.626% (Cap 6.740%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.308%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/38 | 160 | 7632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-79, Class SA, IO, 1 Month SOFR x (1) + 7.436% (Cap 7.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-79, Class SA, IO, 1 Month SOFR x (1) + 7.436% (Cap 7.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-79, Class SA, IO, 1 Month SOFR x (1) + 7.436% (Cap 7.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-79, Class SA, IO, 1 Month SOFR x (1) + 7.436% (Cap 7.550%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.118%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/38 | 82 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-016, Class SJ, IO, 1 Month SOFR x (1) + 6.686% (Cap 6.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-016, Class SJ, IO, 1 Month SOFR x (1) + 6.686% (Cap 6.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-016, Class SJ, IO, 1 Month SOFR x (1) + 6.686% (Cap 6.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-016, Class SJ, IO, 1 Month SOFR x (1) + 6.686% (Cap 6.800%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.368%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/37 | 210 | 10558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-036, Class IE, IO, 1 Month SOFR x (3) + 20.285% (Cap 1.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-036, Class IE, IO, 1 Month SOFR x (3) + 20.285% (Cap 1.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-036, Class IE, IO, 1 Month SOFR x (3) + 20.285% (Cap 1.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-036, Class IE, IO, 1 Month SOFR x (3) + 20.285% (Cap 1.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/38 | 421 | 3141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-065, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-065, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-065, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-065, Class LB |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/16/39 | 14 | 14491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IO, 1 Month SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IO, 1 Month SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IO, 1 Month SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IO, 1 Month SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.568%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/38 | 155 | 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class XL, IO, 1 Month SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class XL, IO, 1 Month SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class XL, IO, 1 Month SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class XL, IO, 1 Month SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.318%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/37 | 98 | 4905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-127, Class IA, IO, 1 Month SOFR x (1) + 6.336% (Cap 0.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-127, Class IA, IO, 1 Month SOFR x (1) + 6.336% (Cap 0.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-127, Class IA, IO, 1 Month SOFR x (1) + 6.336% (Cap 0.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-127, Class IA, IO, 1 Month SOFR x (1) + 6.336% (Cap 0.450%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/38 | 675 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-031, Class SK, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-031, Class SK, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-031, Class SK, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-031, Class SK, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.668%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/34 | 96 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-085, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-085, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-085, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-085, Class ID, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/39 | 66 | 5178 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.673%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/40 | 108 | 92387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H24, Class FG, 1 Month SOFR + 0.544% (Cap 5.590%, Floor 0.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H24, Class FG, 1 Month SOFR + 0.544% (Cap 5.590%, Floor 0.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H24, Class FG, 1 Month SOFR + 0.544% (Cap 5.590%, Floor 0.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H24, Class FG, 1 Month SOFR + 0.544% (Cap 5.590%, Floor 0.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/60 | —(r) | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-184, Class KZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-184, Class KZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-184, Class KZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-184, Class KZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/43 | 889 | 678230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H04, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H04, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H04, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H04, Class BA |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/63 | 3 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H05, Class FB, 1 Month SOFR + 0.514% (Cap N/A, Floor 0.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H05, Class FB, 1 Month SOFR + 0.514% (Cap N/A, Floor 0.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H05, Class FB, 1 Month SOFR + 0.514% (Cap N/A, Floor 0.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H05, Class FB, 1 Month SOFR + 0.514% (Cap N/A, Floor 0.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/62 | 5 | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class GC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class GC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class GC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class GC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/20/51 | 5543 | 5301801 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $79,190,739) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $79,190,739) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $79,190,739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80240473 |
|  **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 08/20/50 | 200 | 131800 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/19/35 | 4355 | 4428897 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.771% | 05/24/61 | 924 | 544236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280% | 08/14/41 | 2969 | 2283903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/07/36 | 3717 | 3666820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.338% | 05/04/53 | 2406 | 2212317 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% | 07/23/60 | 566 | 322620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/56 | 200 | 129938 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/21/55 | 733 | 498440 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $14,604,066) | **TOTAL SOVEREIGN BONDS**<br> (cost $14,604,066) | **TOTAL SOVEREIGN BONDS**<br> (cost $14,604,066) | 14218971 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 36.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 36.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 36.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 36.4%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680% | 08/26/26 | 5000 | 4795145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680% | 09/17/35 | 12090 | 9022998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 02/25/36 | 6800 | 5211138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 03/10/36 | 6390 | 5019322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/14/36 | 4000 | 3194285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/02/37 | 7490 | 6012085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.360% | 02/23/37 | 20000 | 17124592 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 04/23/30 | 658 | 589054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.830% | 03/11/30 | 756 | 681589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.930% | 02/11/36 | 12980 | 9897809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.090% | 02/22/36 | 10795 | 8341473 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 940 | 790841 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 2452 | $2067216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 913 | 767335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 1866 | 1573869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 4794 | 4041834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 5890 | 4945147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 3601 | 3008414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 6641 | 5575261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 375 | 314356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 4060 | 3375669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 20889 | 17548609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 21101 | 17758596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 6257 | 5202062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 38077 | 31649615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 17253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14352970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/42 | 25 | 23087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/42 | 578 | 526341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 4 | 4021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 6 | 4986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 7 | 6490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 35 | 31635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 6 | 5512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 22 | 19565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 6 | 5820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 46 | 41346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 54 | 48650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 150 | 135570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 340 | 307598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 354 | 320936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/43 | 386 | 348420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 1903 | 1700884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 2430 | 2160651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 764 | 668197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 36739 | 32667873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 3228 | 2848083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 7213 | 6282446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 18117 | 15780240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 1874 | 1636491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 8585 | 7556619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 19046 | 16764288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 3764 | 3284364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 33228 | 29005918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 169 | 166604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/48 | 4952 | 4610892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/49 | 181 | 167747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 1388 | 1267856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 50151 | 45233136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/26 | 4 | 4149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/32 | 115 | 113999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 4 | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 8 | 7662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 141 | 135622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/47 | 6217 | 5887501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/48 | 504 | 476934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/48 | 425 | 403104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/30 | 41 | 41322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 150 | 145942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 44584 | 42726996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 31 | 31056 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 6 | $| 6344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | —(r) |  | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | 72 |  | 73272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/33 | —(r) |  | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/33 | 1 |  | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/33 | —(r) |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | —(r) |  | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 2 |  | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 22 |  | 22772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 46 |  | 46945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | —(r) |  | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | —(r) |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 53 |  | 53890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/39 | 14 |  | 14171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/39 | 75 |  | 75179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/39 | 6 |  | 6340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 194 |  | 196803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/49 | 31 |  | 30416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/49 | 267 |  | 267727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 400 |  | 397499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 10904 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10751810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 28162 |  | 27736863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/53 | 5605 |  | 5505117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/53 | 20225 |  | 19893982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/27 | 5 |  | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/33 | 17 |  | 16814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 112 |  | 115834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 7558 |  | 7580337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 | 12465 |  | 12490505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | 17168 |  | 17285820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/54 | 13481 |  | 13483719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 12171 |  | 12409351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/53 | 3676 |  | 3742729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 | 3588 |  | 3652471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/53 | 15859 |  | 16315714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/53 | 36192 |  | 37255623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/53 | 7662 |  | 7800438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/54 | 36066 |  | 36838116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | 9872 |  | 10095178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 10 |  | 10773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/29 | 4 |  | 3730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/54 | 13716 |  | 14249521 |
|  Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.709%, Floor 2.135%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.709%, Floor 2.135%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.709%, Floor 2.135%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.709%, Floor 2.135%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.709%, Floor 2.135%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.167%(c) | 10/01/36 | 12 |  | 12757 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/50 | 873 |  | 734165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 3021 |  | 2555758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 9594 |  | 8092763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 433 |  | 364224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 3631 |  | 3050385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 20189 |  | 16785561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 17749 |  | 14860121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 2465 |  | 2068710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 3947 |  | 3320184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 9 |  | 7864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 8 |  | 7256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 8 |  | 7333 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 13 | $11760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 19 | 17936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 22 | 19671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 25 | 22567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 83 | 75653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 308 | 278972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 3 | 2594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 4 | 3764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 5 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 5 | 4922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 6 | 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 8 | 7016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 9 | 8632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 12 | 10748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 15 | 13534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 15 | 13561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 21 | 19060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 27 | 24260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 35 | 32266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 72 | 65027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 9 | 7731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 10 | 9379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 67 | 61572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 180 | 163078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 571 | 515885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 18 | 16213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 29 | 26570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 45 | 41045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 83 | 75366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 93 | 84332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 102 | 92028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 709 | 640815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 33 | 29608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 40 | 36109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 97 | 87484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 174 | 156776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 182 | 164580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 355 | 320729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 407 | 363406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/49 | 530 | 471226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/50 | 10618 | 9326299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 390 | 347991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 355 | 309033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 2699 | 2393769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 758 | 658887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 6277 | 5480986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 20662 | 18042030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 191 | 167889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 4310 | 3763918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 11720 | 10404074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 32437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28324276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 5604 | 4926589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 6059 | 5258452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 3723 | 3250569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 2282 | 1998027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 4777 | 4172731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 6256 | 5471967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 39483 | 34476336 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 4361 | $3780057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 7676 | 6687766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 4754 | 4164487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 19981 | 17305620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 125 | 122843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/32 | 395 | 386874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 55 | 53219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 152 | 148203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/33 | 194 | 189009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 388 | 364969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 190 | 176549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 187 | 174424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 239 | 222239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 221 | 205646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/45 | 167 | 155282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/48 | 4680 | 4355047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/49 | 2982 | 2717895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/49 | 4355 | 3968640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 308 | 280166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 4290 | 3911680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 4304 | 3912226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 185 | 178092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 431 | 416375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 153 | 145096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 253 | 242299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/46 | 20 | 18771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/46 | 118 | 111238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/47 | 242 | 229372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/47 | 225 | 213403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 240 | 227958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 4626 | 4379956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 316 | 299491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/48 | 749 | 709609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 230 | 217814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 600 | 567804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/48 | 455 | 430675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/48 | 467 | 442469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/48 | 168 | 158687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/48 | 195 | 184302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/48 | 238 | 225586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/48 | 540 | 510410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/49 | 304 | 287361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 1788 | 1691364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 1059 | 991180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/26 | 12 | 12469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 5 | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 712 | 694686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/44 | 325 | 317901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/44 | 1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/44 | 57 | 55387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/47 | 797 | 775768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/47 | 382 | 371714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/25 | —(r) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/26 | 4 | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/29 | 21 | 20818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/29 | 29 | 29604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 286 | 289269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/40 | 381 | 385920 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 68 | $| 68397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/43 | —(r) |  | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/44 | 84 |  | 83762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/44 | 230 |  | 229601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/45 | 133 |  | 132822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/47 | 13 |  | 13241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/48 | 2 |  | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/48 | 80 |  | 79958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/48 | 1908 |  | 1908257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/49 | 3 |  | 3486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/49 | 73 |  | 73155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/49 | 3 |  | 3091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 46 |  | 45910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 187 |  | 185690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/49 | 376 |  | 373262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 198 |  | 197611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 9151 |  | 9013586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 40600 |  | 40058759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 8078 |  | 7964746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/53 | 7786 |  | 7652912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/26 | 1 |  | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/26 | 1 |  | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/28 | 13 |  | 13593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/33 | 72 |  | 73441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/33 | 20 |  | 20012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/33 | 32 |  | 32331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 95 |  | 97780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 42 |  | 42917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/36 | 25 |  | 24697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 56 |  | 57169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/38 | 41 |  | 42390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 17150 |  | 17199834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 | 59518 |  | 59597711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 7180 |  | 7242138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/27 | 15 |  | 15208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 | 13 |  | 13023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 9 |  | 9037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/28 | 7 |  | 7402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 5 |  | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 5942 |  | 6072016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 5856 |  | 5979932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 13709 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13971784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 5 |  | 5112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | 4 |  | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/53 | 13290 |  | 13823003 |
|  Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate CMT + 2.375% (Cap 10.750%, Floor 2.375%) | Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate CMT + 2.375% (Cap 10.750%, Floor 2.375%) | Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate CMT + 2.375% (Cap 10.750%, Floor 2.375%) | Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate CMT + 2.375% (Cap 10.750%, Floor 2.375%) | Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate CMT + 2.375% (Cap 10.750%, Floor 2.375%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.202%(c) | 09/01/37 | 28 |  | 28473 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/50 | 366 |  | 297884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/50 | 566 |  | 460957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/52 | 24026 |  | 19569522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 15165 |  | 13433182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/52 | 18320 |  | 16217675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/41 | 2 |  | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/41 | 1 |  | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/41 | 3 |  | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/42 | 2 |  | 1792 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/42 | 1 | $| 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/43 | 18 |  | 16815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/44 | 2 |  | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/44 | 2 |  | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/44 | 141 |  | 134428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/45 | 15 |  | 14317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/45 | 212 |  | 201778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/45 | 660 |  | 626590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/52 | 11845 |  | 11091561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 145 |  | 142587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/50 | 2517 |  | 2445693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/50 | 520 |  | 505010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/50 | 1078 |  | 1046820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 464 |  | 468327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 118 |  | 117526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/49 | 151 |  | 151599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 1204 |  | 1189288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/52 | 16189 |  | 15989849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/52 | 16852 |  | 16638709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/54 | 9514 |  | 9573083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/54 | 13323 |  | 13409435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/54 | 17749 |  | 17859245 |
|  Tennessee Valley Authority Principal Strips, Bonds | Tennessee Valley Authority Principal Strips, Bonds | Tennessee Valley Authority Principal Strips, Bonds | Tennessee Valley Authority Principal Strips, Bonds | Tennessee Valley Authority Principal Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.004%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/35 | 600 |  | 369522 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,270,356,131) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,270,356,131) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,270,356,131) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264434167 |
|  **U.S. TREASURY OBLIGATIONS — 18.2%** | **U.S. TREASURY OBLIGATIONS — 18.2%** | **U.S. TREASURY OBLIGATIONS — 18.2%** | **U.S. TREASURY OBLIGATIONS — 18.2%** | **U.S. TREASURY OBLIGATIONS — 18.2%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/51 | 5775 |  | 3244828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/51 | 5255 |  | 2924736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/49 | 30 |  | 19298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 2638 |  | 2032497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/52 | 1050 |  | 739266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 110 |  | 79423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/48 | 65 |  | 49319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/42 | 6689 |  | 5613702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/43 | 1840 |  | 1582112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/53 | 15989 |  | 13056018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/53 | 2020 |  | 1647878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/43 | 416 |  | 363350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/40 | 2315 |  | 2129077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/43 | 12202 |  | 10922697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/42 | 6499 |  | 5928307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/52 | 17103 |  | 14959868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/44 | 3420 |  | 3134109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/53 | 1760 |  | 1572450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/54 | 11362 |  | 10367825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/40 | 1247 |  | 1218358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/43 | 2100 |  | 2002219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/54 | 12100 |  | 11536594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/44 | 6120 |  | 6002381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/44 | 15000 |  | 14685937 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/26 | 7120 |  | 6962581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/28/26 | 938 |  | 915503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/26 | 6883 |  | 6639944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | 10960 |  | 10689425 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/26 | 5560 | $5409272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/28 | 2587 | 2385093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/28 | 2470 | 2312923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/28 | 2600 | 2420641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/28 | 780 | 723206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/26 | 5696 | 5524230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/27 | 580 | 567630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/31/27 | 4434 | 4342722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/31/25 | 22430 | 22363411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/27 | 4970 | 4872930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/33 | 90 | 86780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/28 | 11400 | 11380406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/31/29 | 18000 | 17912812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/26 | 7200 | 7189875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/31/27(k) | 1592 | 1595793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/27 | 16722 | 16786014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/27 | 2960 | 2972487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 8190 | 8229670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 9565 | 9616561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/28 | 2760 | 2783719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/32 | 6245 | 6253782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/27 | 2376 | 2397718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 46405 | 46836421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/29 | 29000 | 29419141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/29 | 97605 | 99046199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 7470 | 7571545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/35 | 2360 | 2364056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/26 | 25265 | 25366652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/25(k) | 25584 | 25593694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/26 | 4350 | 4372769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/28/26 | 7325 | 7345602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | 6830 | 6844407 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.699%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 75000 | 59957825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.706%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | 33065 | 25538049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.717%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/40 | 6486 | 3069172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.736%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/41 | 4165 | 1944258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.072%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/40 | 13080 | 6465628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/41 | 7200 | 3266791 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $640,802,504) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $640,802,504) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $640,802,504) | 634149586 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,326,150,676) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,326,150,676) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,326,150,676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337359575 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 6.0%** | **SHORT-TERM INVESTMENTS — 6.0%** | **SHORT-TERM INVESTMENTS — 6.0%** | **SHORT-TERM INVESTMENTS — 6.0%** |
|  **AFFILIATED MUTUAL FUNDS — 5.9%** | **AFFILIATED MUTUAL FUNDS — 5.9%** | **AFFILIATED MUTUAL FUNDS — 5.9%** | **AFFILIATED MUTUAL FUNDS — 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | 132103413 | $132103413 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $74,732,812; includes $74,509,808 of cash collateral for securities on<br>loan)(b)(wb) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $74,732,812; includes $74,509,808 of cash collateral for securities on<br>loan)(b)(wb) | 74789390 | 74737037 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $206,836,225) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $206,836,225) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $206,836,225) | 206840450 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** |  |
|  **U.S. TREASURY OBLIGATIONS(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATIONS(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATIONS(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATIONS(k)(n) — 0.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.204% | 08/07/25 | 3079 | 3065557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.230% | 10/30/25 | 430 | 423954 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $3,490,033) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $3,490,033) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $3,490,033) | 3489511 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $210,326,258) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $210,326,258) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $210,326,258) | 210329961 |
|  **TOTAL INVESTMENTS—102.0%**<br> (cost $3,536,476,934) | **TOTAL INVESTMENTS—102.0%**<br> (cost $3,536,476,934) | **TOTAL INVESTMENTS—102.0%**<br> (cost $3,536,476,934) | 3547689536 |
|  **Liabilities in excess of other assets — (2.0)%** | **Liabilities in excess of other assets — (2.0)%** | **Liabilities in excess of other assets — (2.0)%** | (70259168) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477430368 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $73,077,474; cash collateral of $74,509,808 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number**<br>**of**<br>**Contracts** | **Type** | **Expiration<br>Date** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** | **Long Positions:** |  |  |  |
| 730 | &nbsp;&nbsp;&nbsp;&nbsp; 2 Year U.S. Treasury Notes |  | Sep. 2025 | $151857110 | $584877 |
| 1608 | &nbsp;&nbsp;&nbsp;&nbsp; 10 Year U.S. Treasury Notes |  | Sep. 2025 | 180297000 | 3934672 |
| 889 | &nbsp;&nbsp;&nbsp;&nbsp; 20 Year U.S. Treasury Bonds |  | Sep. 2025 | 102651719 | 4012292 |
| 256 | &nbsp;&nbsp;&nbsp;&nbsp; 30 Year U.S. Ultra Treasury Bonds |  | Sep. 2025 | 30496000 | 1305960 |
|  |  |  |  |  | 9837801 |
|  **Short Positions:** | **Short Positions:** |  |  |  |  |
| 815 | &nbsp;&nbsp;&nbsp;&nbsp; 5 Year U.S. Treasury Notes |  | Sep. 2025 | 88835000 | (978974) |
| 921 | &nbsp;&nbsp;&nbsp;&nbsp; 10 Year U.S. Ultra Treasury Notes |  | Sep. 2025 | 105238645 | (2027123) |
|  |  |  |  |  | (3006097) |
|  |  |  |  |  | $6831704 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  GS | $— | $6889071 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $10788254 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 13026498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 5623517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 10308146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loan |  | 424537 |  |
|  Commercial Mortgage-Backed Securities |  | 20059304 |  |
|  Corporate Bonds |  | 1283076058 |  |
|  Municipal Bonds |  | 1010064 |  |
|  Residential Mortgage-Backed Securities |  | 80240473 |  |
|  Sovereign Bonds |  | 14218971 |  |
|  U.S. Government Agency Obligations |  | 1264434167 |  |
|  U.S. Treasury Obligations |  | 634149586 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 206840450 |  |  |
|  U.S. Treasury Obligations |  | 3489511 |  |
|  **Total** | $**206840450** | $**3340849086** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**9837801** | $**—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(3006097)** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 36.4 |
|  U.S. Treasury Obligations | 18.3 |
|  Banks | 10.6 |
|  Affiliated Mutual Funds (2.1% represents investments purchased with collateral from securities on loan) | 5.9 |
|  Electric | 5.2 |
|  Residential Mortgage-Backed Securities | 2.3 |
|  Pipelines | 2.3 |
|  Oil & Gas | 1.7 |
|  Agriculture | 1.3 |
|  Telecommunications | 1.3 |
|  Healthcare-Services | 1.2 |
|  Pharmaceuticals | 1.1 |
|  Real Estate Investment Trusts (REITs) | 1 |
|  Semiconductors | 0.9 |

---

---

| | |
|:---|:---|
|  Media | 0.9 |
|  Software | 0.9 |
|  Auto Manufacturers | 0.8 |
|  Foods | 0.8 |
|  Internet | 0.7 |
|  Biotechnology | 0.7 |
|  Healthcare-Products | 0.6 |
|  Commercial Mortgage-Backed Securities | 0.6 |
|  Diversified Financial Services | 0.5 |
|  Computers | 0.5 |
|  Aerospace & Defense | 0.4 |
|  Sovereign Bonds | 0.4 |
|  Mining | 0.4 |
|  Insurance | 0.4 |
|  Consumer Loans | 0.4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Commercial Services | 0.4 |
|  Transportation | 0.3 |
|  Automobiles | 0.3 |
|  Other | 0.3 |
|  Packaging & Containers | 0.3 |
|  Beverages | 0.3 |
|  Environmental Control | 0.2 |
|  Chemicals | 0.2 |
|  Gas | 0.2 |
|  Equipment | 0.2 |
|  Airlines | 0.2 |
|  Retail | 0.1 |
|  Entertainment | 0.1 |
|  Home Builders | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Savings & Loans | 0.1 |

---

---

| | |
|:---|:---|
|  Lodging | 0.1% |
|  Machinery-Construction & Mining | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Municipal Bonds | 0.0 \* |
|  Electronics | 0.0 \* |
|  Cosmetics/Personal Care | 0.0 \* |
|  Student Loan | 0.0 \* |
|  Investment Companies | 0.0 \* |
|  | 102.0 |
|  Liabilities in excess of other assets | (2.0) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | $9837801 \* | Due from/to broker-variation<br>margin futures | $3006097 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(1)** | **Options<br>Written** | **Futures** |
|  Interest rate contracts | $(808938) | $610445 | $(8789184) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $10144976 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $91688 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;9466667 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (2) | $461162364 |
|  Futures Contracts - Short Positions (2) | 155441434 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net**<br>**Amount** |
|  Securities on Loan | $73077474 | $(73077474) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

<br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>

**STATEMENT OF ASSETS AND LIABILITIES (unaudited)**

as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $73,077,474: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,329,640,709) | $3340849086.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $206,836,225) | 206840450.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 25573224.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3079332.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 1198933.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4959.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3577545984.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 74509808.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 25016426.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 588426.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 100115616.0 |
|  **NET ASSETS** | $3477430368.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $3477430368.0 |
|  Net asset value and redemption price per share, $3,477,430,368 / 309,260,767 outstanding shares of beneficial interest | $11.24 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $85183385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2152575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 41674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 87377634 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 100403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 35875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 30486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 27298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 5724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 252967 |
|  **NET INVESTMENT INCOME (LOSS)** | 87124667 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON**<br> **INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(1886)) | (1142259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (8789184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 610445 |
|  | (9320998) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(2412)) | 54297212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 10144976 |
|  | 64442188 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 55121190 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING**<br> **FROM OPERATIONS** | $142245857 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Year Ended**<br> **December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $87124667 | $170051799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (9320998) | 1954008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 64442188 | (97572903) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 142245857 | 74432904 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [118,081,997 and 94,776,035 shares, respectively] | 1303900000 | 1028000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [118,081,997 and 94,776,035 shares, respectively] | (1303900000) | (1028000000) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** |  |  |
|  **TOTAL INCREASE (DECREASE)** | 142245857 | 74432904 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3335184511 | 3260751607 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3477430368 | $3335184511 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | |
|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS (unaudited)** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **November 29, 2022<sup>(a)</sup><br>through**<br>**December 31, 2022** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
|  Net Asset Value, beginning of period | $10.78 | $10.54 | $10.00 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |
|  Net investment income (loss) | 0.28 | 0.55 | 0.48 | 0.04 |
|  Net realized and unrealized gain (loss) on investment | 0.18 | (0.31) | 0.06 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.46 | 0.24 | 0.54 |  |
|  Net Asset Value, end of period | $11.24 | $10.78 | $10.54 | $10.00 |
|  **Total Return<sup>(c)</sup>** | 4.27% | 2.28% | 5.40% | — % |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (in millions) | $3477 | $3335 | $3261 | $1557 |
|  Average net assets (in millions) | $3395 | $3296 | $2716 | $1580 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.02 %<sup>(e)</sup> | 0.02% | 0.01% | 0.02 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.02 %<sup>(e)</sup> | 0.02% | 0.01% | 0.02 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.18 %<sup>(e)</sup> | 5.16% | 4.73% | 4.79 %<sup>(f)(g)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 23% | 81% | 69% | 31% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying fund in which the Portfolio invests.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) Differs from calculation of net expenses presented on the Statement of Operations due to non-annualized non-recurring expenses, which eliminate the expense reimbursement for the partial period.

(h) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **LONG-TERM INVESTMENTS — 103.9%** | **LONG-TERM INVESTMENTS — 103.9%** | **LONG-TERM INVESTMENTS — 103.9%** | **LONG-TERM INVESTMENTS — 103.9%** |
|  **ASSET-BACKED SECURITIES — 6.2%** | **ASSET-BACKED SECURITIES — 6.2%** | **ASSET-BACKED SECURITIES — 6.2%** | **ASSET-BACKED SECURITIES — 6.2%** |
|  **Automobiles — 2.3%** | **Automobiles — 2.3%** | **Automobiles — 2.3%** | **Automobiles — 2.3%** |
|  Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.022% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/32 | 616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.315% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/32 | 308 | 310975 |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/19/27 | 1728 | 1711823 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/27 | 9376 | 9268006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/29 | 2900 | 2921275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/29 | 33500 | 34396922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/30 | 10600 | 11079360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | 10500 | 10773421 |
|  Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR + 1.100%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR + 1.100%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR + 1.100%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR + 1.100%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.405%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/26/31 | 797 | 799820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/26/31 | 135 | 135696 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.971% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/29/32 | 1685 | 1684203 |
|  CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 335 | 339588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/16/29 | 1270 | 1283111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 530 | 538854 |
|  CarMax Select Receivables Trust, | CarMax Select Receivables Trust, | CarMax Select Receivables Trust, | CarMax Select Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 620 | 626735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 725 | 736844 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N04, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/11/28 | 1288 | 1251787 |
|  Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/30 | 1300 | 1311300 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/30 | 1279 | 1288287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/30 | 1345 | 1370284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/21/28 | 800 | 810475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/31 | 545 | 556250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/27 | 10750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 1281 | 1282744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.690% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 445 | 452614 |
|  Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), | Ford Auto Securitization Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29<br> CAD | 5100 | 3734245 |
|  Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/26 | 1263 | 1263271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/27 | 555 | 558798 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.740% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/33 | 2910 | 2881925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/33 | 1522 | 1485662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 4250 | 4098284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/35 | 2655 | 2693300 |
|  Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.153% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/32 | 1042 | 1059601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.452%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/32 | 1321 | 1331315 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 690 | 694384 |
|  JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class G, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class G, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class G, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class G, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.812% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/26/29 | 3300 | 3306691 |
|  Nissan Auto Lease Trust, | Nissan Auto Lease Trust, | Nissan Auto Lease Trust, | Nissan Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 735 | 739134 |
|  Octane Receivables Trust, | Octane Receivables Trust, | Octane Receivables Trust, | Octane Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.480% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/29 | 755 | 767837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/29 | 255 | 261459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVM01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVM01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVM01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVM01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/46 | 4934 | 4981648 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/14/27 | 1725 | 1719661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/14/28 | 600 | 596257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.420% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/14/28 | 1235 | 1214177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/14/30 | 1875 | 1844010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/16/35 | 19500 | 20103656 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 10/15/35 | 28600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29445410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.760% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/35 | 14900 | 15261817 |
|  Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.366% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/32 | 52 | 52001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/33 | 165 | 166356 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/17/28 | 3628 | 3605296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | 563 | 562570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | 4310 | 4287721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/16/28 | 736 | 735555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 683 | 683510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/31 | 1800 | 1863114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.280% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 4000 | 4129600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/31 | 18500 | 18795249 |
|  SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.390% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/26 | 618 | 619839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/29 | 775 | 779692 |
|  Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.038% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/31 | 6434 | 6480709 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.940% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/31 | 600 | 608338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.510% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/32 | 305 | 311528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.330% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/29 | 1670 | 1690254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/30 | 365 | 374447 |
|  World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.030% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 2010 | 2026950 |
|  World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 5450 | 5393979 |
|  |  |  | 249329534 |
|  **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** |
|  CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.658%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/35 | 7125 | 7142386 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/31 | 951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951676 |
|  Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 653 | 653422 |
|  Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/37 | 1240 | 1244835 |
|  KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.569%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/34 | 1705 | 1706080 |
|  Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/37 | 4535 | 4550244 |
|  Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.558%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/31 | 1879 | 1881602 |
|  Signal Peak CLO Ltd., | Signal Peak CLO Ltd., | Signal Peak CLO Ltd., | Signal Peak CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.832%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/37 | 510 | 511862 |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 3196 | 3201115 |
|  THL Credit Wind River CLO Ltd. (Cayman Islands), | THL Credit Wind River CLO Ltd. (Cayman Islands), | THL Credit Wind River CLO Ltd. (Cayman Islands), | THL Credit Wind River CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 277 | 276699 |
|  Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class ARRR, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.612%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/34 | 5140 | 5145310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.469%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/32 | 466 | 465945 |
|  |  |  | 27731176 |
|  **Consumer Loans — 0.7%** | **Consumer Loans — 0.7%** | **Consumer Loans — 0.7%** | **Consumer Loans — 0.7%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1000 | 1005005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1000 | 1005513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 500 | 504626 |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/59 | 1100 | 1125790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/59 | 1941 | 1979358 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** |
|  Lending Funding Trust, | Lending Funding Trust, | Lending Funding Trust, | Lending Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/21/31 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194831 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/31 | 4534 | 4344931 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/14/35 | 9385 | 9149976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/16/36 | 7200 | 6887728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/14/34 | 1830 | 1839548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/14/38 | 2600 | 2700808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/36 | 16700 | 17239447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/36 | 4000 | 4122318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/36 | 5705 | 5872463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/14/41 | 14600 | 15277833 |
|  Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 3785 | 3756189 |
|  |  |  | 77006364 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  Evergreen Credit Card Trust (Canada), | Evergreen Credit Card Trust (Canada), | Evergreen Credit Card Trust (Canada), | Evergreen Credit Card Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT05, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT05, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT05, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT05, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.530% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 4000 | 4036511 |
|  **Equipment — 0.1%** | **Equipment — 0.1%** | **Equipment — 0.1%** | **Equipment — 0.1%** |
|  Auxilior Term Funding LLC, | Auxilior Term Funding LLC, | Auxilior Term Funding LLC, | Auxilior Term Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 1000 | 1038656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/27 | 493 | 495258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 690 | 704659 |
|  DLLST LLC, | DLLST LLC, | DLLST LLC, | DLLST LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/27 | 890 | 893464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.930% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/30 | 210 | 211706 |
|  Kubota Credit Owner Trust, | Kubota Credit Owner Trust, | Kubota Credit Owner Trust, | Kubota Credit Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 715 | 722057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.260% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 1350 | 1373548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 710 | 726422 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/12/41 | 7180 | 7067255 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Equipment (cont'd.)** | **Equipment (cont'd.)** | **Equipment (cont'd.)** | **Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/09/30 | 1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508968 |
|  |  |  | 14741993 |
|  **Home Equity Loans — 1.1%** | **Home Equity Loans — 1.1%** | **Home Equity Loans — 1.1%** | **Home Equity Loans — 1.1%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/34 | 390 | 366962 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.934%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/43 | 188 | 188574 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.703%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/55 | 1159 | 1167984 |
|  EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/34 | 453 | 442512 |
|  GS Mortgage Backed Securities Trust CES1, | GS Mortgage Backed Securities Trust CES1, | GS Mortgage Backed Securities Trust CES1, | GS Mortgage Backed Securities Trust CES1, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.568%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/55 | 13830 | 13889927 |
|  GSAA Trust, | GSAA Trust, | GSAA Trust, | GSAA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.995%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/46 | 422 | 150796 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.002%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/54 | 5606 | 5628552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.902%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/54 | 684 | 687163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/54 | 1523 | 1521697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.592%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/55 | 12285 | 12351843 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.334%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/34 | 233 | 230097 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.154%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/34 | 18 | 18047 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/33 | 309 | 321067 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/44 | 2589 | 2604251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/44 | 7255 | 7349075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/55 | 15946 | 16022287 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.294%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/63 | 13714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13937480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 1944 | 1951566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/64 | 2864 | 2888656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/64 | 5680 | 5733813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/64 | 16792 | 16729618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.799%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/65 | 14150 | 14251233 |
|  |  |  | 118433200 |
|  **Other — 1.1%** | **Other — 1.1%** | **Other — 1.1%** | **Other — 1.1%** |
|  GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/49 | 24127 | 24427093 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/55 | 1668 | 1597429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.480% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/57 | 5280 | 5237439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/57 | 8910 | 8680044 |
|  Invitation Homes Trust, | Invitation Homes Trust, | Invitation Homes Trust, | Invitation Homes Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/17/41 | 8500 | 8179311 |
|  PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.069%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/27 | 24400 | 24565513 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.681% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/38 | 580 | 561116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR05, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR05, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR05, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR05, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/09/29 | 2705 | 2543748 |
|  Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/59 | 17215 | 17002930 |
|  Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.412%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/42 | 21064 | 21067068 |
|  |  |  | 113861691 |
|  **Residential Mortgage-Backed Securities — 0.2%** | **Residential Mortgage-Backed Securities — 0.2%** | **Residential Mortgage-Backed Securities — 0.2%** | **Residential Mortgage-Backed Securities — 0.2%** |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/34 | 86 | 84865 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/34 | 213 | 204539 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/34 | 5 | $6122 |
|  Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.872%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/35 | 4 | 3606 |
|  LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.049%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | 970010 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.909%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/34 | 65 | 64573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.279%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/35 | 203 | 197976 |
|  PRET LLC, | PRET LLC, | PRET LLC, | PRET LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.835%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/55 | 14528 | 14473639 |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.253%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/34 | 733 | 763104 |
|  TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/16/40^ | —(r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/16/40^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.382%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/26^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | 3919385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20687821 |
|  **Small Business Loan — 0.0%** | **Small Business Loan — 0.0%** | **Small Business Loan — 0.0%** | **Small Business Loan — 0.0%** |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-20H, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-20H, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-20H, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-20H, Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | 36 | 34822 |
|  **Student Loans — 0.4%** | **Student Loans — 0.4%** | **Student Loans — 0.4%** | **Student Loans — 0.4%** |
|  Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.755%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/47 | 6071 | 6091991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/47 | 2071 | 2070652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/47 | 805 | 802655 |
|  ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.730% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/45 | 2178 | 1960362 |
|  Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/43 | 1569 | 1512082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/48 | 39 | 38680 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Student Loans (cont'd.)** | **Student Loans (cont'd.)** | **Student Loans (cont'd.)** | **Student Loans (cont'd.)** |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/69 | 215 | 203697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/16/69 | 321 | 299350 |
|  SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/36(x) | 632 | 624689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/35(x) | 504 | 497780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/37(x) | 441 | 424491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/53(x) | 585 | 550781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/53(x) | 337 | 303352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/51(x) | 1917 | 1796959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/56(x) | 9972 | 10139347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/53(x) | 5109 | 5209514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/16/56(x) | 4189 | 4229646 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/16/48 | 2267 | 2176955 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/46 | 3943 | 3792728 |
|  |  |  | 42725711 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $659,571,561) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $659,571,561) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $659,571,561) | &nbsp;&nbsp;&nbsp;&nbsp;668588823 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.7%** |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A5, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.513% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/54 | 3000 | 2656957 |
|  ARES Trust, | ARES Trust, | ARES Trust, | ARES Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/42 | 10970 | 10983692 |
|  Assurant Commercial Mortgage Trust, | Assurant Commercial Mortgage Trust, | Assurant Commercial Mortgage Trust, | Assurant Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.325%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/49 | 1334 | 1314140 |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.362% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/50 | 13328 | 13123653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/60 | 1869 | 1827671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 5466 | 5358445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.978% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/61 | 4700 | 4647011 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/61 | 12920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12692728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/62 | 9428 | 8815649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.270% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/64 | 3500 | 3107565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/63 | 2109 | 1818571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.218% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/64 | 28300 | 24512404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.502%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/55 | 3700 | 3679282 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.656%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/56 | 25000 | 26369625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.724%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/56 | 10000 | 10598257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR4, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR4, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR4, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR4, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/56 | 12984 | 13687801 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/36 | 1170 | 1128158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.189% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/36 | 510 | 485935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.391% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/36 | 430 | 402059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/36 | 1610 | 1477569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.409%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/05/38 | 550 | 476426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.231%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/37 | 2300 | 2173865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.586%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/34 | 190 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/52 | 5347 | 5148072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 8770 | 8250528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.805% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/52 | 1000 | 941712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.390% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/53 | 4400 | 4015283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 31900 | 27866826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.659%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/55 | 55770 | 2085201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.675%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/56 | 30000 | 31813029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.383%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/56 | 24551 | 25396015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.014% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/57 | 14000 | 14657115 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.402% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/51 | 4249 | 4124238 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.761% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/10/51 | 7599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.195%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/10/51 | 1395 | 1332554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/62 | 2270 | 2187020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.859% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 1850 | 1730782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.701% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/57 | 11205 | 10464897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.090% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/62 | 950 | 909576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.795% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/62 | 1600 | 1491963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.746% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/53 | 17500 | 15486830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.685% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/54 | 4300 | 3755793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/43 | 7400 | 6340726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.626% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/56 | 10000 | 10232537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.793% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/56 | 15000 | 15705836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.930% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/56 | 26228 | 27794333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V06, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V06, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V06, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V06, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.977%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/57 | 216836 | 5554254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.189%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/57 | 34500 | 36390103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.738% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/57 | 22670 | 23611639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/57 | 15665 | 16322966 |
|  BFLD Mortgage Trust, | BFLD Mortgage Trust, | BFLD Mortgage Trust, | BFLD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.202%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/41 | 7500 | 7518750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, |
|  Floor 1.492%) | Floor 1.492%) | Floor 1.492%) | Floor 1.492%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/26 | 8158 | 8157574 |
|  BLP Commercial Mortgage Trust, | BLP Commercial Mortgage Trust, | BLP Commercial Mortgage Trust, | BLP Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.512%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 18410 | 18347025 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C03, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C03, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C03, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C03, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.313% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 2600 | 2657774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.534%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/56 | 25800 | 27107222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.870%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/56 | 32678 | 34430189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.770% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/56 | 20000 | 21131112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/57 | 11365 | 11742925 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/57 | 6905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.779%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/58 | 24115 | 25174215 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/38 | 11000 | 10959016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.126%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/38 | 2650 | 2633544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.776%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/38 | 7960 | 7910568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/05/38 | 16700 | 17498519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class XCP, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.355%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/05/27 | 665000 | 5248114 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.246%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/38 | 27574 | 27539547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class B, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class B, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class B, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class B, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.055%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/40 | 7915 | 7875475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.354%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/40 | 10405 | 10327061 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class D, 144A, 1 Month SOFR + 2.010% (Cap N/A, Floor 1.895%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class D, 144A, 1 Month SOFR + 2.010% (Cap N/A, Floor 1.895%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class D, 144A, 1 Month SOFR + 2.010% (Cap N/A, Floor 1.895%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class D, 144A, 1 Month SOFR + 2.010% (Cap N/A, Floor 1.895%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.322%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/36 | 3660 | 3653138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.912%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/39 | 4260 | 4256006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.012%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/39 | 22900 | 22828438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.012%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/39 | 9900 | 9848612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.462%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/35 | 23180 | 23101774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 33140 | 32932875 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.836% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/52 | 3600 | 3540727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/52 | 18581 | 17389421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.874% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/52 | 347 | 321884 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/10/50 | 11194 | 10963603 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/50 | 9443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.013% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/51 | 2805 | 2756734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/57 | 16449 | 15245687 |
|  CENT Trust, | CENT Trust, | CENT Trust, | CENT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.932%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/38 | 16750 | 16770819 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/10/49 | 28239 | 27803434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/10/54 | 10126 | 9956117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.305% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/50 | 15844 | 15464643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.572% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/50 | 6200 | 6055203 |
|  CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.197% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/50 | 4285 | 4182379 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.762% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/10/48 | 1956 | 1919300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/12/50 | 25905 | 25303005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/10/51 | 4920 | 4870442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/56 | 6897 | 6421250 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/48 | 15085 | 15016042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/48 | 14575 | 14539153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.774% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/48 | 6766 | 6738407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/49 | 19097 | 18768312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CR28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CR28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CR28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CR28, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.495% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/10/49 | 2561 | 2551626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.239% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/50 | 3191 | 3111442 |
|  CONE Trust, | CONE Trust, | CONE Trust, | CONE Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW01, Class A, 144A, 1 Month SOFR + 1.642% (Cap N/A, Floor 1.642%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.953%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/41 | 2140 | 2131949 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/37 | 29177 | 26915783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/49 | 7350 | 7244916 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 5264 | 5136015 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/51 | 4845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.779% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/52 | 5973 | 5856344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/52 | 1371 | 1275172 |
|  DBWF Mortgage Trust, | DBWF Mortgage Trust, | DBWF Mortgage Trust, | DBWF Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-85T, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-85T, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-85T, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-85T, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.935%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/10/36 | 1425 | 1324283 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/49 | 15380 | 15132739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.269% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/10/50 | 770 | 755504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/10/50 | 2700 | 2630728 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, | DOLP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/10/41 | 7200 | 6407179 |
|  ELP Commercial Mortgage Trust, | ELP Commercial Mortgage Trust, | ELP Commercial Mortgage Trust, | ELP Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ELP, Class F, 144A, 1 Month SOFR + 2.781% (Cap N/A, Floor 2.667%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ELP, Class F, 144A, 1 Month SOFR + 2.781% (Cap N/A, Floor 2.667%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ELP, Class F, 144A, 1 Month SOFR + 2.781% (Cap N/A, Floor 2.667%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ELP, Class F, 144A, 1 Month SOFR + 2.781% (Cap N/A, Floor 2.667%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.093%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/38 | 7741 | 7731313 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.745%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/25 | 25346 | 36551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.464%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/26 | 11073 | 77578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.025%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/26 | 182779 | 1438072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.117% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/27 | 800 | 785838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.952% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/27 | 50 | 49584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.214%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/29 | 39721 | 1475919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.262%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/29 | 8906 | 354709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.941%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/29 | 371 | 11205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.419%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/30 | 51383 | 2780456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.113%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/30 | 237 | 10081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.962%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/30 | 15106 | 572169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.828%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/31 | 161963 | 5924265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K513, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K513, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K513, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K513, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.882%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/28 | 116979 | 2603932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/26 | 706 | 6921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.645%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/27 | 1983 | 22812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.471%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/30 | 30700 | 1656097 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.082%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/32 | 7716 | 478235 |
|  FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class X2A, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class X2A, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class X2A, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class X2A, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/49 | 983021 | 1610582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.340%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/52 | 1265 | 1244073 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class D, 144A, 1 Month SOFR + 2.214% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.526%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/36 | 876 | 870525 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.931% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/47 | 54 | 53942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.244% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/48 | 2023 | 2018005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.506% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/48 | 8500 | 8455552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.470% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/10/48 | 5914 | 5892921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/49 | 7690 | 7545239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.164% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/10/50 | 17184 | 16840292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.433% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/10/50 | 250 | 243350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/10/51 | 16926 | 16464251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/52 | 16400 | 15276149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.658% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/53 | 6890 | 6368933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/12/53 | 12000 | 10773672 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.822% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/48 | 8293 | 8269465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.311% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/49 | 12146 | 12063635 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.224% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/50 | 6220 | 6073957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.195% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/50 | 3000 | 2902395 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.414% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/50 | 1204 | 1177654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.180% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/13/53 | 5000 | 4163192 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/49 | 1079 | 1064623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.254%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/49 | 14440 | 125010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.627% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/49 | 3325 | 3257750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.767%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/05/31 | 6750 | 3138747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/05/33 | 41426 | 39199353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.295%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/05/33 | 1000 | 11339 |
|  KRE Commercial Mortgage Trust, | KRE Commercial Mortgage Trust, | KRE Commercial Mortgage Trust, | KRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.912%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 8980 | 8980000 |
|  MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.027%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/38 | 9760 | 9760000 |
|  MHP, | MHP, | MHP, | MHP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.922%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/39 | 4720 | 4711150 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.068% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/47 | 265 | 263219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.058% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/49 | 203 | 201065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/52 | 6000 | 5852023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.635% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/58 | 18190 | 18899432 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.791% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/49 | 2800 | 2744085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/49 | 1229 | 1207564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.596% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/49 | 4848 | 4735070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.259% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/50 | 25000 | 24525853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.824%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/50 | 175741 | 1763455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/50 | 7302 | 7085577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/52 | 5551 | 5233873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.261% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/52 | 161 | 152945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/54 | 3945 | 3531262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/54 | 3000 | 2646245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.322% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/54 | 16100 | 13955921 |
|  NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.204%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 8060 | 7979400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.753%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 7480 | 7349721 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459526 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.126%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/36 | 8350 | 8197082 |
|  RFR Trust, | RFR Trust, | RFR Trust, | RFR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.562%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/11/41 | 22450 | 22876337 |
|  RLGH Trust, | RLGH Trust, | RLGH Trust, | RLGH Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TROT, Class A, 144A, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.226%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/36 | 195 | 194465 |
|  SCG Commercial Mortgage Trust, | SCG Commercial Mortgage Trust, | SCG Commercial Mortgage Trust, | SCG Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class C, 144A, 1 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class C, 144A, 1 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class C, 144A, 1 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class C, 144A, 1 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.012%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/35 | 4110 | 4058721 |
|  Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/05/36 | 230 | 224876 |
|  Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class C, 144A, SONIA + 1.750% (Cap N/A, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.987%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | 324168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.337%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12932 | 17773147 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.064%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/50 | 13000 | 194410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.225% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/50 | 1785 | 1744895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.301% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/50 | 17678 | 17325796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.679% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/50 | 255 | 249950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.720% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/51 | 8002 | 7892510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.983% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/51 | 463 | 454829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/51 | 7918 | 7804773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/52 | 8947 | 8528798 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.452% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/48 | 11217 | 11187679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/49 | 8398 | 8211764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.674% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/48 | 3540 | 3484015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.807% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/59 | 7263 | 7123319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/49 | 1363 | 1339106 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.640% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/59 | 401 | 394452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/50 | 5865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5744902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.317% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/50 | 1330 | 1302619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 10244 | 10015184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.589% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/50 | 510 | 495228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.374% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/50 | 3397 | 3306328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/52 | 6265 | 6214618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 12939 | 12106366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/54 | 1296 | 1149711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.061% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/54 | 3000 | 2653327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.658% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/54 | 2075 | 1825346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.626%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/31 | 695 | 691585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.926%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/31 | 8900 | 8812515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/35 | 15600 | 15693516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.096% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/58 | 18500 | 19534405 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,639,341,415) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,639,341,415) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,639,341,415) | 1686121084 |
| **CORPORATE BONDS — 37.9%** | **CORPORATE BONDS — 37.9%** | **CORPORATE BONDS — 37.9%** | **CORPORATE BONDS — 37.9%** |
|  **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
|  BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 2230 | 1935155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/26/34 | 1210 | 1235829 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/26 | 28200 | 27764780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/27 | 2560 | 2487680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 513 | 497580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 6220 | 5236596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/46 | 1200 | 817431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/34(a) | 1500 | 1322296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 4518 | 4256579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 913 | 629417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/48 | 685 | 491358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/49 | 4225 | 3033977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/59 | 3995 | 2727829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/27 | 1600 | 1612041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 6032 | 5949322 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/60 | 2132 | 2025512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/31 | 70 | 75286 |
|  Embraer Netherlands Finance BV (Brazil), | Embraer Netherlands Finance BV (Brazil), | Embraer Netherlands Finance BV (Brazil), | Embraer Netherlands Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/17/28 | 342 | 358245 |
|  |  |  | 62456913 |
|  **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 23190 | 24480443 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/28 | 9766 | 9230306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/27 | 1208 | 1187466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/37 | 4060 | 3612477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/47 | 478 | 383864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/16/32 | 344 | 341326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/02/30 | 260 | 263326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/35 | 885 | 899555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/02/30 | 3267 | 3511042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/02/43 | 1000 | 1092374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.081% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/02/53(a) | 1920 | 2132748 |
|  BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/16/28 | 1683 | 1685347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.931% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/02/29 | 5953 | 6238370 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/02/28 | 1200 | 1169468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 5041 | 5186919 |
|  Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/35(a) | 5295 | 5393528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/04/41 | 415 | 436163 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67244722 |
|  **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
|  American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.575% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29 | 295 | 285583 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/25 | 246 | 245526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/28 | 19910 | 19872965 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/27 | 1700 | 1703550 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/27 | 15365 | 15503441 |
|  United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 1039 | 1007873 |
|  United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/07/30 | 879 | 840089 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** |
|  United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/07/30 | 695 | 656483 |
|  |  |  | 40115510 |
|  **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/43 | 4015 | 3088488 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/30 | 9560 | 8723305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/27 | 240 | 241890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/07/29 | 14200 | 14244490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/07/28 | 675 | 699458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/12/28 | 620 | 640859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/07/33 | 3125 | 3242506 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 1060 | 999784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/38 | 1875 | 1740065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | 13095 | 13295724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/36 | 20 | 21146 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/13/25 | 875 | 874265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/28 | 7580 | 7048691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/21/30 | 3200 | 2993507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/06/29 | 1480 | 1478157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/04/28 | 1830 | 1844023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29 | 1490 | 1521829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/23/28 | 9225 | 9504383 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/26/29 | 1190 | 1179842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/19/29 | 655 | 666579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/08/31 | 390 | 398079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/26 | 635 | 638993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/16/29(a) | 11855 | 12492019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/10/28 | 135 | 125849 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/25 | 1125 | 1124886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/28(a) | 1555 | 1546326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 625 | 625473 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000616 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/13/29 | 615 | 611996 |
|  **Banks — 13.7%** | **Banks — 13.7%** | **Banks — 13.7%** | **Banks — 13.7%** |
|  ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/18/27 | 11600 | 11848039 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.575%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/13/26 | 18100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18193260 |
|  Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/26(oo) | 735 | 742350 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.033%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/13/35(a) | 2800 | 2914116 |
|  Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/11/29(a) | 1040 | 1026350 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/14/30(a) | 7200 | 7412116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.225%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/22/32 | 10400 | 9307322 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/21/32 | 37550 | 32717952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/32 | 200 | 176048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 | 1595 | 1432155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/34(a) | 10195 | 10402672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/09/36(a) | 12000 | 12312405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/29(a) | 3058 | 3187673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/23/31 | 19685 | 17289309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/31 | 48784 | 44566835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/19/41 | 4972 | 3543331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.194%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/23/30 | 2435 | 2318081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/28 | 2725 | 2701766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/40 | 9920 | 8615228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/23/29 | 1152 | 1148809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/22/33(a) | 3695 | 3738627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.651%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/11/32 | 40795 | 36586287 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.279%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/24/27 | 940 | 910989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.667%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/10/32(a) | 10210 | 9043540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/28 | 2055 | 2069042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/35 | 15660 | 15475751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.501%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/09/28(a) | 9050 | 9219687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.785%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/36 | 5500 | 5599970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.836% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/09/28 | 1090 | 1089820 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.675%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/27 | 1840 | 1788376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.904%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/28 | 5100 | 4805827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.159%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/29 | 16350 | 15149483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/19/32 | 1565 | 1400962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/33 | 3610 | 3205749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/12/29 | 1605 | 1641118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.906%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/19/35 | 9000 | 9071460 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.045%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/19/27 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/14/31 | 15865 | 16410989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/27 | 285 | 278534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/26 | 365 | 364872 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/18/29 | 5495 | 5710303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/13/27 | 16830 | 17224916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/13/34 | 2455 | 2690218 |
|  Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/27/26 | 2995 | 2961378 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/29 | 15200 | 15787010 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/32 | 13975 | 12380279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/03/31 | 25355 | 22992289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/29/31 | 34015 | 31164369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/05/30 | 6450 | 6033168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/33 | 4240 | 3790866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/24/28 | 675 | 664461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/12/26 | 655 | 651930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/33 | 2210 | 2062018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/10/28 | 2335 | 2313858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/30 | 15620 | 15303787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/29/27 | 590 | 590378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/26 | 1105 | 1104010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/35 | 2335 | 2380275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/36 | 40565 | 41649751 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/09/29 | 26060 | 26488976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/09/36 | 9550 | 9852251 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/02/30 | 1645 | 1636240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 1370 | 1419607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.259%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/22/26 | 16605 | 16651032 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/16/27 | 2246 | 2179451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/11/30 | 165 | 166003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/09/31 | 11990 | 12167869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/10/29 | 6645 | 6753810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/16/27 | 2560 | 2558236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/14/32 | 965 | 881731 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/07/33 | 6345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/10/34 | 12536 | 13318382 |
|  Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.337%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/33 | 545 | 520579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.631%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/29/32(a) | 625 | 650423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/27/29 | 5475 | 5765165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.361%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/27/28 | 350 | 364891 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.431%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/27 | 1525 | 1492224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/27/32 | 11456 | 9917382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/21/32 | 50770 | 44339742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/07/30(a) | 2695 | 2491314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 | 5603 | 4983802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/32 | 3260 | 2875680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 2295 | 2264178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.691%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/05/28 | 3110 | 3066948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/26 | 1335 | 1328501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/29 | 77785 | 76509055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/26/27 | 3205 | 3184064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/38 | 7432 | 6477380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 13345 | 13270166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/30(a) | 1905 | 1910583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/35 | 2035 | 2010428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 540 | 592537 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/26(oo) | 200 | 196500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/31(oo) | 341 | 308605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.887%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/27 | 455 | 461165 |
|  Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/21/29 | 26409 | 27704257 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.726%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/27 | 700 | 685591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.114%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/11/34 | 1985 | 2101789 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.036%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/25(oo) | 565 | 568159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/32 | 62094 | 53868217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 8300 | 7789499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/31 | 5865 | 5360247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/08/32 | 1806 | 1589799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 | 9460 | 8448680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 2659 | 2478656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/33 | 450 | 404326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.509%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/29 | 87 | 85214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 1715 | 1700013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/29/27 | 545 | 543475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/29 | 4554 | 4512310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/23/29 | 5510 | 5487924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/22/30 | 1900 | 1906651 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/22/35(a) | 1365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/28 | 1140 | 1152236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/30 | 290 | 301192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/35 | 1730 | 1816806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/29 | 63240 | 66473734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/13/31(a) | 2930 | 2708402 |
|  JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/08/26 | 215 | 217749 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.048% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/30 | 266 | 235935 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.153%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/16/30 | 19910 | 18831332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.778%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/06/29(a) | 10110 | 10487603 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 2990 | 3042191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/16/30 | 1795 | 1832824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.407%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 25020 | 26503010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/21/32 | 6490 | 5620837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/31 | 78795 | 72622257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/29 | 1220 | 1201298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/30 | 7195 | 7178513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/32 | 19265 | 16477797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/28/32 | 21740 | 18588770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/32 | 2950 | 2584525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/33 | 6530 | 5827656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/22/28 | 695 | 682771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/21/34 | 12880 | 13105156 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/28 | 585 | 593839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/34 | 1890 | 2112061 |
|  Santander Holdings USA, Inc., | Santander Holdings USA, Inc., | Santander Holdings USA, Inc., | Santander Holdings USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.342%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/31/35(a) | 3000 | 3137080 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.797%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/19/28 | 9080 | 8817465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.488%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/14/26 | 1350 | 1330358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/09/32 | 1245 | 1095080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/33 | 6695 | 5921392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/19/28 | 1503 | 1523736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/13/29 | 52570 | 53512738 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.456%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/14/27 | 1225 | 1204555 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.130% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/08/30 | 524 | 467520 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.161%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/30/29 | 9640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10429381 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/27(oo) | 8620 | 8284872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/30 | 770 | 792999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/33 | 345 | 362943 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/10/31(a)(oo) | 477 | 420356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.305%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/02/27 | 1400 | 1373966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/27 | 1330 | 1305250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/11/33 | 990 | 861230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/14/32 | 2705 | 2454216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/13/30 | 2615 | 2462719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.246%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/22/29 | 205 | 215177 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/22/26 | 555 | 551993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/03/32 | 425 | 384669 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/24/34 | 9935 | 10173247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/34 | 29940 | 32728404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/02/28(a) | 25050 | 24140484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/11/31 | 28043 | 25676672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/30/30 | 27055 | 25277905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/02/33 | 3235 | 2955554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/53 | 2040 | 1737666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/30(a) | 2350 | 2406180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/34(a) | 29185 | 30138886 |
|  |  |  | 1471978151 |
|  **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/36 | 3385 | 3301942 |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala), | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala), | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala), | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/27/29 | 280 | 271264 |
|  |  |  | 3573206 |
|  **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/02/43 | 4545 | 4507810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/02/53 | 2820 | 2754386 |
|  |  |  | 7262196 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  CEMEX Materials LLC (Mexico), | CEMEX Materials LLC (Mexico), | CEMEX Materials LLC (Mexico), | CEMEX Materials LLC (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/21/25(a) | 2100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105943 |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/09/30 | 13950 | 14276178 |
|  Owens Corning, | Owens Corning, | Owens Corning, | Owens Corning, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 795 | 778798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/34(a) | 1010 | 1048801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/54(a) | 1025 | 1035151 |
|  Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 235 | 224875 |
|  |  |  | 19469746 |
|  **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
|  Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/10/28 | 4589 | 3940574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/30 | 2430 | 1871100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/12/31 | 10949 | 9536579 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 8925 | 8889519 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/38 | 3261 | 3375625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/48 | 650 | 655158 |
|  EQUATE Petrochemical Co. KSC (Kuwait), | EQUATE Petrochemical Co. KSC (Kuwait), | EQUATE Petrochemical Co. KSC (Kuwait), | EQUATE Petrochemical Co. KSC (Kuwait), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/03/26 | 1051 | 1041362 |
|  FMC Corp., | FMC Corp., | FMC Corp., | FMC Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/18/33(a) | 8945 | 8846065 |
|  Huntsman International LLC, | Huntsman International LLC, | Huntsman International LLC, | Huntsman International LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 627 | 594502 |
|  LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 5665 | 4187548 |
|  Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/13/30(a) | 9592 | 8901213 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/23/31 | 1379 | 1236963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/22/25 | 479 | 476845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/23/51 | 419 | 317916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/02/34 | 6856 | 7092806 |
|  Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/11/31(a) | 1242 | 1044311 |
|  Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | 1783 | 1747340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/27/28(a) | 1030 | 977470 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
|  Sociedad Quimica y Minera de Chile SA (Chile), | Sociedad Quimica y Minera de Chile SA (Chile), | Sociedad Quimica y Minera de Chile SA (Chile), | Sociedad Quimica y Minera de Chile SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/34 | 1780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737725 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.148% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/04/30 | 5020 | 4620910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 830 | 830490 |
|  |  |  | 71922021 |
|  **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
|  Brown University, | Brown University, | Brown University, | Brown University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.924% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50(a) | 10165 | 6703691 |
|  California Institute of Technology, | California Institute of Technology, | California Institute of Technology, | California Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/2119 | 165 | 104528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/2111 | 220 | 179545 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/26 | 4377 | 5126885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/48 | 1558 | 1452348 |
|  Duke University, | Duke University, | Duke University, | Duke University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.757% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 4250 | 2698697 |
|  Equifax, Inc., | Equifax, Inc., | Equifax, Inc., | Equifax, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 12055 | 12287120 |
|  ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/25 | 3545 | 3533767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/33 | 1750 | 1750373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/37 | 2200 | 2523503 |
|  Georgetown University (The), | Georgetown University (The), | Georgetown University (The), | Georgetown University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/2118 | 188 | 165519 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 266 | 244719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | 78 | 68988 |
|  Johns Hopkins University, | Johns Hopkins University, | Johns Hopkins University, | Johns Hopkins University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.813% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/60 | 830 | 489694 |
|  Leland Stanford Junior University (The), | Leland Stanford Junior University (The), | Leland Stanford Junior University (The), | Leland Stanford Junior University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.647% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/48 | 1310 | 1006964 |
|  Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2116 | 4103 | 2834895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/38 | 75 | 68277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.678% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2114 | 804 | 667076 |
|  Northwestern University, | Northwestern University, | Northwestern University, | Northwestern University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 3325 | 2055961 |
|  President & Fellows of Harvard College, | President & Fellows of Harvard College, | President & Fellows of Harvard College, | President & Fellows of Harvard College, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.517% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/50 | 1210 | 734966 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/46 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/56 | 120 | 82010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.619% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 35 | 30711 |
|  Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 25000 | 15388405 |
|  Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.610% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/2119 | 100 | 63531 |
|  University of Chicago (The), | University of Chicago (The), | University of Chicago (The), | University of Chicago (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.761% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 80 | 61956 |
|  University of Southern California, | University of Southern California, | University of Southern California, | University of Southern California, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.226% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/2120 | 80 | 45826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.841% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 970 | 764893 |
|  Washington University (The), | Washington University (The), | Washington University (The), | Washington University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.349% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/2122 | 1620 | 1240228 |
|  Yale University, | Yale University, | Yale University, | Yale University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.482% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 590 | 522551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.402% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/50 | 6500 | 3864838 |
|  |  |  | 67500446 |
|  **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  Booz Allen Hamilton, Inc., | Booz Allen Hamilton, Inc., | Booz Allen Hamilton, Inc., | Booz Allen Hamilton, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/04/33(a) | 905 | 927850 |
|  Leidos, Inc., | Leidos, Inc., | Leidos, Inc., | Leidos, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 2425 | 2122860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30(a) | 9500 | 9368410 |
|  |  |  | 12419120 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/24/32 | 250 | 233869 |
|  **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/26(oo) | 700 | 684272 |
|  BOC Aviation Ltd. (China), | BOC Aviation Ltd. (China), | BOC Aviation Ltd. (China), | BOC Aviation Ltd. (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/18/27(a) | 200 | 196610 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/27 | 405 | 401809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 4145 | 4244044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 398 | 411687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.051%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35(a) | 1095 | 1142515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/30/31(a) | 14995 | 16941333 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series K |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/27(oo) | 372 | 371556 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.050% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.437%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/03/27 | 5760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799906 |
|  Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/32 | 205 | 170175 |
|  Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31(a) | 5035 | 4380973 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/14/31 | 1670 | 1468644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/29(a) | 7920 | 7426044 |
|  Nuveen LLC, | Nuveen LLC, | Nuveen LLC, | Nuveen LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/34 | 6800 | 7077038 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/30(a) | 1900 | 1819326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/06/28(a) | 200 | 208180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/30 | 250 | 239385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | 1285962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/16/31 | 400 | 366540 |
|  Salmon River Export LLC, | Salmon River Export LLC, | Salmon River Export LLC, | Salmon River Export LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.193% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/26 | 41 | 39838 |
|  Western Union Co. (The), | Western Union Co. (The), | Western Union Co. (The), | Western Union Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/26(a) | 4089 | 3990878 |
|  |  |  | 58666715 |
|  **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 1575 | 1153477 |
|  AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 111 | 87727 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/46 | 975 | 799273 |
|  American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 855 | 877044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/32 | 131 | 138896 |
|  American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/44 | 775 | 707774 |
|  Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Z | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Z | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Z | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 2250 | 1592910 |
|  Brazos Securitization LLC, | Brazos Securitization LLC, | Brazos Securitization LLC, | Brazos Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.413% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 200 | 190712 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459767 |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/35 | 870 | 871284 |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 1510 | 1459946 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 4000 | 3896000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.348% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/09/31(a) | 2663 | 2346103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/26/33 | 244 | 207180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 7063 | 6879362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/30 | 670 | 667990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/35 | 2590 | 2547524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/29/36 | 2390 | 2127121 |
|  Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/45 | 475 | 366640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 775 | 612935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/45 | 1080 | 914078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/38 | 715 | 789088 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/46 | 1020 | 787587 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 935 | 967457 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/26 | 405 | 397936 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 380 | 385639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 2730 | 2784932 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/82 | 7865 | 7550288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 1385 | 1359073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/51 | 1715 | 1177224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52(a) | 1760 | 1543268 |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/53 | 3535 | 3370591 |
|  Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 3505 | 3604656 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/46 | 690 | 520587 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | 845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29(a) | 360 | 374242 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/06/28 | 300 | 292498 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/10/29 | 815 | 833934 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 2255 | 2128559 |
|  Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/28 | 2931 | 2963974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/28 | 293 | 296296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/28 | 1773 | 1857218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/28 | 13473 | 14112968 |
|  Evergy Metro, Inc., | Evergy Metro, Inc., | Evergy Metro, Inc., | Evergy Metro, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/48 | 915 | 727063 |
|  Eversource Energy, | Eversource Energy, | Eversource Energy, | Eversource Energy, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 1505 | 1584254 |
|  Exelon Corp., | Exelon Corp., | Exelon Corp., | Exelon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/35 | 950 | 977471 |
|  FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 1718 | 1577646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/30 | 319 | 283173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/47 | 1994 | 1695922 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 3263 | 3164966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/26 | 2450 | 2455998 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 410 | 410220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/35(a) | 645 | 638207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/44 | 130 | 124321 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/33 | 2110 | 2127956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 1325 | 1351578 |
|  Hydro-Quebec (Canada), | Hydro-Quebec (Canada), | Hydro-Quebec (Canada), | Hydro-Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 335 | 385888 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Indianapolis Power & Light Co., | Indianapolis Power & Light Co., | Indianapolis Power & Light Co., | Indianapolis Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/54 | 645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641414 |
|  Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 4155 | 3743539 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/28 | 2087 | 2024891 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 310 | 271837 |
|  Mexico Generadora de Energia S de rl (Mexico), | Mexico Generadora de Energia S de rl (Mexico), | Mexico Generadora de Energia S de rl (Mexico), | Mexico Generadora de Energia S de rl (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/06/32(a) | 1237 | 1221607 |
|  MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 800 | 823540 |
|  Narragansett Electric Co. (The), | Narragansett Electric Co. (The), | Narragansett Electric Co. (The), | Narragansett Electric Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/40(a) | 697 | 697171 |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/47 | 1515 | 1130171 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/02/25 | 3164 | 3114158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/02/27 | 2625 | 2491874 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/26/26 | 850 | 847816 |
|  Oglethorpe Power Corp., | Oglethorpe Power Corp., | Oglethorpe Power Corp., | Oglethorpe Power Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 705 | 494696 |
|  Ohio Power Co., | Ohio Power Co., | Ohio Power Co., | Ohio Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/49 | 1250 | 945669 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 926 | 877411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 2075 | 1801173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 152 | 144421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/27 | 360 | 348251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 469 | 336135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 2525 | 1617482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 3650 | 2569814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/46 | 900 | 668889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 32445 | 26990345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/44 | 13195 | 10688179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 6775 | 5459402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/32 | 340 | 347327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 2600 | 2715960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 1105 | 1188022 |
|  PacifiCorp, | PacifiCorp, | PacifiCorp, | PacifiCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/51 | 2500 | 1617087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 2239 | 1804990 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/49 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/50 | 8310 | 6339067 |
|  Palomino Funding Trust I, | Palomino Funding Trust I, | Palomino Funding Trust I, | Palomino Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.233% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/28 | 4195 | 4441446 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/47 | 2120 | 1607502 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/43 | 910 | 812736 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/25 | 680 | 801126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/49 | 200 | 162376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/05/31 | 2376 | 2430598 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 5685 | 5495778 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/41 | 375 | 299992 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 6217 | 5985864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 405 | 395390 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 515 | 524507 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/41 | 1492 | 1122570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/47 | 6075 | 4365851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/43 | 1320 | 1066523 |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 3160 | 3218872 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/41 | 345 | 325646 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/27 | 6355 | 6272096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/34 | 680 | 706446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/33 | 855 | 939896 |
|  Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 2160 | 2049760 |
|  |  |  | 226932291 |
|  **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
|  TD SYNNEX Corp., | TD SYNNEX Corp., | TD SYNNEX Corp., | TD SYNNEX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/09/26 | 7470 | 7225950 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/26 | 439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/28 | 4536 | 4397652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/26 | 2251 | 2234117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/46 | 1883 | 1555123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/47 | 20583 | 16963994 |
|  Sitios Latinoamerica SAB de CV (Brazil), | Sitios Latinoamerica SAB de CV (Brazil), | Sitios Latinoamerica SAB de CV (Brazil), | Sitios Latinoamerica SAB de CV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/04/32 | 1050 | 1027950 |
|  |  |  | 26614544 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  GENM Capital Labuan Ltd. (Malaysia), | GENM Capital Labuan Ltd. (Malaysia), | GENM Capital Labuan Ltd. (Malaysia), | GENM Capital Labuan Ltd. (Malaysia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/19/31 | 307 | 275532 |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 35 | 29520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 2684 | 1803621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/52 | 4445 | 2741943 |
|  |  |  | 4850616 |
|  **Foods — 0.3%** | **Foods — 0.3%** | **Foods — 0.3%** | **Foods — 0.3%** |
|  Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/09/36 | 440 | 434720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 450 | 481095 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/32 | 3485 | 3046934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 225 | 205704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 2700 | 2742022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 73 | 74882 |
|  Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/04/42 | 2032 | 1832332 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/44 | 815 | 657952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32(a) | 4070 | 4124428 |
|  Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 3775 | 3400142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 8245 | 7953100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/33 | 6570 | 6947929 |
|  Sysco Corp., | Sysco Corp., | Sysco Corp., | Sysco Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/14/31 | 765 | 669924 |
|  |  |  | 32571164 |
|  **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
|  Georgia-Pacific LLC, | Georgia-Pacific LLC, | Georgia-Pacific LLC, | Georgia-Pacific LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/25 | 1220 | 1233265 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Forest Products & Paper (cont'd.)** | **Forest Products & Paper (cont'd.)** | **Forest Products & Paper (cont'd.)** | **Forest Products & Paper (cont'd.)** |
|  Inversiones CMPC SA (Chile), | Inversiones CMPC SA (Chile), | Inversiones CMPC SA (Chile), | Inversiones CMPC SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/13/30(a) | 1557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477204 |
|  |  |  | 2710469 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  Boston Gas Co., | Boston Gas Co., | Boston Gas Co., | Boston Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 641 | 624104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/53 | 690 | 692230 |
|  CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/41 | 405 | 408858 |
|  KeySpan Gas East Corp., | KeySpan Gas East Corp., | KeySpan Gas East Corp., | KeySpan Gas East Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/26 | 139 | 135740 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 179 | 171934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/28 | 410 | 419632 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 2080 | 2015518 |
|  |  |  | 4468016 |
|  **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
|  Stanley Black & Decker, Inc., | Stanley Black & Decker, Inc., | Stanley Black & Decker, Inc., | Stanley Black & Decker, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 1029 | 585917 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  Alcon Finance Corp., | Alcon Finance Corp., | Alcon Finance Corp., | Alcon Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/27/30 | 200 | 183101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/26 | 200 | 195633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/06/32 | 200 | 206203 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 1845 | 1900147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/23/34(a) | 2100 | 2160778 |
|  Stryker Corp., | Stryker Corp., | Stryker Corp., | Stryker Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/27 | 430 | 502330 |
|  |  |  | 5148192 |
|  **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** |
|  AdventHealth Obligated Group, | AdventHealth Obligated Group, | AdventHealth Obligated Group, | AdventHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.795% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/51 | 1382 | 850970 |
|  Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.387% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/49 | 105 | 74680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.272% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/48 | 1320 | 1086117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.211% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 1455 | 1317246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.008% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/50 | 2445 | 1597896 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/42 | 1043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/37 | 2170 | 2345222 |
|  Ascension Health, | Ascension Health, | Ascension Health, | Ascension Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.945% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/46 | 315 | 252122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.532% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 745 | 694737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 2480 | 1937786 |
|  BayCare Health System, Inc., | BayCare Health System, Inc., | BayCare Health System, Inc., | BayCare Health System, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.831% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 1411 | 1080654 |
|  Centene Corp., | Centene Corp., | Centene Corp., | Centene Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 6895 | 6161572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 445 | 438396 |
|  Centra Health, Inc., | Centra Health, Inc., | Centra Health, Inc., | Centra Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/48 | 590 | 475539 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/40 | 2120 | 1620156 |
|  Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2114 | 415 | 349061 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/53(a) | 980 | 874072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/34 | 5100 | 5394595 |
|  Hackensack Meridian Health, Inc., | Hackensack Meridian Health, Inc., | Hackensack Meridian Health, Inc., | Hackensack Meridian Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/41 | 4200 | 2936462 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 860 | 749098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 93 | 91375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 447 | 372377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/27 | 10265 | 10267430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/34 | 950 | 957228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 42 | 43242 |
|  Health Care Service Corp. A Mutual Legal Reserve Co., | Health Care Service Corp. A Mutual Legal Reserve Co., | Health Care Service Corp. A Mutual Legal Reserve Co., | Health Care Service Corp. A Mutual Legal Reserve Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 12560 | 11251458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 760 | 775427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/34 | 965 | 979110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/54 | 1995 | 1940761 |
|  Humana, Inc., | Humana, Inc., | Humana, Inc., | Humana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/30 | 1460 | 1471392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 1780 | 1819975 |
|  Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.849% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/08/29 | 555 | 574880 |
|  Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/48 | 1085 | 859759 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
|  IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 1580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651042 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/47 | 3785 | 3100987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.266% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 80 | 55361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.810% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 965 | 690201 |
|  Mayo Clinic, | Mayo Clinic, | Mayo Clinic, | Mayo Clinic, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/52 | 1490 | 1189613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.196% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/61 | 2225 | 1398162 |
|  Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.955% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 4415 | 2879613 |
|  Methodist Hospital (The), | Methodist Hospital (The), | Methodist Hospital (The), | Methodist Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.705% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 3325 | 2027654 |
|  New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/56 | 835 | 648853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.954% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/2119 | 5095 | 3485598 |
|  NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.368% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/47 | 9810 | 8395371 |
|  OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.042% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 245 | 166046 |
|  Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.327% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 2276 | 1594332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 | 9995 | 10237710 |
|  PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.787% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/48 | 150 | 124995 |
|  Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.864% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 2155 | 1319765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.719% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 2720 | 1898275 |
|  Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.403% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/33(a) | 19125 | 19332485 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/31(a) | 2686 | 2436866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/40 | 1126 | 1122159 |
|  Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.164% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/33 | 7294 | 7384771 |
|  Texas Health Resources, | Texas Health Resources, | Texas Health Resources, | Texas Health Resources, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/55 | 355 | 289979 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.372% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/51 | 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162321 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/40 | 3090 | 2240403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/41 | 740 | 543655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/34 | 2590 | 2587342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/53 | 3054 | 2725016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/63 | 33730 | 30013180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/53 | 2765 | 2768698 |
|  UPMC, | UPMC, | UPMC, | UPMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.377% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 1870 | 1781918 |
|  Willis-Knighton Medical Center, | Willis-Knighton Medical Center, | Willis-Knighton Medical Center, | Willis-Knighton Medical Center, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.813% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/48 | 315 | 272537 |
|  |  |  | 177025114 |
|  **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
|  Aflac, Inc., | Aflac, Inc., | Aflac, Inc., | Aflac, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/30 | 380 | 369075 |
|  AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/35 | 1080 | 1066803 |
|  Aon Corp., | Aon Corp., | Aon Corp., | Aon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/02/29 | 212 | 207481 |
|  Arch Capital Finance LLC, | Arch Capital Finance LLC, | Arch Capital Finance LLC, | Arch Capital Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.031% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/46 | 950 | 859803 |
|  Arch Capital Group US, Inc., | Arch Capital Group US, Inc., | Arch Capital Group US, Inc., | Arch Capital Group US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.144% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/43 | 1185 | 1103478 |
|  Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/54 | 2300 | 2549329 |
|  CNA Financial Corp., | CNA Financial Corp., | CNA Financial Corp., | CNA Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 420 | 411637 |
|  Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/05/29(a) | 2420 | 2372030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/05/32 | 834 | 782823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/05/42 | 27 | 22634 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/12/29 | 385 | 394347 |
|  Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.868% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/44 | 2230 | 1968850 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/03/31 | 17542 | 16276185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/17/28 | 2983 | 3007823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/16/32 | 2062 | 2114740 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 26283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26311966 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/09/37 | 730 | 763160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 1625 | 1801439 |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/17/50 | 1310 | 1004403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/43 | 250 | 223408 |
|  Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/42 | 80 | 71042 |
|  Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/34 | 510 | 566662 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/44 | 2915 | 2623309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/16/39 | 84 | 94718 |
|  |  |  | 66967145 |
|  **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/54 | 535 | 521587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/53 | 2970 | 2968677 |
|  Prosus NV (China), | Prosus NV (China), | Prosus NV (China), | Prosus NV (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/19/32 | 200 | 186750 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 2023 | 2012586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/54(a) | 1440 | 1345660 |
|  United Group BV (Slovenia), | United Group BV (Slovenia), | United Group BV (Slovenia), | United Group BV (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 4900 | 5629388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 6025 | 7009854 |
|  |  |  | 19674502 |
|  **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
|  Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/14/35 | 2215 | 2167931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/14/53 | 3670 | 3135098 |
|  |  |  | 5303029 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Steel Dynamics, Inc., | Steel Dynamics, Inc., | Steel Dynamics, Inc., | Steel Dynamics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 135 | 125864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 805 | 766062 |
|  |  |  | 891926 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
|  Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/27 | 1810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781266 |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/18/26 | 1130 | 1114199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 24430 | 24925671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/27 | 425 | 433947 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 2150 | 2186728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/26 | 7660 | 7746836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 1610 | 1615218 |
|  Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/08/28(a) | 1065 | 1069952 |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/26/28 | 1068 | 1047441 |
|  |  |  | 41921258 |
|  **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
|  AGCO Corp., | AGCO Corp., | AGCO Corp., | AGCO Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/21/34 | 485 | 492249 |
|  CNH Industrial Capital LLC, | CNH Industrial Capital LLC, | CNH Industrial Capital LLC, | CNH Industrial Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/10/28 | 10940 | 10984872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/12/29 | 9205 | 9508817 |
|  CNH Industrial NV, | CNH Industrial NV, | CNH Industrial NV, | CNH Industrial NV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 86 | 84993 |
|  Flowserve Corp., | Flowserve Corp., | Flowserve Corp., | Flowserve Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 4025 | 3502928 |
|  Ingersoll Rand, Inc., | Ingersoll Rand, Inc., | Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.314% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 920 | 952842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/34(a) | 750 | 770644 |
|  Nordson Corp., | Nordson Corp., | Nordson Corp., | Nordson Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 3110 | 3206900 |
|  Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/26 | 5930 | 5963054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | 74 | 76177 |
|  Weir Group, Inc. (United Kingdom), | Weir Group, Inc. (United Kingdom), | Weir Group, Inc. (United Kingdom), | Weir Group, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/06/30 | 8000 | 8093132 |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 1345 | 1352627 |
|  |  |  | 44989235 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 1025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32(a) | 3719 | 3134975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 6060 | 4397433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 7926 | 5431701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/50 | 300 | 240262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/29 | 7445 | 7519838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/53 | 319 | 271910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/38 | 2850 | 2685458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/47 | 1805 | 1565295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/35 | 175 | 183822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/45 | 3533 | 3500365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 2300 | 2461174 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 725 | 498477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/40(a) | 5035 | 4172232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/38 | 1040 | 900923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/64(h) | 19010 | 17696925 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 2495 | 2562559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/34 | 837 | 825469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 4225 | 3699836 |
|  |  |  | 62693240 |
|  **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
|  Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 370 | 372682 |
|  Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 4835 | 5005230 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/08/30 | 14490 | 14995205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/08/33(a) | 15000 | 15333552 |
|  Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/08/53 | 500 | 489175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31(a) | 200 | 185787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/08/53 | 2395 | 2343148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.440% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/26/36 | 1270 | 1325245 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.315% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/32 | 3057 | 3055884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.315% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/32 | 2175 | 2174206 |
|  Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 796 | 780544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 785 | 780718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/30 | 297 | 294754 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/27 | 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/43 | 785 | 743210 |
|  Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | 925 | 925619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/33 | 48540 | 52124582 |
|  Newmont Corp., | Newmont Corp., | Newmont Corp., | Newmont Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 7741 | 6988553 |
|  Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/13/30 | 1169 | 1115223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 12640 | 12973839 |
|  South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/32 | 4309 | 4036283 |
|  |  |  | 126224587 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Textron, Inc., | Textron, Inc., | Textron, Inc., | Textron, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 5450 | 4837085 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/29 | 1295 | 1325121 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Notes | &nbsp;&nbsp;&nbsp;&nbsp; Notes | &nbsp;&nbsp;&nbsp;&nbsp; Notes | &nbsp;&nbsp;&nbsp;&nbsp; Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/25 | 675 | 677195 |
|  |  |  | 2002316 |
|  **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 5500 | 5548521 |
|  **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 16405 | 14623009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 10000 | 9506393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/13/28 | 7125 | 7308633 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/22/25(a)(oo) | 12372 | 12341070 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/38 | 2975 | 3080860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/33 | 2760 | 2930013 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/52 | 360 | 243609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/37 | 5941 | 5584746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/47 | 693 | 613785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 542 | 582467 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/34 | 165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/44 | 580 | 482524 |
|  Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 405 | 399340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/26 | 745 | 720456 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/41 | 2910 | 2688996 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/26 | 26444 | 26064247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 | 660 | 674622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/18/34 | 2953 | 2960405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/18/54 | 1240 | 1151188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/18/64 | 1295 | 1201239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 28411 | 30259662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/53 | 985 | 973663 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/02/31 | 269 | 226363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/29/30 | 3849 | 3802812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 5185 | 5087781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/19/29 | 11055 | 11678281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/13/33 | 3934 | 4052020 |
|  Energean Israel Finance Ltd. (Israel), | Energean Israel Finance Ltd. (Israel), | Energean Israel Finance Ltd. (Israel), | Energean Israel Finance Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/31 | 140 | 129283 |
|  Energean PLC (Israel), | Energean PLC (Israel), | Energean PLC (Israel), | Energean PLC (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/27(a) | 278 | 272440 |
|  Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/06/50 | 305 | 229387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/25 | 846 | 853841 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 1139 | 1106017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 600 | 602035 |
|  KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/33 | 400 | 345252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/19/27 | 200 | 199364 |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 16930 | 16694434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/44 | 136 | 113308 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/34(a) | 880 | 863590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | 770 | 705109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/31 | 1606 | 1665301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28(a) | 540 | 561652 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/30 | 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/31 | 2199 | 2421732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 2905 | 3326238 |
|  Pertamina Persero PT (Indonesia), | Pertamina Persero PT (Indonesia), | Pertamina Persero PT (Indonesia), | Pertamina Persero PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/07/48 | 200 | 205115 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/16/34 | 4000 | 5419222 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/12/28 | 994 | 955085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/31(a) | 5126 | 4621602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.490% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/27 | 2123 | 2108139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/29 | 2335 | 2285708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/35 | 134 | 112433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/16/32(a) | 3400 | 3156560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/30 | 5728 | 5526947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/07/33 | 480 | 513744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/21/27 | 2500 | 2803168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7401 | 8505550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/04/26 | 8800 | 8795864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/02/29 | 1706 | 1763287 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 1690 | 1498395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 6545 | 5812646 |
|  SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.694% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/17/31 | 200 | 178062 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/29/31 | 19302 | 17979998 |
|  Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/54 | 1630 | 1518019 |
|  State Oil Co. of the Azerbaijan Republic (Azerbaijan), | State Oil Co. of the Azerbaijan Republic (Azerbaijan), | State Oil Co. of the Azerbaijan Republic (Azerbaijan), | State Oil Co. of the Azerbaijan Republic (Azerbaijan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/18/30 | 650 | 681148 |
|  Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/04/51 | 270 | 187827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/38 | 753 | 810067 |
|  Thaioil Treasury Center Co. Ltd. (Thailand), | Thaioil Treasury Center Co. Ltd. (Thailand), | Thaioil Treasury Center Co. Ltd. (Thailand), | Thaioil Treasury Center Co. Ltd. (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/43 | 1247 | 1011841 |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 1875 | 1984640 |
|  |  |  | 258302310 |
|  **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
|  Cameron International Corp., | Cameron International Corp., | Cameron International Corp., | Cameron International Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 1330 | 1276048 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28(a) | 9455 | $9700150 |
|  **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/21/39 | 13010 | 11398917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/21/49(a) | 3705 | 3052865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/14/35 | 2544 | 2457783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/14/45 | 1875 | 1679213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 2685 | 2734069 |
|  Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | 2440 | 2433406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/28 | 20000 | 19769432 |
|  Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/21/30 | 1235 | 1314655 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/30 | 3660 | 3386942 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 16049 | 15249793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/48 | 5270 | 4552039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/45 | 95 | 84023 |
|  Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/09/34 | 2885 | 2883202 |
|  Mylan, Inc., | Mylan, Inc., | Mylan, Inc., | Mylan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/29/43 | 4800 | 4034037 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/09/40 | 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558197 |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/46 | 6760 | 5470881 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/22/40 | 16227 | 11976756 |
|  |  |  | 93036210 |
|  **Pipelines — 3.3%** | **Pipelines — 3.3%** | **Pipelines — 3.3%** | **Pipelines — 3.3%** |
|  Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 2435 | 2248813 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 520 | 514356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/34 | 2840 | 2916025 |
|  Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/28 | 800 | 798823 |
|  Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/26 | 7555 | 7508948 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 1970 | 1991372 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 24400 | 25616403 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 5000 | 4413927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/44 | 1900 | 1735004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | 7900 | 8071077 |
|  Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/44 | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139510 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/26 | 117 | 116792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/53 | 487 | 522973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/84(a) | 15065 | 16778644 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 5630 | 5764857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 3980 | 4037535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/47 | 270 | 237832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 5353 | 4772789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 64 | 65853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34(a) | 1055 | 1068826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/34 | 480 | 487282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/54 | 695 | 660475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/48 | 6575 | 6323969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 9500 | 9488616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/28 | 7370 | 7742250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 2565 | 2542317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/45 | 210 | 206429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/49 | 2640 | 2607111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/30 | 8970 | 9675021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 16730 | 18151187 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 540 | 560765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 790 | 842156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 3 Month SOFR + 3.039% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 3 Month SOFR + 3.039% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 3 Month SOFR + 3.039% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 3 Month SOFR + 3.039% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.369%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/67 | 12000 | 11926099 |
|  Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 | 6650 | 5756080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 3725 | 3378034 |
|  Gulfstream Natural Gas System LLC, | Gulfstream Natural Gas System LLC, | Gulfstream Natural Gas System LLC, | Gulfstream Natural Gas System LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/25 | 625 | 626981 |
|  Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 540 | 468174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/44 | 186 | 172428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 3798 | 3587643 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 3135 | $2029466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/46 | 5840 | 5162403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510383 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/38 | 855 | 756979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/48 | 1145 | 928819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/47 | 2975 | 2599285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 3629 | 3163624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35(a) | 5305 | 5265037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/34 | 4973 | 4996939 |
|  Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/16/51 | 2900 | 1910817 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/37 | 4839 | 5283920 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 1000 | 934870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 550 | 515508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/29 | 1720 | 1642365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | 965 | 957623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 413 | 317505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/50 | 260 | 200386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 1315 | 1303650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/13/47 | 1120 | 939414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 6812 | 6630077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/48 | 1855 | 1614319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 375 | 388546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/30 | 1145 | 1198859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 2370 | 2533594 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/29 | 41 | 39179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/30 | 308 | 294411 |
|  Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 400 | 398002 |
|  Southern Gas Corridor CJSC (Azerbaijan), | Southern Gas Corridor CJSC (Azerbaijan), | Southern Gas Corridor CJSC (Azerbaijan), | Southern Gas Corridor CJSC (Azerbaijan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/24/26 | 200 | 202014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/24/26 | 260 | 262618 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/33 | 2255 | 2112991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/52 | 360 | 300298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/35 | 4895 | 4914409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/34 | 3212 | 3453494 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 385 | 385270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 6045 | 6132288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 444 | 453033 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 12696 | 12216203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 16985 | 16883197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 3000 | 3001294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 985 | 1024198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 4361 | 4566978 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 5152 | 4616921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 4025 | 3806396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/51 | 2050 | 1405372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | 2190 | 2185775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 8280 | 8123152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/45 | 2882 | 2530592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/45 | 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 4223 | 4218072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 9328 | 9586030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 615 | 561783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/04/44 | 2840 | 2668334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/35 | 25530 | 26250498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 3777 | 4272513 |
|  |  |  | 353694497 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 4250 | 3727140 |
|  **Real Estate Investment Trusts (REITs) — 2.3%** | **Real Estate Investment Trusts (REITs) — 2.3%** | **Real Estate Investment Trusts (REITs) — 2.3%** | **Real Estate Investment Trusts (REITs) — 2.3%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 2815 | 2375285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/36 | 300 | 294069 |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/28 | 4250 | 3958386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 9495 | 9906945 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 1740 | 1645286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/16/31 | 5150 | 4489189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/27 | 5390 | 5342040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 14133 | 13719379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 6005 | 5907216 |
|  Broadstone Net Lease LLC, | Broadstone Net Lease LLC, | Broadstone Net Lease LLC, | Broadstone Net Lease LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 4780 | 4065494 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 14685 | 12991810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 1545 | 1275065 |
|  Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 12380 | 12453949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/11/28 | 24515 | 24765528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/34 | 985 | 1020432 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/26 | 12160 | 12170844 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 3385 | 3087149 |
|  Highwoods Realty LP, | Highwoods Realty LP, | Highwoods Realty LP, | Highwoods Realty LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 1475 | 1274408 |
|  Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/31 | 4420 | 3873940 |
|  Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 1400 | 1188990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 1035 | 1002882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 511 | 528505 |
|  Kilroy Realty LP, | Kilroy Realty LP, | Kilroy Realty LP, | Kilroy Realty LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 75 | 72405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/25 | 2415 | 2411783 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 6235 | 5724330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/35(a) | 1700 | 1664058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/34 | 3380 | 3677376 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 17934 | 17169572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 3700 | 3261273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 3100 | 2902998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/34(a) | 3665 | 3707489 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 2800 | 2619179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 29515 | 26146213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 13027 | 12368699 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 20 | 19176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/26 | 305 | 303116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 3406 | 3396166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/29 | 375 | 367750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/27 | 65 | 65892 |
|  Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31(a) | 20195 | 18333995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 3400 | 3219525 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 13255 | 10796749 |
|  |  |  | 246045550 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/31 | 2435 | $2094573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800965 |
|  AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 530 | 453886 |
|  Dollar Tree, Inc., | Dollar Tree, Inc., | Dollar Tree, Inc., | Dollar Tree, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 2910 | 2884073 |
|  Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/03/34 | 240 | 238143 |
|  Genuine Parts Co., | Genuine Parts Co., | Genuine Parts Co., | Genuine Parts Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 4880 | 5181704 |
|  Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 511 | 399864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 | 715 | 699260 |
|  Ross Stores, Inc., | Ross Stores, Inc., | Ross Stores, Inc., | Ross Stores, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 2595 | 2223894 |
|  |  |  | 14976362 |
|  **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 195 | 174365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/41 | 16350 | 12935171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 2345 | 2336383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 885 | 876860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/12/29 | 2140 | 2191465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/35 | 2075 | 1750292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/36 | 12390 | 10270150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/33 | 6960 | 6304112 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/49(a) | 3344 | 2115968 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 2130 | 2129657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 1330 | 1437807 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/11/31 | 3545 | 3110507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 500 | 473220 |
|  |  |  | 46105957 |
|  **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
|  Cadence Design Systems, Inc., | Cadence Design Systems, Inc., | Cadence Design Systems, Inc., | Cadence Design Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/29 | 900 | 900715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/34 | 530 | 523486 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29(a) | 11415 | 10991233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/02/28 | 5380 | 5528348 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/50 | 1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/51 | 3499 | 2581581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/09/29 | 73 | 77895 |
|  |  |  | 21503398 |
|  **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 7740 | 6664152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 650 | 544114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 14600 | 11450777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/55 | 2264 | 1527152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/35 | 620 | 590728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/39 | 7695 | 8424934 |
|  Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30(x) | 870 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30^(x) | 581 | 1 |
|  Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 2.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/27(x) | 2056 | 2076996 |
|  Digicel Midco Ltd./DIFL US II LLC (Jamaica), | Digicel Midco Ltd./DIFL US II LLC (Jamaica), | Digicel Midco Ltd./DIFL US II LLC (Jamaica), | Digicel Midco Ltd./DIFL US II LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, PIK 10.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, PIK 10.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, PIK 10.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, PIK 10.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/28(x) | 7927 | 7872663 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 725 | 677167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 11354 | 13065226 |
|  Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/34 | 920 | 938065 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32(a) | 1220 | 1132847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 377 | 320877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/52 | 1858 | 1506917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 2185 | 2213346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/34(a) | 2450 | 2449435 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 2650 | 2844648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 1925 | 2335366 |
|  Sprint LLC, | Sprint LLC, | Sprint LLC, | Sprint LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/26 | 365 | 368158 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/26 | 85 | 83709 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 55831 | 50017192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 650 | 610377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/41 | 926 | 677012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 2490 | 2417672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 60 | 60083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/54 | 3865 | 3784277 |
|  Total Play Telecomunicaciones SA de CV (Mexico), | Total Play Telecomunicaciones SA de CV (Mexico), | Total Play Telecomunicaciones SA de CV (Mexico), | Total Play Telecomunicaciones SA de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/32 | 319 | 303624 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 6475 | 5579725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/40 | 13999 | 9874734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/22/41 | 22445 | 17306418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/35 | 7060 | 6881045 |
|  |  |  | 165046632 |
|  **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
|  Mattel, Inc., | Mattel, Inc., | Mattel, Inc., | Mattel, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 1995 | 2001151 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/55 | 1610 | 1593303 |
|  Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 3555 | 2524739 |
|  Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.570% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/32(a) | 3680 | 3389317 |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/05/34 | 80 | 80645 |
|  MV24 Capital BV (Brazil), | MV24 Capital BV (Brazil), | MV24 Capital BV (Brazil), | MV24 Capital BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.748% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/34 | 146 | 141852 |
|  |  |  | 7729856 |
|  **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 20860 | 21446292 |
|  **TOTAL CORPORATE BONDS**<br>(cost $3,985,250,431) | **TOTAL CORPORATE BONDS**<br>(cost $3,985,250,431) | **TOTAL CORPORATE BONDS**<br>(cost $3,985,250,431) | 4088231897 |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |
|  **Telecommunications** | **Telecommunications** | **Telecommunications** | **Telecommunications** |
|  Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.780%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/27 | 1036 | 1028520 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $978,014) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $978,014) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $978,014) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $978,014) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS — 0.6%** | **MUNICIPAL BONDS — 0.6%** | **MUNICIPAL BONDS — 0.6%** | **MUNICIPAL BONDS — 0.6%** |
|  **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** |
|  Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/32 | 765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754440 |
|  **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
|  Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 830 | 781386 |
|  **California — 0.1%** | **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/49 | 4270 | 4488904 |
|  California State Public Works Board, | California State Public Works Board, | California State Public Works Board, | California State Public Works Board, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.804% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 200 | 231671 |
|  City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.582% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/39 | 4270 | 4582491 |
|  Northern California Power Agency, | Northern California Power Agency, | Northern California Power Agency, | Northern California Power Agency, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.311% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 200 | 222589 |
|  San Jose Redevelopment Agency Successor Agency, | San Jose Redevelopment Agency Successor Agency, | San Jose Redevelopment Agency Successor Agency, | San Jose Redevelopment Agency Successor Agency, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Series A-T | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Series A-T | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Series A-T | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Series A-T |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/34 | 165 | 152365 |
|  State of California, | State of California, | State of California, | State of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 120 | 139162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/40 | 300 | 359455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/39 | 165 | 197801 |
|  University of California, | University of California, | University of California, | University of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.931% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/45 | 340 | 307710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.767% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/2115 | 883 | 721887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.131% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/45 | 375 | 338666 |
|  |  |  | 11742701 |
|  **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |
|  Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.844% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 955 | 971846 |
|  **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |
|  District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.814% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/2114 | 550 | 469371 |
|  **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** |
|  Escambia County Health Facilities Authority, | Escambia County Health Facilities Authority, | Escambia County Health Facilities Authority, | Escambia County Health Facilities Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.607% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/40 | 30 | 24398 |
|  Florida Development Finance Corp., | Florida Development Finance Corp., | Florida Development Finance Corp., | Florida Development Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/50 | 610 | 495509 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Florida (cont'd.)** | **Florida (cont'd.)** | **Florida (cont'd.)** | **Florida (cont'd.)** |
|  State Board of Administration Finance Corp., | State Board of Administration Finance Corp., | State Board of Administration Finance Corp., | State Board of Administration Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345169 |
|  |  |  | 865076 |
|  **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
|  Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/57 | 1975 | 2101432 |
|  **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |
|  Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.395% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/40 | 325 | 359330 |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, | Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, | Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, | Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.899% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 549 | 607917 |
|  Metropolitan Water Reclamation District of Greater Chicago, | Metropolitan Water Reclamation District of Greater Chicago, | Metropolitan Water Reclamation District of Greater Chicago, | Metropolitan Water Reclamation District of Greater Chicago, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Limited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Limited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Limited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Limited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.720% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/38 | 210 | 217072 |
|  Sales Tax Securitization Corp., | Sales Tax Securitization Corp., | Sales Tax Securitization Corp., | Sales Tax Securitization Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.411% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 90 | 69892 |
|  State of Illinois, | State of Illinois, | State of Illinois, | State of Illinois, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 389 | 422478 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/33 | 410 | 411045 |
|  |  |  | 2087734 |
|  **Michigan — 0.1%** | **Michigan — 0.1%** | **Michigan — 0.1%** | **Michigan — 0.1%** |
|  Detroit City School District, | Detroit City School District, | Detroit City School District, | Detroit City School District, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.645% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 240 | 258028 |
|  Michigan Finance Authority, | Michigan Finance Authority, | Michigan Finance Authority, | Michigan Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 2055 | 1687912 |
|  Michigan State University, | Michigan State University, | Michigan State University, | Michigan State University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.165% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/2122 | 6285 | 4566840 |
|  University of Michigan, | University of Michigan, | University of Michigan, | University of Michigan, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.504% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 1122 | 811039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2122 | 4350 | 3435533 |
|  |  |  | 10759352 |
|  **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
|  Curators of the University of Missouri (The), | Curators of the University of Missouri (The), | Curators of the University of Missouri (The), | Curators of the University of Missouri (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.792% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/41 | 135 | 136814 |
|  Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/50 | 5000 | 3508222 |
|  |  |  | 3645036 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
|  New Jersey Economic Development Authority, | New Jersey Economic Development Authority, | New Jersey Economic Development Authority, | New Jersey Economic Development Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.425% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185829 |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 2240 | 2562837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/40 | 552 | 658999 |
|  Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.665% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 785 | 792396 |
|  |  |  | 4200061 |
|  **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
|  Empire State Development Corp., | Empire State Development Corp., | Empire State Development Corp., | Empire State Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/39 | 1525 | 1574669 |
|  Metropolitan Transportation Authority, | Metropolitan Transportation Authority, | Metropolitan Transportation Authority, | Metropolitan Transportation Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.548% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | 410 | 434181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.687% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/40 | 1500 | 1620252 |
|  New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/44 | 675 | 682129 |
|  New York State Dormitory Authority, | New York State Dormitory Authority, | New York State Dormitory Authority, | New York State Dormitory Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.879% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/46 | 375 | 289024 |
|  New York State Urban Development Corp., | New York State Urban Development Corp., | New York State Urban Development Corp., | New York State Urban Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.838% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/40 | 2000 | 2069353 |
|  Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/62 | 4930 | 4105594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/65 | 895 | 800153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/48 | 415 | 339520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 182 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 182 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 182 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 50 | 47977 |
|  |  |  | 11962852 |
|  **North Carolina — 0.0%** | **North Carolina — 0.0%** | **North Carolina — 0.0%** | **North Carolina — 0.0%** |
|  University of North Carolina at Chapel Hill, | University of North Carolina at Chapel Hill, | University of North Carolina at Chapel Hill, | University of North Carolina at Chapel Hill, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.847% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 150 | 141476 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
|  American Municipal Power, Inc., | American Municipal Power, Inc., | American Municipal Power, Inc., | American Municipal Power, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.084% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/50 | 1065 | 1352528 |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/2111 | 2205 | 1851020 |
|  |  |  | 3203548 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |
|  Pennsylvania State University (The), | Pennsylvania State University (The), | Pennsylvania State University (The), | Pennsylvania State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124593 |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 1245 | 1317602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/45 | 2800 | 2772464 |
|  Pocono Mountains Industrial Park Authority, | Pocono Mountains Industrial Park Authority, | Pocono Mountains Industrial Park Authority, | Pocono Mountains Industrial Park Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/49 | 130 | 113779 |
|  |  |  | 4328438 |
|  **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
|  City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.985% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/39 | 155 | 163362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.427% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 1005 | 945903 |
|  Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.919% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 825 | 564364 |
|  Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.922% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/49 | 480 | 373048 |
|  |  |  | 2046677 |
|  **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
|  University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.584% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 315 | 190464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.179% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/2117 | 3720 | 2777750 |
|  |  |  | 2968214 |
|  **Washington — 0.1%** | **Washington — 0.1%** | **Washington — 0.1%** | **Washington — 0.1%** |
|  Washington St. Hsg. Fin. Commn. Rev., | Washington St. Hsg. Fin. Commn. Rev., | Washington St. Hsg. Fin. Commn. Rev., | Washington St. Hsg. Fin. Commn. Rev., |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 2023-01, Class X | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 2023-01, Class X | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 2023-01, Class X | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 2023-01, Class X |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.494%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/37 | 53863 | 5325392 |
|  **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |
|  State of Wisconsin, | State of Wisconsin, | State of Wisconsin, | State of Wisconsin, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.954% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 250 | 233966 |
|  **TOTAL MUNICIPAL BONDS**<br> (cost $75,887,227) | **TOTAL MUNICIPAL BONDS**<br> (cost $75,887,227) | **TOTAL MUNICIPAL BONDS**<br> (cost $75,887,227) | 68588998 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.6%** |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.518%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/65 | 58 | 52703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.805%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/65 | 385 | 312503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.909%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/66 | 199 | 172315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.115%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/66 | 903 | 784489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.985%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/66 | 193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165005 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.621%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/46 | 19 | 15978 |
|  Bayview Financing Trust, | Bayview Financing Trust, | Bayview Financing Trust, | Bayview Financing Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.314%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/26^ | 6634 | 6639010 |
|  Bear Stearns Adjustable Rate Mortgage Trust, | Bear Stearns Adjustable Rate Mortgage Trust, | Bear Stearns Adjustable Rate Mortgage Trust, | Bear Stearns Adjustable Rate Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.396%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/35 | 56 | 52417 |
|  Bellemeade Re Ltd., | Bellemeade Re Ltd., | Bellemeade Re Ltd., | Bellemeade Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.455%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/26/32 | 917 | 919978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.005%(c) | 01/26/32 | 5870 | 6041386 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/64 | 3698 | 3274473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/64 | 292 | 257305 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 1903 | 1539242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/64 | 6017 | 5967607 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/47 | 376 | 348117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.170%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/62 | 616 | 615564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 25981 | 24827431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.225%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 2196 | 1896391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.225%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 664 | 496367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 240 | 168177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.462%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 609 | 73599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.947%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 1103 | 89087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.225%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 1476 | 1232506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.225%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 1126 | 896386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 48 | 41039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/63 | 33394 | 3339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 33763 | 31874679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 1509 | 1139309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 382 | 192619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 483 | 192218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 459 | 173370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 1288 | 918565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 805 | 528054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 70 | 62262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 39292 | 3953 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/50 | 1459 | 1259363 |
|  COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.352%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/70 | 16289 | 16320307 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.405%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/41 | 2740 | 2806403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.855%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/41 | 606 | 607575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.205%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/41 | 2100 | 2116971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.555%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 3275 | 3545121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.555%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 730 | 777168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.405%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/42 | 1265 | 1303031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.905%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/42 | 4024 | 4337247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.905%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/42 | 1000 | 1043130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.706%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/42 | 197 | 201688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.605%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/43 | 1639 | 1672393 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

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| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/43 | 825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.005%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/44 | 1250 | 1254576 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/35 | 197 | 172675 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/27/37 | 118 | 114836 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.755%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/34 | 304 | 306622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/26/33 | 1541 | 1544838 |
|  EFMT, | EFMT, | EFMT, | EFMT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.522%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/26/60 | 18656 | 18764768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.726%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/60 | 12342 | 12448508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.387%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/26/70 | 16570 | 16591884 |
|  Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.046%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/59 | 29 | 27378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.931%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/66 | 118 | 98322 |
|  Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.605%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/41 | 160 | 164207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/41 | 1610 | 1620998 |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/32 | 1 | 69 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54, Class ZM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54, Class ZM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54, Class ZM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54, Class ZM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/35 | 20 | 19733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-43, Class AH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-43, Class AH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-43, Class AH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-43, Class AH |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/40 | 2 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class IL, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/32 | 179 | 15966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10, Class KM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10, Class KM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10, Class KM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10, Class KM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/43 | 6 | 5528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/44 | 3 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/39 | 7 | 7068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/46 | 531 | 526025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/50 | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/50 | 1965 | 2173723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.955%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/34 | 374 | 375733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.705%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/41 | 2200 | 2259277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/41 | 367 | 368839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/41 | 4400 | 4431429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/41 | 700 | 715563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.405%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/41 | 4320 | 4354892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/41 | 5900 | 5966021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.805%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/42 | 210 | 213807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.205%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/42 | 3100 | 3193000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/42 | 1300 | 1350862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.005%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/42 | 4500 | 4740480 |
|  FHLMC Whole Loan Securities Trust, | FHLMC Whole Loan Securities Trust, | FHLMC Whole Loan Securities Trust, | FHLMC Whole Loan Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SC01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SC01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SC01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SC01, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.647%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/46 | 400 | 392820 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA01, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA01, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA01, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA01, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.649%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/35 | 131 | 74464 |
|  Flagstar Mortgage Trust, | Flagstar Mortgage Trust, | Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/48 | 4467 | 4186885 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2906, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2906, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2906, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2906, Class GZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/34 | 89 | 91054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/44 | 600 | 545885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4533, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4533, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4533, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4533, Class GA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 1 | 720 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/46 | 15 | $14748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/55 | 4520 | 4526227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/55 | 52000 | 52045807 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/58 | 8 | 7031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class MA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/58 | 6 | 5436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/59 | 8 | 7199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/59 | 8 | 7031 |
|  Galton Funding Mortgage Trust, | Galton Funding Mortgage Trust, | Galton Funding Mortgage Trust, | Galton Funding Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A23, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/57 | 149 | 136135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A22, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A22, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A22, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A22, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/58 | 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110927 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-12, Class KN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-12, Class KN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-12, Class KN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-12, Class KN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/41 | 3 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-24, Class OI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-24, Class OI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-24, Class OI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-24, Class OI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/43 | 128 | 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-82, Class IG, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-82, Class IG, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-82, Class IG, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-82, Class IG, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/43 | 397 | 58409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-184, Class JH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-184, Class JH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-184, Class JH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-184, Class JH |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/47 | 11 | 10183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/47 | 136 | 126771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-63, Class LM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-63, Class LM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-63, Class LM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-63, Class LM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/50 | 1490 | 1240856 |
|  Greenpoint Mortgage Pass-Through Certificates, | Greenpoint Mortgage Pass-Through Certificates, | Greenpoint Mortgage Pass-Through Certificates, | Greenpoint Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.182%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/33 | 37 | 35730 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-EB01A, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-EB01A, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-EB01A, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-EB01A, Class 2A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.145%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/44 | 18 | 17418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.908%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/50 | 1042 | 886027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/51 | 1455 | 1177029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/52 | 1500 | 1213556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 61 | 57957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.513%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 29858 | 26707860 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.972%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/19/35 | 664 | 673814 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Home Re Ltd., | Home Re Ltd., | Home Re Ltd., | Home Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.105%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/34 | 589 | $591840 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/50 | 403 | 363377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/50 | 206 | 194075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/50 | 342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/50 | 471 | 408949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/50 | 170 | 147490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/50 | 37 | 36366 |
|  Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.188%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/24/63 | 6928 | 8163265 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/61 | 31401 | 31314155 |
|  LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.921%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/39 | 5500 | 5528848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/40 | 15700 | 15747797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.612%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/40 | 10000 | 10041605 |
|  MetLife Securitization Trust, | MetLife Securitization Trust, | MetLife Securitization Trust, | MetLife Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/57 | 164 | 159066 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.675%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/27/70 | 21276 | 21386342 |
|  Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A9, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A9, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A9, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A9, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/51 | 117 | 94432 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.184%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/48 | 106 | 103548 |
|  NLT Trust, | NLT Trust, | NLT Trust, | NLT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.506%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70 | 24131 | 24257353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.708%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70 | 2706 | 2720204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.860%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70 | 4644 | 4667657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.399%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70 | 36626 | 304267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.604%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70 | 1388 | 1362048 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.604%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70 | 1092 | 1038909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.604%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70 | 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.314%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70 | 1980 | 1997500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.901%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/70^ | 36626 | 1226973 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.205%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/34 | 4583 | 4624509 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.084%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/57 | 1276 | 1250812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.534%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/59 | 7 | 6936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 1A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 1A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 1A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 1A8, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/60 | 49 | 43682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/60 | 18 | 17466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A8, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/60 | 126 | 110116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/64 | 20612 | 20685851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/55 | 16710 | 16715889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.453%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/65 | 10737 | 10784454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/65 | 18200 | 18222786 |
|  PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.658%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/29/27 | 17933 | 18345072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.408%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/27/28 | 14764 | 14760306 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/64 | 8620 | 8216824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.063%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/55 | 19983 | 20047088 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/54 | 3242 | 3131150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/55 | 10150 | 10009391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/55 | 12513 | 12177339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/55 | 2310 | 2163883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/55 | 1362 | 1252494 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/55 | 1329 | 1201861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/55 | 469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415730 |
|  PRPM Trust, | PRPM Trust, | PRPM Trust, | PRPM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.802%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/69 | 11640 | 11734719 |
|  Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.005%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/31 | 2855 | 2899195 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.653%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/45 | 13886 | 13968893 |
|  RFMSI Trust, | RFMSI Trust, | RFMSI Trust, | RFMSI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/32 | 1 | 852 |
|  Roc Mortgage Trust, | Roc Mortgage Trust, | Roc Mortgage Trust, | Roc Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/40 | 12500 | 12525830 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.786%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/47 | 1098 | 1036477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/48 | 42 | 38013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/48 | 337 | 315873 |
|  SG Residential Mortgage Trust, | SG Residential Mortgage Trust, | SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.703%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/59 | 4 | 4443 |
|  Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.899%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/24/71 | 3828 | 4508866 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.027%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/55 | 525 | 495825 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/34 | 702 | 656140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/35 | 549 | 521500 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/58 | 87 | 84925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.434%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/59 | 621 | 625360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A2B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/60 | 4514 | 4016789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/68 | 4537 | 4358539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/61 | 1592 | 1454210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/64 | 9677 | 9723815 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/55 | 13645 | 13706451 |
|  UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/51 | 1505 | 1217185 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.692%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/59 | 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.815%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/66 | 87 | 77149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.155%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/66 | 385 | 344080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.218%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/66 | 798 | 689386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.095%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/69 | 1343 | 1351803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.427%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/70 | 15200 | 15263151 |
|  Vista Point Securitization Trust, | Vista Point Securitization Trust, | Vista Point Securitization Trust, | Vista Point Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.475%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/65 | 729 | 700161 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.274%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/44 | 517 | 512257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 3A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 3A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 3A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.093%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/37 | 1533 | 1310671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/47 | 1516 | 1306415 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $699,737,911) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $699,737,911) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $699,737,911) | 710117197 |
|  **SOVEREIGN BONDS — 1.9%** | **SOVEREIGN BONDS — 1.9%** | **SOVEREIGN BONDS — 1.9%** | **SOVEREIGN BONDS — 1.9%** |
|  Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/16/42 | 200 | 199455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/16/42 | 19000 | 18948234 |
|  Angolan Government International Bond (Angola), | Angolan Government International Bond (Angola), | Angolan Government International Bond (Angola), | Angolan Government International Bond (Angola), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/08/48 | 400 | 317000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/32 | 539 | 475263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/26/49 | 622 | 482050 |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/30 | 2441 | 2162573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 200 | 196062 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 3248 | 3217915 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/27 | 250 | 245250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/30(a) | 5119 | $5295605 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 | 1980 | 1881000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/32 | 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/22/29 | 4058 | 4039739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/60 | 550 | 462481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/05/49 | 250 | 235219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/32 | 1619 | 1493528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/41 | 173 | 148737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/22/29 | 13629 | 13567669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/27 | 412 | 415708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/19/28 | 2579 | 2620264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/22/33 | 519 | 513551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/03/31 | 151 | 158278 |
|  Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/35^ | 40800 | 709920 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/13/31 | 372 | 327360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/18/33(a) | 400 | 414260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/13/31(a) | 1630 | 1434400 |
|  Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.097% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 | 19000 | 18962380 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/05/35 | 345 | 321737 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/11/28 | 290 | 285215 |
|  Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/32 | 8261 | 8718432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/22/30 | 11268 | 12696589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/31 | 14474 | 16106590 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/24/31 | 2145 | 1854889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/12/34 | 256 | 216064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/41 | 500 | 384625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/50 | 621 | 454106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/10/48 | 514 | 383804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/19/33(a) | 2664 | 2517693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/09/28 | 200 | 203900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/09/35 | 200 | 204500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/11/40 | 888 | 846140 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/26/36 | 1260 | 1252440 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/08/35 | 1210 | 1207943 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/02/30 | 1000 | 1205156 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/29 | 200 | 187891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 23436 | 24242669 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/14/31 | 496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/02/40 | 95 | 69626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/41 | 45 | 33047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/14/31 | 114 | 97413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/26/30 | 255 | 285265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/27 | 154 | 153808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/17/28 | 194 | 200024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/02/29 | 90 | 92712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/32 | 55 | 52478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/19/27 | 1105 | 1285768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/03/34 | 345 | 338196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/11/29 | 95 | 107120 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/04/28 | 800 | 784504 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/26/29 | 6595 | 7075390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/03/33 | 2521 | 2434161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/27 | 13402 | 15712885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/26/28 | 4786 | 4941545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/03/33 | 2095 | 2022835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/30 | 774 | 652506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/27 | 6140 | 7198710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/12/34 | 6266 | 6315345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/26/28 | 2710 | 2798075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/26/33 | 200 | 210151 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $195,038,841) | **TOTAL SOVEREIGN BONDS**<br> (cost $195,038,841) | **TOTAL SOVEREIGN BONDS**<br> (cost $195,038,841) | 206053180 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.9%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/36 | 553 | 494236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/36 | 1181 | 1052396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 1922 | 1708707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 364 | 292586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 294 | 236172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 11708 | 9331088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 9398 | 7483984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 38384 | 30542880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 30686 | 24415864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 50 | 40168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 53533 | 42588762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 31 | 24341 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 23 | $18167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 51 | 41244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 59 | 47277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 593 | 476410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 1183 | 943289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 320 | 257248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 46 | 41688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 2386 | 2003890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 4386 | 3676529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 9764 | 8184765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 512 | 425136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 12199 | 10226446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 399 | 334182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 84 | 70164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 17923 | 14992286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 5910 | 4941457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 23132 | 19507250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 54654 | 45548811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 12985 | 10772595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 26463 | 22103231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 226 | 191040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 1000 | 839374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 4565 | 3812036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 56552 | 46959009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 841 | 710289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 15402 | 12848311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 304 | 255163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 3147 | 2626632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 36796 | 30685555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 540 | 455293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 596 | 499185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 1849 | 1542484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 512 | 429702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 895 | 752225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 945 | 793476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 56 | 47271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 1136 | 945683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 1796 | 1517339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 96 | 80479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 995 | 835162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 4688 | 3932026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 20127 | 16938968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 153 | 126722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 702 | 588322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 4378 | 3673776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 43 | 35920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 438 | 365127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 1172 | 985982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 6104 | 5078246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/27 | 2 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 8 | 8055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 128 | 126549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 391 | 378808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 384 | 373836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 32 | 31026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 84 | 81306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 12 | 10697 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 60 | $54708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 15 | 13417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 4 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 9 | 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 43 | 38666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 42 | 37877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/45 | 6 | 5556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 51 | 46019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 11 | 9418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 75 | 67095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/45 | 43 | 38510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/46 | 1060 | 942415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 149 | 131881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 1018 | 903299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 50 | 44603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 2985 | 2640875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 425 | 377870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 7 | 6303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 539 | 481292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 550 | 488625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 21 | 18811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 213 | 187464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 24 | 20805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 235 | 207326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 3575 | 3154143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 85 | 73814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 1290 | 1126183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 58441 | 50740446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 30865 | 26760138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 3587 | 3157084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 21974 | 19049197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 7256 | 6346537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 1820 | 1601953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 1977 | 1731184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 27 | 26274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 53 | 51991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/33 | 25 | 24773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 58 | 56802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/42 | 1 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 9 | 8157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 87 | 82131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 16 | 15498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 13 | 12136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 16 | 15266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 89 | 83605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 1 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 21 | 19287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 92 | 86502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 126 | 118252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 3 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 32 | 29769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 14 | 12737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 198 | 185969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 154 | 144604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 4 | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 19 | 17599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 122 | 114387 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 347 | $325861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 23 | 21693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/43 | 40 | 37581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/44 | 202 | 189877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/44 | 3384 | 3173903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/44 | 291 | 273247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 249 | 231809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/44 | 7269 | 6815477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/45 | 101 | 94356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 115 | 107382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 23 | 21050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 140 | 130323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 91 | 84668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/46 | 203 | 187821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 64 | 59569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 1192 | 1100008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/47 | 63 | 58200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/48 | 2181 | 2003185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/49 | 5 | 4856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/49 | 49 | 44944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/49 | 111 | 102365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 847 | 773284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/50 | 2940 | 2682176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 5508 | 4978451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 5820 | 5274513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 132 | 118785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 5921 | 5333366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 29477 | 26550598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 23 | 21375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 27498 | 24803043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 73 | 65928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/33 | 60 | 59169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/34 | 25 | 25112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 1214 | 1190378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/38 | 156 | 153662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/40 | 131 | 127204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 1 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 490 | 474397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 2 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 3 | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 5 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 4 | 4114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 354 | 342422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 1 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 103 | 99442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 228 | 218805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 263 | 254030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 305 | 294817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 11 | 10617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 63 | 61041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 396 | 383210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 22 | 21017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 73 | 70734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/41 | 49 | 47195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 172 | 165794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/42 | 4 | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 2 | 1804 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 6 | $5961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 18 | 17821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 42 | 40460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/42 | 7 | 6444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 28 | 26632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 177 | 171176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 23 | 22233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/43 | 114 | 110483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/44 | 55 | 52867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/45 | 56 | 53728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 20 | 19202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 37 | 35581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 3 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 7 | 6703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 144 | 136606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 2 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/48 | 4 | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/48 | 101 | 95503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/48 | 517 | 489016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 36 | 33846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 1906 | 1801205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 5920 | 5514734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 59807 | 55726580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/37 | 120 | 118957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/39 | 29 | 29127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/39 | 30 | 30299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 19 | 18993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/39 | 132 | 131961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 10 | 9633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 3 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 9 | 8645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 54 | 54236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 182 | 181392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 404 | 403487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 13 | 13387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/40 | 26 | 25962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 18 | 17492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 29 | 29146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 44 | 44088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 34 | 33724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 27 | 26869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 160 | 159397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 41 | 40889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 6 | 5617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 7 | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 8 | 7497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 16 | 16096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/41 | 37 | 37292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 58 | 57718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 105 | 104172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 310 | 306752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 320 | 319229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 16 | 15603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/42 | 271 | 269844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/42 | 17 | 16590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 5 | 5173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 13 | 12440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 14 | $14022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/44 | 189 | 186663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 33 | 32480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/48 | 296 | 288255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 9910 | 9487759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 33577 | 32176216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 1853 | 1775711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/33 | —(r) | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 2 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 2 | 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 364 | 369579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 55 | 55863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 1 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 2 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/40 | 3 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/40 | 25 | 25826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 27 | 27838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 2 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 19 | 19473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 11 | 10706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 30 | 30649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 101 | 102307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 49 | 50032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 3 | 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 5 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 13 | 13226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 15 | 15030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 20656 | 20345154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 13052 | 12870009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 96 | 94612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 3228 | 3179553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 2082 | 2050859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/53 | 497 | 489529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/34 | 12 | 11927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 7 | 7505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/36 | 13 | 13619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/38 | 223 | 229557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 85 | 87978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 4141 | 4155649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 4691 | 4705611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 12253 | 12282324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 31024 | 31125421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/55 | 25007 | 25011433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/55 | 14013 | 14015403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/32 | —(r) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 2 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 5 | 5556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 60 | 61711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/37 | —(r) | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/38 | 3 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/38 | 2 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 | 3 | 3588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 1056 | 1078809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 6012 | 6125653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 30284 | 30782112 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 240 | 272112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 4 | 4549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 11 | 11635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 7718 | 8004886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | —(r) | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | 1 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 2274 | 2397706 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.400%, Floor 1.625%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.400%, Floor 1.625%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.400%, Floor 1.625%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.400%, Floor 1.625%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 11 | 11605 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.026%, Floor 1.733%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.026%, Floor 1.733%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.026%, Floor 1.733%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.026%, Floor 1.733%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.733%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 5 | 5373 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.254%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.254%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.254%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.254%, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.567%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 72 | 73624 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.419%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.419%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.419%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.419%, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.610%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 38 | 39002 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 1 | 829 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.720%, Floor 1.815%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.525%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 1 | 1435 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.849% (Cap 10.050%, Floor 1.849%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.881%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 1 | 1324 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.538%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | —(r) | 315 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.919% (Cap 10.586%, Floor 1.919%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.918%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 1 | 1032 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.927% (Cap 7.717%, Floor 1.927%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.927% (Cap 7.717%, Floor 1.927%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.927% (Cap 7.717%, Floor 1.927%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.927% (Cap 7.717%, Floor 1.927%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.279%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 9 | 9110 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.031% (Cap 11.126%, Floor 2.031%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.796%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 2 | 2084 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.988%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 1 | 903 |
|  Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | —(r) | 289 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 38497 | 28971681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 3246 | 2443597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 87875 | 66124425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 15305 | 11519807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA | 146500 | 115938283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 | 3 | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 1156 | 1061449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 113 | 90397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 1250 | 997621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 95 | 76000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 10545 | $8417320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 17 | 13555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 10484 | 8362341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 11 | 9172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 15216 | 12131149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 18 | 14363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 7386 | 5882079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 56408 | 44884788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 155210 | 123496136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 44 | 35703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 7742 | 6158901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 25 | 19878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 45 | 36229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 51 | 40770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 2965 | 2355313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 3073 | 2466421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 1277 | 1012811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 1975 | 1580259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 2459 | 1973136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 2604 | 2093222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 5583 | 4436965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 34 | 26919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 1138 | 914957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA | 174500 | 144655375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 5 | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 8 | 7570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/31 | 40 | 38526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 1411 | 1357750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 690 | 640724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 83 | 76714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 33 | 29779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 69 | 59151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 16 | 13412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 7 | 5643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 19 | 16104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 622 | 523005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 19 | 16405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 29 | 24737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 156 | 130967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 1399 | 1176992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 2347 | 1980304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 3649 | 3062609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 1005 | 847446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 3472 | 2929080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 5837 | 4929064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 96 | 81069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 1868 | 1567748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 9960 | 8321959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 553 | 464754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 62792 | 52481549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 564 | 473926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 7499 | 6261020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 754 | 630674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 547 | 457080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 11427 | 9541346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 52 | 43680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 212 | 175978 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 362 | 304357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 541 | 449589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 686 | 576012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 3565 | 2995745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 40919 | 34081266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 541 | 454535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 910 | 769673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 2875 | 2415897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 15318 | 12784497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 5154 | 4295681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 36 | 30014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 164 | 137114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 193 | 160431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 459 | 385362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 2148 | 1798947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 4138 | 3442996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 5315 | 4455788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 3814 | 3202634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 14078 | 11704800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 160 | 134683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 2220 | 1842645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 74 | 62532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 115 | 96578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 95 | 79925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 96 | 80721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 2345 | 1954536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 3592 | 2994542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 6633 | 5555925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 12161 | 10119617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 197 | 165547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 1180 | 981720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 52 | 43267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 113 | 94980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 157 | 131287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 405 | 341067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 1424 | 1198697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 3196 | 2661829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/27 | 18 | 18138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 2 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 2 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/27 | 7 | 7028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 | 2 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/27 | 1 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/27 | 4 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/28 | 4 | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 3 | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 4 | 4123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 4 | 3689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/28 | 5 | 4823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 5 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 26 | 25097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 | 5 | 4585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 5 | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 6 | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/28 | 4 | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 2 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 94 | 91878 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/29 | 4 | $4176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 105 | 102780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 8 | 7547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 18 | 17774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/32 | 47 | 45884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | 56 | 54355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 21 | 20227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | 12 | 11656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/33 | 4 | 4256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 25 | 23887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 84 | 81495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/35 | 22 | 20754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/35 | 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/35 | 1470 | 1408752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 313 | 302246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 12 | 11045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 49 | 46095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 14 | 13281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 863 | 839425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 137 | 124023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 126 | 114366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 354 | 320007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 83 | 75352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 84 | 76151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 16 | 14174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 77 | 69338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 3 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 4 | 3262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 8 | 7126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 15 | 13716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 19 | 17236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 60 | 54550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 113 | 102109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 92 | 82818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 4 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 1593 | 1439318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 1 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 8 | 6967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 12 | 10549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 21 | 19129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 34 | 30626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 59 | 53591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 249 | 225225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 72 | 65095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 26 | 23712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 226 | 202985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/43 | 358 | 322742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/43 | 901 | 812414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/44 | 30 | 26767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/44 | 1 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 72 | 64043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/45 | 178 | 159125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/46 | 1834 | 1629527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 362 | 324951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 158 | 139862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/46 | 19 | 16828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/46 | 84 | 74568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 60 | 53741 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 65 | $58420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 83 | 73657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 324 | 289127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 606 | 541086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 2192 | 1979617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 3015 | 2675561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 41 | 36772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 66 | 58727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 69 | 61236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 69 | 61566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 47 | 42146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 4709 | 4158972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 12155 | 10776633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 96 | 87113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 11693 | 10362029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/47 | 1445 | 1281476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/47 | 615 | 552292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/47 | 4409 | 3909317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 857 | 761908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 11 | 9703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/48 | 8959 | 8080199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/48 | 5748 | 5096604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/49 | 559 | 498692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 3716 | 3286621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 133 | 116939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 130 | 114849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 231 | 203596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 19469 | 17299985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 23 | 20200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 4111 | 3623433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 123 | 107128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 218 | 191974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 709 | 627670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 406 | 355257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 637 | 556951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 28 | 24147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 4703 | 4111563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 1284 | 1123901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 3048 | 2660484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 30 | 26443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 9829 | 8565927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 9102 | 7916766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 7131 | 6197923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 8903 | 7735212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 71 | 62413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 131 | 114169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 1856 | 1617953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 73 | 64408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 25699 | 22249815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 14868 | 12890355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 55347 | 47986714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 2585 | 2257659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 92576 | 80254195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 12 | 11761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/30 | 69 | 67900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 229 | 224721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 62 | 61609 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 3 | $3115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 6 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 12 | 11692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 18 | 17638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/34 | 411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | 19 | 18957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | 60 | 59040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/34 | 76 | 74228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 54 | 52402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/37 | 46 | 44166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/38 | 19 | 17953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 5 | 4534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/41 | 40 | 37481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/42 | 99 | 92927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/42 | 160 | 150149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/42 | 69 | 63991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/42 | 146 | 135964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 19 | 17748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 77 | 72244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 317 | 297268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 179 | 166838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 300 | 278932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 485 | 454246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 2494 | 2339312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 283 | 263234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 46 | 42886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 48 | 45120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 331 | 308444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 37 | 34367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 476 | 446209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/43 | 9 | 8737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/43 | 192 | 179837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/43 | 198 | 185468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 17 | 15737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 62 | 57773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 72 | 67124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 119 | 111197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 347 | 325007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 52 | 48035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 53 | 49300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 59 | 55537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/43 | 26 | 24248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 302 | 282977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 1280 | 1201734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/44 | 31 | 28821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | —(r) | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 10 | 9008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 41 | 38086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 459 | 430590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 28 | 26161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/45 | 56 | 52145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/45 | 57 | 52640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 11 | 10534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 34 | 31897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/45 | 100 | 93559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/45 | 781 | 727398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/46 | 21 | 19289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/46 | 319 | 295488 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 3 | $2499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 40 | 36518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/46 | 104 | 97147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 94 | 87112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 318 | 292895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 1769 | 1659042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/47 | 375 | 345888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/47 | 50 | 45688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/47 | 23 | 21341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 101 | 92917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/47 | 28 | 25872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 3 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 20 | 18569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/48 | 127 | 118883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 18 | 16574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 577 | 528950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 2132 | 1964821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/49 | 19 | 17515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/49 | 548 | 504721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/49 | 94 | 86508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 4343 | 3976880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 7485 | 7015865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 145 | 131800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 1155 | 1054121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 143 | 130898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 4739 | 4298894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 25749 | 23359644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 21629 | 19548397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 33689 | 30387775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 21 | 18589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 154 | 139148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 43309 | 39064515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 23781 | 21541124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 44 | 39308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/31 | 15 | 14457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 595 | 592856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 128 | 125772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 239 | 231472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 30 | 28789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 219 | 211362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 276 | 262833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 32 | 31079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 181 | 174651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 11 | 10142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 20 | 18939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 26 | 25027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 42 | 40415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 111 | 107371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 380 | 367241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/41 | 292 | 282413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 97 | 93795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 109 | 105569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/41 | 101 | 97590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 9 | 8419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 140 | 133031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 15 | 14564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 102 | 96368 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 155 | $149648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 378 | 366153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 7 | 6609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/43 | 63 | 60985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 95 | 91065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/45 | 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/45 | 89 | 85361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 74 | 70624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/45 | 39 | 37103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/45 | 70 | 65623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/45 | 38 | 35823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 4 | 3823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/45 | 62 | 58487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/46 | 26 | 25079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/46 | 33 | 30931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 9 | 8548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 229 | 220580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 243 | 234630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 36 | 33842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/46 | 27 | 25896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/46 | 60 | 56477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 4 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 1471 | 1395026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/47 | 762 | 723243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/47 | 238 | 225438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 46 | 43239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 901 | 853271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/47 | 217 | 205115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 53 | 49905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/48 | 902 | 854050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/48 | 176 | 166844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/49 | 251 | 236214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 3360 | 3139050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 13754 | 12794739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 36 | 33537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 132342 | 123312541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 7817 | 7365009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/53 | 7846 | 7342599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/35 | 7 | 7421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/39 | 61 | 61439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/39 | 250 | 249828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 33 | 33227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/39 | 86 | 86677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 108 | 107439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/39 | 29 | 28873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 152 | 152043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 377 | 375805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/40 | 4 | 3497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/40 | 233 | 232341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 26 | 26267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 19 | 18851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 275 | 273638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 11 | 10667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 387 | 385815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 29 | 28559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 44 | 44239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 201 | 199874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 388 | 386442 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 44 | $43747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 47 | 46314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 66 | 65957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 120 | 119385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 397 | 394729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/41 | 5 | 4551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/41 | 10 | 9490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/41 | 374 | 371890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 27 | 26894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 32 | 31486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/41 | 6 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 5 | 4941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 7 | 6916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/41 | 5 | 5342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/41 | 119 | 118242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 50 | 50004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 12 | 12394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 9 | 8625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 17 | 17063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 71 | 70299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/43 | 19 | 18588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/43 | 16 | 15800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/44 | 12 | 11403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/44 | 32 | 31352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/44 | 18 | 18033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/44 | 22 | 21315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/44 | 63 | 61869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/45 | 15 | 15023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/45 | 33 | 32426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/45 | 36 | 36007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/45 | 469 | 460533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/46 | 57 | 56622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 12 | 11516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 55 | 54439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 7 | 7226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/46 | 38 | 36848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 24 | 23736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 31 | 30693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 9 | 8359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 13 | 12944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 16 | 15158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/47 | 80 | 79832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/47 | 640 | 623476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/48 | 341 | 331250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/48 | 135 | 130828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/48 | 472 | 458342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/48 | 2316 | 2250074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 2284 | 2220770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 4 | 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 109 | 105329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 96 | 92512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 1063 | 1018576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 55461 | 53148887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 28293 | 27112594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 10357 | 9925276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 1881 | 1802942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA | 170500 | &nbsp;&nbsp;&nbsp;&nbsp;167072977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/33 | 4 | 3998 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 | $974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 23 | 23293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 3 | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | 3 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/34 | 1 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 112 | 113489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 13 | 12761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 125 | 127208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/35 | 14 | 14535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 4 | 3934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 7 | 7114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 15 | 15171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 1 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 3 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 4 | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/35 | 9 | 9463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 | 24 | 24152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 | 98 | 98938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 | 206 | 209017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 37 | 37349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 3 | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 126 | 127431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/37 | 2 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/37 | 335 | 338919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/38 | 13 | 13071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/38 | 88 | 89272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 11 | 11036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 50 | 50487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 24 | 23957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 42 | 42694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 57 | 58022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 83 | 84280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 182 | 183766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 11 | 10685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 26 | 26786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 63 | 63457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/41 | 4 | 4044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/41 | 73 | 73643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 44 | 44045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 94 | 95068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 40 | 40029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/42 | 61 | 61270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 125 | 126878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/44 | 169 | 171395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/45 | 455 | 460837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 822 | 834518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/49 | 493 | 492801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 3597 | 3544297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 10818 | 10655691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 32114 | 31631464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 865 | 857600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 43 | 42313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 3070 | 3023848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/55 | 15000 | 14706325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.311% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/41 | 38 | 38777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA | 122000 | &nbsp;&nbsp;&nbsp;&nbsp;121972089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 2 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/34 | 48 | 48834 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 4 | $3765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 13 | 13055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 5 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 9 | 8767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 9 | 9457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 46 | 47444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 12 | 12725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 57 | 58382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/36 | 2 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/36 | 14 | 14613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 2 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 3 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 56 | 57513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 118 | 121681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | 262 | 269664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 1 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 3 | 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 13 | 12946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 18 | 18488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 71 | 73687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 122 | 125835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 134 | 138311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/37 | 52 | 53273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/38 | 18 | 18575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/38 | 120 | 123390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/38 | 69 | 71172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/39 | 38 | 39359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/39 | 40 | 41329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/40 | 72 | 74145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/41 | —(r) | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/41 | 117 | 120309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 869 | 872551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 206 | 207093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 265 | 266260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 2995 | 3015248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 89691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90213241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/53 | 1103 | 1104912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/55 | 21513 | 21517353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA | 29500 | 29975624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/32 | 3 | 2836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 3 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 3 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 65 | 67135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/34 | 2 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 2 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 122 | 126439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 2 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 3 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 22 | 22730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 4 | 4497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/36 | 163 | 169193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/36 | —(r) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 39 | 40513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 46 | 48645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/36 | 5 | 5258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 5 | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 316 | 326885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 11 | 11101 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 2 | $2156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | —(r) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 4 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 3 | 3606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 40 | 42039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 18 | 19191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 110 | 115002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 270 | 282717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | —(r) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | 2 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/37 | 5 | 5567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 36 | 37492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 203 | 210278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 4 | 4609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/38 | 14 | 14183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/38 | 172 | 179952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/38 | 6 | 6544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/38 | 40 | 42217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 | 6 | 6278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/38 | 7 | 7508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/38 | 34 | 36042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/38 | 2 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/39 | 2 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 42 | 44116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 201 | 210225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 53 | 55950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/40 | 2 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/40 | 25 | 26167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 46 | 47975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 35 | 37209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 8058 | 8212545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 7200 | 7341719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 16428 | 16775212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 2467 | 2537806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/53 | 2785 | 2863447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/53 | 1273 | 1307942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/54 | 2732 | 2799507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 17293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17585679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 1 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 10 | 10803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 18 | 18787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | 2 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | 4 | 4582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 5 | 5415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 43 | 45288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | 1 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | 186 | 194189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 7 | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 30 | 31459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 38 | 39616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 21 | 21331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 85 | 88391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 2 | 2427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 42 | 43807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 2 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 4 | 3867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 1 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 34 | 35872 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 137 | 145354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 | 13 | 13837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 11 | 11049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 54 | 57074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 48 | 50166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 54 | 57023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 4069 | 4211115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.768% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/39 | 11 | 11483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/31 | —(r) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | —(r) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 14 | 14981 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 1 | 1426 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.963%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 1 | 765 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.746%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 3 | 3344 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.530%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 1 | 858 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.515%, Floor 1.700%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.515%, Floor 1.700%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.515%, Floor 1.700%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.515%, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/37 | 8 | 7828 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.700%, Floor 1.800%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.700%, Floor 1.800%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.700%, Floor 1.800%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.700%, Floor 1.800%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.635%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 31 | 31966 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.807% (Cap 8.565%, Floor 1.807%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.807% (Cap 8.565%, Floor 1.807%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.807% (Cap 8.565%, Floor 1.807%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.807% (Cap 8.565%, Floor 1.807%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.093%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 41 | 42007 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.594%, Floor 1.818%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.594%, Floor 1.818%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.594%, Floor 1.818%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.594%, Floor 1.818%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.713%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 7 | 7058 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.875% (Cap 11.083%, Floor 1.875%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.812%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 2 | 2233 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.892%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | —(r) | 412 |
|  Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.099%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 285 | 207721 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/36 | 251 | 224638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/37 | 345 | 308929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/37 | 603 | 540470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/50 | 1063 | 865693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/50 | 15141 | 12333390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/51 | 7739 | 6303751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/51 | 36249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29546127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/51 | 2215 | 1804228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/51 | 4194 | 3416296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/51 | 4924 | 4010978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/52 | 271 | 220583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/50 | 1274 | 1084854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/51 | 9370 | 7967315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/51 | 6095 | 5182770 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/42 | 14 | $13039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/42 | 4 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 12 | 10987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/43 | 1 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/43 | 28 | 25367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/43 | 323 | 293684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/43 | 309 | 280432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/44 | 33 | 30241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/44 | 109 | 99011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/45 | 1860 | 1671592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/45 | 121 | 108703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 53 | 47066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 107 | 94915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 306 | 274716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 134 | 120136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 271 | 239451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 72 | 63456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 94 | 83338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 148 | 130921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 149 | 133631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 317 | 280761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 318 | 280669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/46 | 86 | 75746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/46 | 135 | 119508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/46 | 148 | 130493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 68 | 59652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 80 | 70839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 84 | 75078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/46 | 2620 | 2350576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/46 | 675 | 604981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/47 | 10 | 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/49 | 207 | 180349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/49 | 442 | 385273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 6 | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/50 | 10 | 9103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/50 | 929 | 809716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/50 | 212 | 183987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/51 | 759 | 672137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/51 | 38946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34490560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/51 | 34655 | 30691043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/51 | 3470 | 3072349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/51 | 23401 | 20707586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/41 | 29 | 26869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/41 | 20 | 18723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/42 | 4 | 3335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/42 | 62 | 57598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 20 | 18561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 72 | 66814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/42 | 9 | 8105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/42 | 21 | 19808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/42 | 13 | 12146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/42 | 15 | 13532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/42 | 149 | 139364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 7 | 6081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 13 | 12227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 27 | 24733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 32 | 29713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/42 | 250 | 234366 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/42 | 5 | $4371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/42 | 130 | 121781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/43 | 14 | 12984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/43 | 26 | 24293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/43 | 20 | 19019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/43 | 9 | 8169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/43 | 319 | 292068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/43 | 1504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/43 | 30 | 28374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/43 | 42 | 39369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 5 | 4265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/43 | 798 | 746517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/43 | 83 | 77714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/43 | 9 | 8867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/43 | 33 | 31208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/43 | 5 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/43 | 432 | 402681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/43 | 116 | 108207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/44 | 18 | 17076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/44 | 1 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/44 | 49 | 45050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/45 | 54 | 50707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/45 | 172 | 157194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/45 | 95 | 88196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/45 | 6 | 5251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/46 | 19 | 17291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/46 | 717 | 665940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/46 | 9 | 8004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/46 | 26 | 23818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 3 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 3 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 5 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 5 | 4768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 7 | 6354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 10 | 9338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 64 | 59672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 6 | 5268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 7 | 6159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 7 | 6273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 7 | 6794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 26 | 24057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 1796 | 1670878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 163 | 151891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 518 | 477655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 166 | 154154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/46 | 1931 | 1791811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/46 | 94 | 86969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/47 | 52 | 48177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/47 | 1404 | 1302522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/48 | 57 | 52839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/48 | 78 | 72353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/48 | 860 | 793589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/48 | 1467 | 1353339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 1 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 3 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 4 | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/50 | 635 | 582399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/50 | 1205 | 1109569 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/50 | 160 | $146757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/50 | 240 | 219506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/50 | 262 | 240426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/51 | 8937 | 8162274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/51 | 78920 | 72107253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/52 | 15607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14250994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/52 | 25897 | 23630486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/52 | 1585 | 1446033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/25 | —(r) | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | 1 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/26 | —(r) | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/40 | 100 | 95198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/40 | 102 | 97268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/41 | 2 | 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/41 | 131 | 125575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/41 | 2 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/41 | 104 | 99475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/41 | 206 | 196920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/41 | 11 | 10528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/41 | 42 | 39584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/41 | 46 | 43859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/41 | 291 | 277828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/41 | 40 | 38507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/41 | 20 | 18756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/42 | 11 | 10510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/42 | 20 | 18708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/42 | 17 | 16249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/43 | 8 | 7197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/44 | 36 | 34781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/44 | 12 | 10961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/45 | 1150 | 1092864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/45 | 75 | 71074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/45 | 811 | 770026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/46 | 19 | 18285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 23 | 21940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/46 | 385 | 363414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/47 | 8 | 7751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/47 | 10 | 9210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/47 | 1621 | 1527695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/47 | 33 | 31379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/47 | 749 | 705623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/47 | 178 | 167144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/48 | 264 | 247252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/48 | 1164 | 1095372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/49 | 171 | 161275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/49 | 74 | 69174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/50 | 1605 | 1527045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/52 | 5156 | 4814993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/52 | 34362 | 32105733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 14516 | 13563694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/35 | 5 | 4793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/39 | 3 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/39 | 18 | 17812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/39 | 95 | 93312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/39 | 1 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 7 | 7223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 4 | 3607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 6 | 5751 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/39 | 27 | $26928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/40 | 11 | 11131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/40 | 237 | 235251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/40 | 25 | 24093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/40 | 448 | 444840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 1 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 10 | 9319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 11 | 10473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 35 | 34164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 107 | 104583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 1 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 3 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/40 | 15 | 15008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/40 | 50 | 49250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/40 | 113 | 111756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/40 | 5 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/40 | 60 | 59478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/40 | 269 | 267058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/41 | 12 | 11605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/41 | 265 | 262494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/41 | 43 | 41898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/41 | 297 | 294660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/41 | 1 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/41 | 19 | 19318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/41 | 3 | 3346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/41 | 36 | 36091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/41 | 227 | 224865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/41 | 596 | 591788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/42 | 1 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/42 | 6 | 5982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/43 | 1 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/44 | 1 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/44 | 1 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/45 | 1 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/45 | 176 | 172223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/46 | 131 | 127956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/46 | 2 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 1 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 51 | 50145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/46 | 87 | 85238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 73 | 71297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/46 | 67 | 66041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/47 | 194 | 189253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/47 | 134 | 131124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/48 | 286 | 278271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/48 | 45 | 43262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/49 | 25 | 24275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/49 | 347 | 332604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/52 | 2474 | 2386271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 69071 | 66670688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/52 | 3209 | 3098496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/53 | 1177 | 1132597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/33 | —(r) | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/33 | 3 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 1 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/34 | —(r) | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 45 | 45147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/34 | 3 | 2618 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/35 | 2 | $2274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/35 | 2 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/35 | —(r) | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/35 | 2 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/35 | 2 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/36 | 1 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/36 | 3 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/39 | 2 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/39 | 3 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/39 | 41 | 41724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/39 | 3 | 3168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/39 | 34 | 34386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 7 | 6698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 23 | 23088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/39 | 2 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/39 | 4 | 4402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/40 | 4 | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/40 | 66 | 66374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/40 | 68 | 68397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/40 | 31 | 31551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/40 | 175 | 176759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 20 | 20357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 27 | 27117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/40 | 126 | 128196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 3 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/40 | 7 | 7097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/40 | 97 | 98335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/40 | 5 | 5333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/40 | 6 | 5951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/40 | 63 | 63299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/40 | 20 | 20552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/40 | 11 | 10991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/41 | 128 | 129713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/41 | 7 | 7019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/41 | 141 | 142777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/42 | 1 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/42 | 8 | 8052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/47 | 153 | 152761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/47 | 26 | 26447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/47 | 10 | 10036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/47 | 18 | 18214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/47 | 95 | 95074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/48 | 17 | 16985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/48 | 62 | 62272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/48 | 6 | 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/48 | 20 | 19529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/48 | 102 | 101887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/48 | 610 | 608871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/48 | 449 | 448738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/49 | 30 | 29999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 4444 | 4388855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/52 | 2984 | 2946921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/52 | 1508 | 1489030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/52 | 765 | 755748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/52 | 602 | 594790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/53 | 2344 | 2314846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA | 18000 | 18008856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/32 | —(r) | 394 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/20/34 | 1 | $| 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/20/36 | 268 |  | 275196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/20/38 | 4 |  | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/20/48 | 146 |  | 150018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/48 | 111 |  | 113579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/20/48 | 99 |  | 101056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/20/48 | 1 |  | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/20/48 | 30 |  | 30419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/20/48 | 144 |  | 146985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/20/48 | 503 |  | 512889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/20/49 | 123 |  | 125192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/20/49 | 151 |  | 154060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/49 | 8 |  | 8554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/20/52 | 212 |  | 213948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/20/38 | 424 |  | 443769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/15/40 | 123 |  | 129147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/20/52 | 828 |  | 846340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/20/52 | 1578 |  | 1613161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/20/53 | 10141 |  | 10363252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/20/53 | 8480 |  | 8662422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/20/54 | 5031 |  | 5109283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/20/54 | 13126 |  | 13492874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/20/29 | 3 |  | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/15/26 | —(r) |  | 49 |
|  Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.184%(s) | 04/15/30 | 465 |  | 383405 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083%(s) | 03/15/33 | 205 |  | 143631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.148%(s) | 09/15/30 | 240 |  | 188551 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $3,568,985,791) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $3,568,985,791) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $3,568,985,791) |  | 3543523632 |
|  **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 11/15/50(h)(k) | 70220 |  | 37008134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 11/15/49(k) | 62100 |  | 39947766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42 | 50095 |  | 45696033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/15/44 | 43675 |  | 42207793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43(h) | 57960 |  | 57896606 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/31/32(k) | 1070 |  | 1079697 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%(s) | 11/15/42(k) | 1060 |  | 446482 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $234,829,384) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $234,829,384) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $234,829,384) |  | 224282511 |
|  |  | **Shares** |  |  |
|  **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** |
|  **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | 313445 |  | 2194115 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $380,103) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $380,103) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $380,103) |  |  |

---

---

| | | |
|:---|:---|:---|
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  | **Value** |
|  **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |
|  **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd.<br>(Jamaica)\*^(x) | 20412 | $240115 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $72,070) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $11,060,072,748) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $11,060,072,748) | 11198970072 |
|  **SHORT-TERM INVESTMENTS — 2.3%** | **SHORT-TERM INVESTMENTS — 2.3%** | **SHORT-TERM INVESTMENTS — 2.3%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | 50152468 | 50152468 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.532%) (cost $197,907,453; includes $197,261,882 of cash collateral for securities on<br>loan)(b)(wb) | 198066788 | 197928141 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $248,059,921) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $248,059,921) | 248080609 |
|  **TOTAL INVESTMENTS—106.2%**<br> (cost $11,308,132,669) | **TOTAL INVESTMENTS—106.2%**<br> (cost $11,308,132,669) | 11447050681 |
|  **Liabilities in excess of other assets(z) — (6.2)%** | **Liabilities in excess of other assets(z) — (6.2)%** | (666202670) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $10780848011 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $13,193,856 and 0.1% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $193,120,988; cash collateral of $197,261,882 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

**(x)** **Restricted Securities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | $87 | $87 | 0.0% |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 58 | 1 | 0 |
|  Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 2.250%, 11.250%, 05/25/27 | 01/29/24-05/15/25 | 1912504 | 2076996 | 0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 72070 | 240115 | 0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-01/30/24 | 380103 | 2194115 | 0 |
|  Digicel Midco Ltd./DIFL US II LLC (Jamaica), Sr. Unsec'd. Notes, PIK 10.500%, 10.500%, 11/25/28 | 01/30/24-05/15/25 | 5466007 | 7872663 | 0.1 |
|  SMB Private Education Loan Trust, Series 2021-A, Class APT1, 144A, 1.070%, 01/15/53 | 10/26/22 | 285924 | 303352 | 0 |
|  SMB Private Education Loan Trust, Series 2020-B, Class A1A, 144A, 1.290%, 07/15/53 | 10/26/22 | 522035 | 550781 | 0 |
|  SMB Private Education Loan Trust, Series 2021-B, Class A, 144A, 1.310%, 07/17/51 | 10/26/22 | 1699037 | 1796959 | 0 |
|  SMB Private Education Loan Trust, Series 2020-A, Class A2A, 144A, 2.230%, 09/15/37 | 10/26/22 | 396279 | 424491 | 0 |
|  SMB Private Education Loan Trust, Series 2018-A, Class A2A, 144A, 3.500%, 02/15/36 | 10/26/22 | 599856 | 624689 | 0 |
|  SMB Private Education Loan Trust, Series 2018-C, Class A2A, 144A, 3.630%, 11/15/35 | 10/26/22 | 482487 | 497780 | 0 |
|  SMB Private Education Loan Trust, Series 2024-E, Class A1A, 144A, 5.090%, 10/16/56 | 08/07/24 | 4187269 | 4229646 | 0 |
|  SMB Private Education Loan Trust, Series 2024-A, Class A1A, 144A, 5.240%, 03/15/56 | 03/07/24 | 9968047 | 10139347 | 0.1 |
|  SMB Private Education Loan Trust, Series 2024-D, Class A1A, 144A, 5.380%, 07/15/53 | 06/25/24 | 5107617 | 5209514 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $31079380 | $36160536 | 0.3% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**U.S. Government Agency Obligations** |<br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** |<br>**Settlement**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 07/14/25 | $(27000) | $(23358795) |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 07/14/25 | (28500) | (26497214) |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 08/13/25 | (1500) | (1394414) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $50,311,201) |  |  |  |  | $(51250423) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br>**Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 1928 | 2 Year U.S. Treasury Notes | Sep. 2025 | $401069188 | $1607934 |
| 1322 | 10 Year U.S. Treasury Notes | Sep. 2025 | 148229250 | 1014519 |
| 806 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 93067813 | 3053399 |
| 3615 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 430636875 | 15062608 |
|  |  |  |  | 20738460 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 404 | 5 Year Euro-Bobl | Sep. 2025 | 56002947 | 156093 |
| 2674 | 5 Year U.S. Treasury Notes | Sep. 2025 | 291466000 | (3315155) |
| 113 | 10 Year Euro-Bund | Sep. 2025 | 17324052 | 85712 |
| 373 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 42621080 | (866513) |
|  |  |  |  | (3939863) |
|  |  |  |  | $16798597 |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | BNP | GBP | 16633 | $22615617 | $22831332 | $215715 | $— |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | BNP | CAD | 4603 | 3357009 | 3380333 | 23324 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | MSI | EUR | 101470 | 117786125 | 119542040 | 1755915 |  |
|  |  |  |  | $143758751 | $145753705 | 1994954 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | MSI | GBP | 16633 | $22455718 | $22831332 | $— | $(375614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | BNP | GBP | 16633 | 22618820 | 22835153 |  | (216333) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | MSI | CAD | 4603 | 3350232 | 3380333 |  | (30101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/05/25 | BNP | CAD | 4603 | 3362621 | 3386516 |  | (23895) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | BNY | EUR | 101470 | 115072011 | 119542040 |  | (4470029) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | GSI | EUR | 9411 | 11071317 | 11112946 |  | (41629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | MSI | EUR | 101470 | 118045025 | 119816767 |  | (1771742) |
|  |  |  |  | $295975744 | $302905087 |  | (6929343) |
|  |  |  |  |  |  | $1994954 | $(6929343) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt (D01) | 06/20/30 | 1.000%(Q) | 2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319177 | $53 | $319124 | MSI |
|  Dominican Republic (D01) | 06/20/30 | 1.000%(Q) | 2000 | 70788 | 53 | 70735 | MSI |
|  Emirate of Abu Dhabi (D01) | 06/20/30 | 1.000%(Q) | 2000 | (59781) | 53 | (59834) | MSI |
|  Federal Republic of Nigeria (D01) | 06/20/30 | 1.000%(Q) | 2000 | 320326 | 53 | 320273 | MSI |
|  Federation of Malaysia (D01) | 06/20/30 | 1.000%(Q) | 3000 | (74567) | 79 | (74646) | MSI |
|  Federative Republic of Brazil (D01) | 06/20/30 | 1.000%(Q) | 9000 | 187419 | 237 | 187182 | MSI |
|  Kingdom of Bahrain (D01) | 06/20/30 | 1.000%(Q) | 2000 | 89632 | 53 | 89579 | MSI |
|  Kingdom of Morocco (D01) | 06/20/30 | 1.000%(Q) | 2000 | (3279) | 53 | (3332) | MSI |
|  Kingdom of Saudi Arabia (D01) | 06/20/30 | 1.000%(Q) | 5000 | (73241) | 132 | (73373) | MSI |
|  People's Republic of China (D01) | 06/20/30 | 1.000%(Q) | 9000 | (203774) | 237 | (204011) | MSI |
|  Republic of Argentina (D01) | 06/20/30 | 1.000%(Q) | 2000 | 515216 | 53 | 515163 | MSI |
|  Republic of Chile (D01) | 06/20/30 | 1.000%(Q) | 6000 | (129603) | 158 | (129761) | MSI |
|  Republic of Colombia (D01) | 06/20/30 | 1.000%(Q) | 7000 | 359158 | 184 | 358974 | MSI |
|  Republic of Indonesia (D01) | 06/20/30 | 1.000%(Q) | 8000 | (82671) | 210 | (82881) | MSI |
|  Republic of Ivory Coast (D01) | 06/20/30 | 1.000%(Q) | 2000 | 239292 | 53 | 239239 | MSI |
|  Republic of Panama (D01) | 06/20/30 | 1.000%(Q) | 2000 | 77005 | 53 | 76952 | MSI |
|  Republic of Peru (D01) | 06/20/30 | 1.000%(Q) | 3000 | (25735) | 79 | (25814) | MSI |
|  Republic of Philippines (D01) | 06/20/30 | 1.000%(Q) | 3000 | (50229) | 79 | (50308) | MSI |
|  Republic of South Africa (D01) | 06/20/30 | 1.000%(Q) | 9000 | 339383 | 237 | 339146 | MSI |
|  Republic of Turkey (D01) | 06/20/30 | 1.000%(Q) | 9000 | 715510 | 237 | 715273 | MSI |
|  Sultanate of Oman (D01) | 06/20/30 | 1.000%(Q) | 2000 | (1603) | 53 | (1656) | MSI |
|  United Mexican States (D01) | 06/20/30 | 1.000%(Q) | 9000 | 26865 | 237 | 26628 | MSI |
|  Arab Republic of Egypt (D02) | 06/20/30 | 1.000%(Q) | 2000 | 319177 | 53 | 319124 | BARC |
|  Dominican Republic (D02) | 06/20/30 | 1.000%(Q) | 2000 | 70788 | 53 | 70735 | BARC |
|  Emirate of Abu Dhabi (D02) | 06/20/30 | 1.000%(Q) | 2000 | (59781) | 53 | (59834) | BARC |
|  Federal Republic of Nigeria (D02) | 06/20/30 | 1.000%(Q) | 2000 | 320326 | 53 | 320273 | BARC |
|  Federation of Malaysia (D02) | 06/20/30 | 1.000%(Q) | 3000 | (74567) | 79 | (74646) | BARC |
|  Federative Republic of Brazil (D02) | 06/20/30 | 1.000%(Q) | 9000 | 187419 | 237 | 187182 | BARC |
|  Kingdom of Bahrain (D02) | 06/20/30 | 1.000%(Q) | 2000 | 89632 | 53 | 89579 | BARC |
|  Kingdom of Morocco (D02) | 06/20/30 | 1.000%(Q) | 2000 | (3279) | 53 | (3332) | BARC |
|  Kingdom of Saudi Arabia (D02) | 06/20/30 | 1.000%(Q) | 5000 | (73241) | 132 | (73373) | BARC |
|  People's Republic of China (D02) | 06/20/30 | 1.000%(Q) | 9000 | (203774) | 237 | (204011) | BARC |
|  Republic of Argentina (D02) | 06/20/30 | 1.000%(Q) | 2000 | 515216 | 53 | 515163 | BARC |
|  Republic of Chile (D02) | 06/20/30 | 1.000%(Q) | 6000 | (129603) | 158 | (129761) | BARC |
|  Republic of Colombia (D02) | 06/20/30 | 1.000%(Q) | 7000 | 359158 | 184 | 358974 | BARC |
|  Republic of Indonesia (D02) | 06/20/30 | 1.000%(Q) | 8000 | (82671) | 210 | (82881) | BARC |
|  Republic of Ivory Coast (D02) | 06/20/30 | 1.000%(Q) | 2000 | 239292 | 53 | 239239 | BARC |
|  Republic of Panama (D02) | 06/20/30 | 1.000%(Q) | 2000 | 77005 | 53 | 76952 | BARC |
|  Republic of Peru (D02) | 06/20/30 | 1.000%(Q) | 3000 | (25735) | 79 | (25814) | BARC |
|  Republic of Philippines (D02) | 06/20/30 | 1.000%(Q) | 3000 | (50229) | 79 | (50308) | BARC |
|  Republic of South Africa (D02) | 06/20/30 | 1.000%(Q) | 9000 | 339383 | 237 | 339146 | BARC |
|  Republic of Turkey (D02) | 06/20/30 | 1.000%(Q) | 9000 | 715510 | 237 | 715273 | BARC |
|  Sultanate of Oman (D02) | 06/20/30 | 1.000%(Q) | 2000 | (1603) | 53 | (1656) | BARC |
|  United Mexican States (D02) | 06/20/30 | 1.000%(Q) | 9000 | 26865 | 237 | 26628 | BARC |
|  Arab Republic of Egypt (D03) | 06/20/30 | 1.000%(Q) | 2000 | 319177 | 53 | 319124 | GSI |
|  Dominican Republic (D03) | 06/20/30 | 1.000%(Q) | 2000 | 70788 | 53 | 70735 | GSI |
|  Emirate of Abu Dhabi (D03) | 06/20/30 | 1.000%(Q) | 2000 | (59781) | 53 | (59834) | GSI |
|  Federal Republic of Nigeria (D03) | 06/20/30 | 1.000%(Q) | 2000 | 320326 | 53 | 320273 | GSI |
|  Federation of Malaysia (D03) | 06/20/30 | 1.000%(Q) | 3000 | (74567) | 79 | (74646) | GSI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Credit default swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Federative Republic of Brazil (D03) | 06/20/30 | 1.000%(Q) | 9000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187419 | $237 | $187182 | GSI |
|  Kingdom of Bahrain (D03) | 06/20/30 | 1.000%(Q) | 2000 | 89632 | 53 | 89579 | GSI |
|  Kingdom of Morocco (D03) | 06/20/30 | 1.000%(Q) | 2000 | (3279) | 53 | (3332) | GSI |
|  Kingdom of Saudi Arabia (D03) | 06/20/30 | 1.000%(Q) | 5000 | (73241) | 132 | (73373) | GSI |
|  People's Republic of China (D03) | 06/20/30 | 1.000%(Q) | 9000 | (203774) | 237 | (204011) | GSI |
|  Republic of Argentina (D03) | 06/20/30 | 1.000%(Q) | 2000 | 515216 | 53 | 515163 | GSI |
|  Republic of Chile (D03) | 06/20/30 | 1.000%(Q) | 6000 | (129603) | 158 | (129761) | GSI |
|  Republic of Colombia (D03) | 06/20/30 | 1.000%(Q) | 7000 | 359158 | 184 | 358974 | GSI |
|  Republic of Indonesia (D03) | 06/20/30 | 1.000%(Q) | 8000 | (82671) | 210 | (82881) | GSI |
|  Republic of Ivory Coast (D03) | 06/20/30 | 1.000%(Q) | 2000 | 239292 | 53 | 239239 | GSI |
|  Republic of Panama (D03) | 06/20/30 | 1.000%(Q) | 2000 | 77005 | 53 | 76952 | GSI |
|  Republic of Peru (D03) | 06/20/30 | 1.000%(Q) | 3000 | (25735) | 79 | (25814) | GSI |
|  Republic of Philippines (D03) | 06/20/30 | 1.000%(Q) | 3000 | (50229) | 79 | (50308) | GSI |
|  Republic of South Africa (D03) | 06/20/30 | 1.000%(Q) | 9000 | 339383 | 237 | 339146 | GSI |
|  Republic of Turkey (D03) | 06/20/30 | 1.000%(Q) | 9000 | 715510 | 237 | 715273 | GSI |
|  Sultanate of Oman (D03) | 06/20/30 | 1.000%(Q) | 2000 | (1603) | 53 | (1656) | GSI |
|  United Mexican States (D03) | 06/20/30 | 1.000%(Q) | 9000 | 26865 | 237 | 26628 | GSI |
|  Arab Republic of Egypt (D04) | 06/20/30 | 1.000%(Q) | 2000 | 319177 | 264 | 318913 | MSI |
|  Dominican Republic (D04) | 06/20/30 | 1.000%(Q) | 2000 | 70788 | 264 | 70524 | MSI |
|  Emirate of Abu Dhabi (D04) | 06/20/30 | 1.000%(Q) | 2000 | (59781) | 264 | (60045) | MSI |
|  Federal Republic of Nigeria (D04) | 06/20/30 | 1.000%(Q) | 2000 | 320326 | 264 | 320062 | MSI |
|  Federation of Malaysia (D04) | 06/20/30 | 1.000%(Q) | 3000 | (74567) | 395 | (74962) | MSI |
|  Federative Republic of Brazil (D04) | 06/20/30 | 1.000%(Q) | 9000 | 187419 | 1186 | 186233 | MSI |
|  Kingdom of Bahrain (D04) | 06/20/30 | 1.000%(Q) | 2000 | 89632 | 264 | 89368 | MSI |
|  Kingdom of Morocco (D04) | 06/20/30 | 1.000%(Q) | 2000 | (3279) | 264 | (3543) | MSI |
|  Kingdom of Saudi Arabia (D04) | 06/20/30 | 1.000%(Q) | 5000 | (73241) | 659 | (73900) | MSI |
|  People's Republic of China (D04) | 06/20/30 | 1.000%(Q) | 9000 | (203774) | 1186 | (204960) | MSI |
|  Republic of Argentina (D04) | 06/20/30 | 1.000%(Q) | 2000 | 515216 | 264 | 514952 | MSI |
|  Republic of Chile (D04) | 06/20/30 | 1.000%(Q) | 6000 | (129603) | 791 | (130394) | MSI |
|  Republic of Colombia (D04) | 06/20/30 | 1.000%(Q) | 7000 | 359158 | 922 | 358236 | MSI |
|  Republic of Indonesia (D04) | 06/20/30 | 1.000%(Q) | 8000 | (82670) | 1054 | (83724) | MSI |
|  Republic of Ivory Coast (D04) | 06/20/30 | 1.000%(Q) | 2000 | 239293 | 264 | 239029 | MSI |
|  Republic of Panama (D04) | 06/20/30 | 1.000%(Q) | 2000 | 77005 | 264 | 76741 | MSI |
|  Republic of Peru (D04) | 06/20/30 | 1.000%(Q) | 3000 | (25736) | 395 | (26131) | MSI |
|  Republic of Philippines (D04) | 06/20/30 | 1.000%(Q) | 3000 | (50229) | 395 | (50624) | MSI |
|  Republic of South Africa (D04) | 06/20/30 | 1.000%(Q) | 9000 | 339383 | 1186 | 338197 | MSI |
|  Republic of Turkey (D04) | 06/20/30 | 1.000%(Q) | 9000 | 715510 | 1186 | 714324 | MSI |
|  Sultanate of Oman (D04) | 06/20/30 | 1.000%(Q) | 2000 | (1603) | 264 | (1867) | MSI |
|  United Mexican States (D04) | 06/20/30 | 1.000%(Q) | 9000 | 26865 | 1186 | 25679 | MSI |
|  Arab Republic of Egypt (D05) | 06/20/30 | 1.000%(Q) | 4000 | 638353 | 633 | 637720 | GSI |
|  Dominican Republic (D05) | 06/20/30 | 1.000%(Q) | 4000 | 141576 | 633 | 140943 | GSI |
|  Emirate of Abu Dhabi (D05) | 06/20/30 | 1.000%(Q) | 4000 | (119563) | 633 | (120196) | GSI |
|  Federal Republic of Nigeria (D05) | 06/20/30 | 1.000%(Q) | 4000 | 640651 | 633 | 640018 | GSI |
|  Federation of Malaysia (D05) | 06/20/30 | 1.000%(Q) | 6000 | (149135) | 949 | (150084) | GSI |
|  Federative Republic of Brazil (D05) | 06/20/30 | 1.000%(Q) | 18000 | 374838 | 2848 | 371990 | GSI |
|  Kingdom of Bahrain (D05) | 06/20/30 | 1.000%(Q) | 4000 | 179263 | 633 | 178630 | GSI |
|  Kingdom of Morocco (D05) | 06/20/30 | 1.000%(Q) | 4000 | (6558) | 633 | (7191) | GSI |
|  Kingdom of Saudi Arabia (D05) | 06/20/30 | 1.000%(Q) | 10000 | (146482) | 1582 | (148064) | GSI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  People's Republic of China (D05) | 06/20/30 | 1.000%(Q) | 18000 | $(407548) | $2848 | $(410396) | GSI |
|  Republic of Argentina (D05) | 06/20/30 | 1.000%(Q) | 4000 | 1030431 | 633 | 1029798 | GSI |
|  Republic of Chile (D05) | 06/20/30 | 1.000%(Q) | 12000 | (259207) | 1899 | (261106) | GSI |
|  Republic of Colombia (D05) | 06/20/30 | 1.000%(Q) | 14000 | 718316 | 2215 | 716101 | GSI |
|  Republic of Indonesia (D05) | 06/20/30 | 1.000%(Q) | 16000 | (165341) | 2531 | (167872) | GSI |
|  Republic of Ivory Coast (D05) | 06/20/30 | 1.000%(Q) | 4000 | 478584 | 633 | 477951 | GSI |
|  Republic of Panama (D05) | 06/20/30 | 1.000%(Q) | 4000 | 154008 | 633 | 153375 | GSI |
|  Republic of Peru (D05) | 06/20/30 | 1.000%(Q) | 6000 | (51471) | 949 | (52420) | GSI |
|  Republic of Philippines (D05) | 06/20/30 | 1.000%(Q) | 6000 | (100458) | 949 | (101407) | GSI |
|  Republic of South Africa (D05) | 06/20/30 | 1.000%(Q) | 18000 | 678767 | 2848 | 675919 | GSI |
|  Republic of Turkey (D05) | 06/20/30 | 1.000%(Q) | 18000 | 1431020 | 2848 | 1428172 | GSI |
|  Sultanate of Oman (D05) | 06/20/30 | 1.000%(Q) | 4000 | (3206) | 633 | (3839) | GSI |
|  United Mexican States (D05) | 06/20/30 | 1.000%(Q) | 18000 | 53729 | 2848 | 50881 | GSI |
|  Arab Republic of Egypt (D06) | 06/20/30 | 1.000%(Q) | 2000 | 319176 | 316 | 318860 | GSI |
|  Dominican Republic (D06) | 06/20/30 | 1.000%(Q) | 2000 | 70787 | 316 | 70471 | GSI |
|  Emirate of Abu Dhabi (D06) | 06/20/30 | 1.000%(Q) | 2000 | (59782) | 316 | (60098) | GSI |
|  Federal Republic of Nigeria (D06) | 06/20/30 | 1.000%(Q) | 2000 | 320325 | 316 | 320009 | GSI |
|  Federation of Malaysia (D06) | 06/20/30 | 1.000%(Q) | 3000 | (74567) | 475 | (75042) | GSI |
|  Federative Republic of Brazil (D06) | 06/20/30 | 1.000%(Q) | 9000 | 187419 | 1424 | 185995 | GSI |
|  Kingdom of Bahrain (D06) | 06/20/30 | 1.000%(Q) | 2000 | 89631 | 316 | 89315 | GSI |
|  Kingdom of Morocco (D06) | 06/20/30 | 1.000%(Q) | 2000 | (3280) | 316 | (3596) | GSI |
|  Kingdom of Saudi Arabia (D06) | 06/20/30 | 1.000%(Q) | 5000 | (73241) | 791 | (74032) | GSI |
|  People's Republic of China (D06) | 06/20/30 | 1.000%(Q) | 9000 | (203774) | 1424 | (205198) | GSI |
|  Republic of Argentina (D06) | 06/20/30 | 1.000%(Q) | 2000 | 515215 | 316 | 514899 | GSI |
|  Republic of Chile (D06) | 06/20/30 | 1.000%(Q) | 6000 | (129604) | 949 | (130553) | GSI |
|  Republic of Colombia (D06) | 06/20/30 | 1.000%(Q) | 7000 | 359157 | 1107 | 358050 | GSI |
|  Republic of Indonesia (D06) | 06/20/30 | 1.000%(Q) | 8000 | (82670) | 1266 | (83936) | GSI |
|  Republic of Ivory Coast (D06) | 06/20/30 | 1.000%(Q) | 2000 | 239292 | 316 | 238976 | GSI |
|  Republic of Panama (D06) | 06/20/30 | 1.000%(Q) | 2000 | 77004 | 316 | 76688 | GSI |
|  Republic of Peru (D06) | 06/20/30 | 1.000%(Q) | 3000 | (25735) | 475 | (26210) | GSI |
|  Republic of Philippines (D06) | 06/20/30 | 1.000%(Q) | 3000 | (50228) | 475 | (50703) | GSI |
|  Republic of South Africa (D06) | 06/20/30 | 1.000%(Q) | 9000 | 339383 | 1424 | 337959 | GSI |
|  Republic of Turkey (D06) | 06/20/30 | 1.000%(Q) | 9000 | 715510 | 1424 | 714086 | GSI |
|  Sultanate of Oman (D06) | 06/20/30 | 1.000%(Q) | 2000 | (1603) | 316 | (1919) | GSI |
|  United Mexican States (D06) | 06/20/30 | 1.000%(Q) | 9000 | 26865 | 1424 | 25441 | GSI |
|  Arab Republic of Egypt (D07) | 06/20/30 | 1.000%(Q) | 500 | 79794 | 239 | 79555 | CITI |
|  Dominican Republic (D07) | 06/20/30 | 1.000%(Q) | 500 | 17697 | 239 | 17458 | CITI |
|  Emirate of Abu Dhabi (D07) | 06/20/30 | 1.000%(Q) | 500 | (14945) | 239 | (15184) | CITI |
|  Federal Republic of Nigeria (D07) | 06/20/30 | 1.000%(Q) | 500 | 80081 | 239 | 79842 | CITI |
|  Federation of Malaysia (D07) | 06/20/30 | 1.000%(Q) | 750 | (18642) | 358 | (19000) | CITI |
|  Federative Republic of Brazil (D07) | 06/20/30 | 1.000%(Q) | 2250 | 46855 | 1075 | 45780 | CITI |
|  Kingdom of Bahrain (D07) | 06/20/30 | 1.000%(Q) | 500 | 22408 | 239 | 22169 | CITI |
|  Kingdom of Morocco (D07) | 06/20/30 | 1.000%(Q) | 500 | (820) | 239 | (1059) | CITI |
|  Kingdom of Saudi Arabia (D07) | 06/20/30 | 1.000%(Q) | 1250 | (18310) | 597 | (18907) | CITI |
|  People's Republic of China (D07) | 06/20/30 | 1.000%(Q) | 2250 | (50943) | 1075 | (52018) | CITI |
|  Republic of Argentina (D07) | 06/20/30 | 1.000%(Q) | 500 | 128804 | 239 | 128565 | CITI |
|  Republic of Chile (D07) | 06/20/30 | 1.000%(Q) | 1500 | (32401) | 716 | (33117) | CITI |
|  Republic of Colombia (D07) | 06/20/30 | 1.000%(Q) | 1750 | 89790 | 836 | 88954 | CITI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Indonesia (D07) | 06/20/30 | 1.000%(Q) | 2000 | $(20668) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | $(21623) | CITI |
|  Republic of Ivory Coast (D07) | 06/20/30 | 1.000%(Q) | 500 | 59823 | 239 | 59584 | CITI |
|  Republic of Panama (D07) | 06/20/30 | 1.000%(Q) | 500 | 19251 | 239 | 19012 | CITI |
|  Republic of Peru (D07) | 06/20/30 | 1.000%(Q) | 750 | (6434) | 358 | (6792) | CITI |
|  Republic of Philippines (D07) | 06/20/30 | 1.000%(Q) | 750 | (12557) | 358 | (12915) | CITI |
|  Republic of South Africa (D07) | 06/20/30 | 1.000%(Q) | 2250 | 84846 | 1075 | 83771 | CITI |
|  Republic of Turkey (D07) | 06/20/30 | 1.000%(Q) | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178878 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177803 | CITI |
|  Sultanate of Oman (D07) | 06/20/30 | 1.000%(Q) | 500 | (401) | 239 | (640) | CITI |
|  United Mexican States (D07) | 06/20/30 | 1.000%(Q) | 2250 | 6716 | 1075 | 5641 | CITI |
|  Arab Republic of Egypt (D08) | 06/20/30 | 1.000%(Q) | 2000 | 319177 | 1009 | 318168 | MSI |
|  Dominican Republic (D08) | 06/20/30 | 1.000%(Q) | 2000 | 70788 | 1009 | 69779 | MSI |
|  Emirate of Abu Dhabi (D08) | 06/20/30 | 1.000%(Q) | 2000 | (59782) | 1009 | (60791) | MSI |
|  Federal Republic of Nigeria (D08) | 06/20/30 | 1.000%(Q) | 2000 | 320325 | 1009 | 319316 | MSI |
|  Federation of Malaysia (D08) | 06/20/30 | 1.000%(Q) | 3000 | (74567) | 1513 | (76080) | MSI |
|  Federative Republic of Brazil (D08) | 06/20/30 | 1.000%(Q) | 9000 | 187419 | 4540 | 182879 | MSI |
|  Kingdom of Bahrain (D08) | 06/20/30 | 1.000%(Q) | 2000 | 89632 | 1009 | 88623 | MSI |
|  Kingdom of Morocco (D08) | 06/20/30 | 1.000%(Q) | 2000 | (3279) | 1009 | (4288) | MSI |
|  Kingdom of Saudi Arabia (D08) | 06/20/30 | 1.000%(Q) | 5000 | (73241) | 2522 | (75763) | MSI |
|  People's Republic of China (D08) | 06/20/30 | 1.000%(Q) | 9000 | (203774) | 4540 | (208314) | MSI |
|  Republic of Argentina (D08) | 06/20/30 | 1.000%(Q) | 2000 | 515216 | 1009 | 514207 | MSI |
|  Republic of Chile (D08) | 06/20/30 | 1.000%(Q) | 6000 | (129603) | 3027 | (132630) | MSI |
|  Republic of Colombia (D08) | 06/20/30 | 1.000%(Q) | 7000 | 359158 | 3531 | 355627 | MSI |
|  Republic of Indonesia (D08) | 06/20/30 | 1.000%(Q) | 8000 | (82671) | 4035 | (86706) | MSI |
|  Republic of Ivory Coast (D08) | 06/20/30 | 1.000%(Q) | 2000 | 239292 | 1009 | 238283 | MSI |
|  Republic of Panama (D08) | 06/20/30 | 1.000%(Q) | 2000 | 77004 | 1009 | 75995 | MSI |
|  Republic of Peru (D08) | 06/20/30 | 1.000%(Q) | 3000 | (25736) | 1513 | (27249) | MSI |
|  Republic of Philippines (D08) | 06/20/30 | 1.000%(Q) | 3000 | (50229) | 1513 | (51742) | MSI |
|  Republic of South Africa (D08) | 06/20/30 | 1.000%(Q) | 9000 | 339383 | 4540 | 334843 | MSI |
|  Republic of Turkey (D08) | 06/20/30 | 1.000%(Q) | 9000 | 715510 | 4540 | 710970 | MSI |
|  Sultanate of Oman (D08) | 06/20/30 | 1.000%(Q) | 2000 | (1603) | 1009 | (2612) | MSI |
|  United Mexican States (D08) | 06/20/30 | 1.000%(Q) | 9000 | 26865 | 4540 | 22325 | MSI |
|  Arab Republic of Egypt (D09) | 06/20/30 | 1.000%(Q) | 2000 | 319177 | 1820 | 317357 | BOA |
|  Dominican Republic (D09) | 06/20/30 | 1.000%(Q) | 2000 | 70788 | 1820 | 68968 | BOA |
|  Emirate of Abu Dhabi (D09) | 06/20/30 | 1.000%(Q) | 2000 | (59781) | 1820 | (61601) | BOA |
|  Federal Republic of Nigeria (D09) | 06/20/30 | 1.000%(Q) | 2000 | 320325 | 1820 | 318505 | BOA |
|  Federation of Malaysia (D09) | 06/20/30 | 1.000%(Q) | 3000 | (74567) | 2730 | (77297) | BOA |
|  Federative Republic of Brazil (D09) | 06/20/30 | 1.000%(Q) | 9000 | 187419 | 8189 | 179230 | BOA |
|  Kingdom of Bahrain (D09) | 06/20/30 | 1.000%(Q) | 2000 | 89632 | 1820 | 87812 | BOA |
|  Kingdom of Morocco (D09) | 06/20/30 | 1.000%(Q) | 2000 | (3279) | 1820 | (5099) | BOA |
|  Kingdom of Saudi Arabia (D09) | 06/20/30 | 1.000%(Q) | 5000 | (73241) | 4549 | (77790) | BOA |
|  People's Republic of China (D09) | 06/20/30 | 1.000%(Q) | 9000 | (203774) | 8189 | (211963) | BOA |
|  Republic of Argentina (D09) | 06/20/30 | 1.000%(Q) | 2000 | 515216 | 1820 | 513396 | BOA |
|  Republic of Chile (D09) | 06/20/30 | 1.000%(Q) | 6000 | (129604) | 5459 | (135063) | BOA |
|  Republic of Colombia (D09) | 06/20/30 | 1.000%(Q) | 7000 | 359158 | 6369 | 352789 | BOA |
|  Republic of Indonesia (D09) | 06/20/30 | 1.000%(Q) | 8000 | (82670) | 7279 | (89949) | BOA |
|  Republic of Ivory Coast (D09) | 06/20/30 | 1.000%(Q) | 2000 | 239292 | 1820 | 237472 | BOA |
|  Republic of Panama (D09) | 06/20/30 | 1.000%(Q) | 2000 | 77004 | 1820 | 75184 | BOA |
|  Republic of Peru (D09) | 06/20/30 | 1.000%(Q) | 3000 | (25735) | 2730 | (28465) | BOA |
|  Republic of Philippines (D09) | 06/20/30 | 1.000%(Q) | 3000 | (50228) | 2730 | (52958) | BOA |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of South Africa (D09) | 06/20/30 | 1.000%(Q) | 9000 | $339383 | $8189 | $331194 | BOA |
|  Republic of Turkey (D09) | 06/20/30 | 1.000%(Q) | 9000 | 715510 | 8189 | 707321 | BOA |
|  Sultanate of Oman (D09) | 06/20/30 | 1.000%(Q) | 2000 | (1603) | 1820 | (3423) | BOA |
|  United Mexican States (D09) | 06/20/30 | 1.000%(Q) | 9000 | 26865 | 8189 | 18676 | BOA |
|  |  |  |  | $23636393 | $221929 | $23414464 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**June 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** |  |
|  CDX.EM.43.V1 (D01) | 06/20/30 | 1.000 %(Q) | 100000 | 1.565% | $(2448279) | $(21566) | $(2426713) | MSI |
|  CDX.EM.43.V1 (D02) | 06/20/30 | 1.000 %(Q) | 100000 | 1.565% | (2448279) | (31034) | (2417245) | BARC |
|  CDX.EM.43.V1 (D03) | 06/20/30 | 1.000 %(Q) | 100000 | 1.565% | (2448279) | (31034) | (2417245) | GSI |
|  CDX.EM.43.V1 (D04) | 06/20/30 | 1.000 %(Q) | 100000 | 1.565% | (2448279) | (41641) | (2406638) | MSI |
|  CDX.EM.43.V1 (D05) | 06/20/30 | 1.000 %(Q) | 200000 | 1.565% | (4896557) | (88598) | (4807959) | GSI |
|  CDX.EM.43.V1 (D06) | 06/20/30 | 1.000 %(Q) | 100000 | 1.565% | (2448278) | (44299) | (2403979) | GSI |
|  CDX.EM.43.V1 (D07) | 06/20/30 | 1.000 %(Q) | 25000 | 1.565% | (612069) | (35822) | (576247) | CITI |
|  CDX.EM.43.V1 (D08) | 06/20/30 | 1.000 %(Q) | 100000 | 1.565% | (2448279) | (146020) | (2302259) | MSI |
|  CDX.EM.43.V1 (D09) | 06/20/30 | 1.000 %(Q) | 100000 | 1.565% | (2448278) | (187323) | (2260955) | BOA |
|  |  |  |  |  | $(22646577) | $(627337) | $(22019240) |  |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). Individual packages in the tables above are denoted by the corresponding footnotes (D01 - D09). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed<br>Rate** | **Notional**<br>**Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**June 30,**<br>**2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |
|  GS_24-PCA | 08/02/27 | 1.650 %(M) | 31169 | \* | $41637 | $(13447) | $55084 | GSI |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |
|  Republic of Italy | 12/20/27 | 1.000 %(Q) | EUR | 10045 | $(276622) | $(184338) | $(92284) | BARC |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**June 30,**<br>**2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) | 10780 | 0.239% | $42053 | $36532 | $5521 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250%(Q) | 3835 | \* | (9591) |  | (9591) | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100%(Q) | 3065 | \* | 9638 |  | 9638 | GSI |
|  Citigroup, Inc. | 12/20/25 | 1.000%(Q) | 10780 | 0.252% | 41395 | 37036 | 4359 | GSI |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) | 2875 | 0.192% | 45386 | 39539 | 5847 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) | 2160 | 0.251% | 39181 | 33772 | 5409 | BARC |
|  Kingdom of Norway | 12/20/25 | —%(Q) | 27580 | 0.042% | (5452) | (6430) | 978 | BARC |
|  Morgan Stanley | 12/20/25 | 1.000%(Q) | 10780 | 0.241% | 41935 | 36532 | 5403 | GSI |
|  Pacific Life | 08/20/35 | 2.500%(Q) | 4600 | 2.545% | (12706) | (17) | (12689) | GSI |
|  Petroleos Mexicanos | 12/24/25 | 3.750%(M) | 5752 | 3.104% | 22008 |  | 22008 | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) | 12000 | \* | 82075 |  | 82075 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) | 22080 | \* | 334691 |  | 334691 | GSI |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) | 9990 | 1.490% | (43635) | (47782) | 4147 | GSI |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) | 5705 | 0.223% | 44306 | 39884 | 4422 | GSI |
|  |  |  |  |  | $631284 | $169066 | $462218 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Interest rate swap agreement outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at**<br> **Trade Date** | **Value at**<br>**June 30, 2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** |  |  |  |
| 47105 | 08/15/39 | 3.773%(A) | 1 Day SOFR(2)(A)/ 4.450% | $— | $(837827) | $(837827) |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreement outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long<br>(Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** |  |  |  |  |
|  U.S. Treasury Bond(T) | 1 Day USOIS +20bps(T)/ 4.530% | BOA | 08/21/25 | 87160 | $(1359491) | $— | $(1359491) |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  OTC Swap Agreements | $445224 | $(879351) | $30565944 | $(30105193) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $3003833 |
|  MLC |  | 25652310 |
|  **Total** | $— | $28656143 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249329534 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 27731176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans. |  | 77006364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 4036511 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A83

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Asset-Backed Securities (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment | $— | $14741993 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 118433200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other. |  | 113861691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities. |  | 16768434 | 3919387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Business Loan |  | 34822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 42725711 |  |
|  Commercial Mortgage-Backed Securities |  | 1686121084 |  |
|  Corporate Bonds. |  | 4088231896 | 1 |
|  Floating Rate and Other Loans. |  | 1028520 |  |
|  Municipal Bonds |  | 68588998 |  |
|  Residential Mortgage-Backed Securities. |  | 702251214 | 7865983 |
|  Sovereign Bonds. |  | 205343260 | 709920 |
|  U.S. Government Agency Obligations |  | 3543523632 |  |
|  U.S. Treasury Obligations |  | 224282511 |  |
|  Common Stock |  | 2194115 |  |
|  Preferred Stock |  |  | 240115 |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds. | 248080609 |  |  |
|  **Total** | $**248080609** | $**11186234666** | $**12735406** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $20980265 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts. |  | 1994954 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 30152866 |  |
|  OTC Credit Default Swap Agreements |  | 276264 | 468041 |
|  **Total** | $**20980265** | $**32424084** | $**468041** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts. | $— | $(51250423) | $— |
|  Futures Contracts | (4181668) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts. |  | (6929343) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (29163050) |  |
|  OTC Credit Default Swap Agreements |  | (338415) | (9591) |
|  Centrally Cleared Interest Rate Swap Agreement |  | (837827) |  |
|  OTC Total Return Swap Agreement. |  | (1359491) |  |
|  **Total** | $**(4181668)** | $**(89878549)** | $**(9591)** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 32.9 |
|  Commercial Mortgage-Backed Securities | 15.7 |
|  Banks | 13.7 |
|  Residential Mortgage-Backed Securities | 6.8 |
|  Pipelines | 3.3 |
|  Oil & Gas | 2.4 |
|  Automobiles | 2.3 |
|  Affiliated Mutual Funds (1.8% represents investments purchased with collateral from securities on loan) | 2.3 |
|  Real Estate Investment Trusts (REITs) | 2.3 |
|  Electric | 2.1 |

---

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 2.1 |
|  Sovereign Bonds | 1.9 |
|  Healthcare-Services | 1.6 |
|  Telecommunications | 1.5 |
|  Mining | 1.2 |
|  Home Equity Loans | 1.1 |
|  Other | 1.1 |
|  Pharmaceuticals | 0.9 |
|  Auto Manufacturers | 0.8 |
|  Consumer Loans | 0.7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A84

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Chemicals | 0.7 |
|  Municipal Bonds | 0.6 |
|  Commercial Services | 0.6 |
|  Agriculture | 0.6 |
|  Insurance | 0.6 |
|  Media | 0.6 |
|  Aerospace & Defense | 0.6 |
|  Diversified Financial Services | 0.5 |
|  Semiconductors | 0.4 |
|  Machinery-Diversified | 0.4 |
|  Student Loans | 0.4 |
|  Lodging | 0.4 |
|  Airlines | 0.4 |
|  Foods | 0.3 |
|  Collateralized Loan Obligations | 0.3 |
|  Engineering & Construction | 0.3 |
|  Software | 0.2 |
|  Trucking & Leasing | 0.2 |
|  Internet | 0.2 |
|  Building Materials | 0.2 |
|  Retail | 0.1 |
|  Equipment | 0.1 |
|  Computers | 0.1 |
|  Packaging & Containers | 0.1 |
|  Transportation | 0.1 |
|  Biotechnology | 0.1 |
|  Electronics | 0.1 |

---

---

| | |
|:---|:---|
|  Office/Business Equipment | 0.1% |
|  Investment Companies | 0.1 |
|  Healthcare-Products | 0.1 |
|  Entertainment | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Gas | 0.0 \* |
|  Credit Cards | 0.0 \* |
|  Real Estate | 0.0 \* |
|  Beverages | 0.0 \* |
|  Forest Products & Paper | 0.0 \* |
|  Wireless Telecommunication Services | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Toys/Games/Hobbies | 0.0 \* |
|  Oil & Gas Services | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Hand/Machine Tools | 0.0 \* |
|  Cosmetics/Personal Care | 0.0 \* |
|  Small Business Loan | 0.0 \* |
|  | 106.2 |
|  Liabilities in excess of other assets | (6.2) |
|  | 100.0% |

---

---

| | |
|:---|:---|
| \*Less | than 0.05%  |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
|  Credit contracts | Premiums paid for OTC swap agreements | $445224 | Premiums received for OTC swap agreements | $879351 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 30565944 | Unrealized depreciation on OTC swap agreements | 28745702 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 1994954 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 6929343 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 20980265 \* | Due from/to broker-variation margin futures | 4181668 \* |
|  Interest rate contracts |  |  | Due from/to broker-variation margin swaps | 837827 \* |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC swap agreements | 1359491 |
|  |  | $53986387 |  | $42933382 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A85

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $2819341 |
|  Foreign exchange contracts |  | (9737776) |  |
|  Interest rate contracts | (49176110) |  | (7019712) |
|  **Total** | $(49176110) | $(9737776) | $(4200371) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $1937039 |
|  Foreign exchange contracts. |  | (5990887) |  |
|  Interest rate contracts | 27808217 |  | 8678620 |
|  **Total** | $27808217 | $(5990887) | $10615659 |

---

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $1165275617 |
|  Futures Contracts - Short Positions (1) | 362511829 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 92812556 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 244720230 |
|  Interest Rate Swap Agreements (1) | 47105000 |
|  Credit Default Swap Agreements - Buy Protection (1) | 728705276 |
|  Credit Default Swap Agreements - Sell Protection (1) | 1082901797 |
|  Total Return Swap Agreements (1) | 87160000 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets/(Liabilities)**  | **Collateral<br>Pledged/(Received)(2)** | **Net** <br> **Amount**  |
|  Securities on Loan | $193120988 | $(193120988) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $3346449 | $(3436947) | $(90498) | $90498 | $— |
|  BNP | 239039 | (240228) | (1189) |  | (1189) |
|  BNY |  | (4470029) | (4470029) | 4090296 | (379733) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A86

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BOA | $3298895 | $(4551377) | $(1252482) | $1252482 | $— |
|  CITI | 820077 | (793324) | 26753 | (26753) |  |
|  GSI | 13737945 | (12757747) | 980198 | (737906) | 242292 |
|  MSI | 11563717 | (11664235) | (100518) |  | (100518) |
|  | $33006122 | $(37913887) | $(4907765) | $4668617 | $(239148) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A87

------

<br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES (unaudited)
as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $193,120,988: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $11,060,072,748) | $11198970072.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $248,059,921) | 248080609.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 86160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $3,777,097) | 3857632.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 170981282.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 81600908.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 30565944.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7921118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 5294830.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 1994954.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 445224.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 223690.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 37748.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 11750060171.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 630532371.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 197261882.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 51403927.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $50,311,201) | 51250423.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 30105193.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 6929343.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 879351.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 848714.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 969212160.0 |
|  **NET ASSETS** | $10780848011.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $10780848011.0 |
|  Net asset value and redemption price per share, $10,780,848,011 / 936,266,484 outstanding shares of beneficial interest | $11.51 |

---

#### STATEMENT OF OPERATIONS (unaudited)
Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $303009718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 5717637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $122,024) | 122054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 308849409 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 268967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 79181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 77678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee. | 44154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 13908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 9909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 7778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 20042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 569456 |
|  **NET INVESTMENT INCOME (LOSS)** | 308279953 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(15252)) | (1193513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (49176110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (9737776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (4200371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 139061 |
|  | (64168709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(10733)) | 179098034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 27808217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts. | (5990887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements. | 10615659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 321563 |
|  | 211852586 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 147683877 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $455963830 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $308279953 | $511718746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (64168709) | 58852985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 211852586 | (279831047) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 455963830 | 290740684 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [228,546,874 and 229,523,626 shares, respectively]. | 2577495723 | 2505523056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 165,820,077 shares, respectively]. |  | 1870450466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [314,818,046 and 254,313,321 shares, respectively] | (3544373618) | (2784780160) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (966877895) | 1591193362 |
|  **TOTAL INCREASE (DECREASE)** | (510914065) | 1881934046 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 11291762076 | 9409828030 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period. | $10780848011 | $11291762076 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A88

------

---

| | |
|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS (unaudited)** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months Ended**<br>**June 30, 2025** | **2024** | **2023** | **June 27, 2022<sup>(a)</sup><br>through**<br>**December 31, 2022** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
|  Net Asset Value, beginning of period | $11.04 | $10.67 | $9.83 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |
|  Net investment income (loss) | 0.31 | 0.59 | 0.54 | 0.24 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.16 | (0.22) | 0.30 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.47 | 0.37 | 0.84 | (0.17) |
|  Net Asset Value, end of period | $11.51 | $11.04 | $10.67 | $9.83 |
|  **Total Return<sup>(c)</sup>** | 4.26% | 3.47% | 8.43% | (1.60)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (in millions) | $10781 | $11292 | $9410 | $6296 |
|  Average net assets (in millions) | $11321 | $9427 | $8093 | $5563 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.01 %<sup>(e)</sup> | 0.01% | 0.01% | 0.01 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.01 %<sup>(e)</sup> | 0.01% | 0.01% | 0.01 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.49 %<sup>(e)</sup> | 5.43% | 5.31% | 4.73 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)(h)</sup> | 72% | 70% | 174% | 232% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(h) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A89

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST TARGET MATURITY CENTRAL PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 100.6%** | **LONG-TERM INVESTMENTS — 100.6%** | **LONG-TERM INVESTMENTS — 100.6%** | **LONG-TERM INVESTMENTS — 100.6%** |
|  **ASSET-BACKED SECURITIES — 16.2%** | **ASSET-BACKED SECURITIES — 16.2%** | **ASSET-BACKED SECURITIES — 16.2%** | **ASSET-BACKED SECURITIES — 16.2%** |
|  **Automobiles — 6.4%** | **Automobiles — 6.4%** | **Automobiles — 6.4%** | **Automobiles — 6.4%** |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/18/28 | 800 | $816510 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/32 | 331 | 332319 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/27 | 500 | 494241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.660% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/28 | 600 | 576375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/27 | 1456 | 1455299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/22/28 | 900 | 911209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | 500 | 513020 |
|  BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/26/32 | 452 | 459067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.632% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/26/32 | 188 | 191207 |
|  CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | 150 | 147547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 50 | 49060 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 900 | 866549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/35 | 1600 | 1623081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.280% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/36 | 1000 | 1029959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/36 | 1800 | 1834441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/37 | 2000 | 2039839 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.060% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 300 | 297793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 1200 | 1205113 |
|  GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/12/34 | 100 | 96307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/37 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818769 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/14/27 | 262 | 261396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.870% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/14/28 | 158 | 157392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/14/29 | 807 | 805695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/14/29 | 1900 | 1917567 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  Santander Consumer Auto Receivables Trust, | Santander Consumer Auto Receivables Trust, | Santander Consumer Auto Receivables Trust, | Santander Consumer Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.030% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/16/26 | 43 | 42435 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 400 | 402244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 500 | 507926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/31 | 800 | 820491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/17/30 | 500 | 511224 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/30 | 100 | 102331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/31 | 200 | 205510 |
|  Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/18/38 | 800 | 805562 |
|  World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, | World Omni Select Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.090% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 108 | 107603 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23405081 |
|  **Collateralized Loan Obligations — 7.4%** | **Collateralized Loan Obligations — 7.4%** | **Collateralized Loan Obligations — 7.4%** | **Collateralized Loan Obligations — 7.4%** |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/35 | 750 | 752310 |
|  Apex Credit CLO LLC (Cayman Islands), | Apex Credit CLO LLC (Cayman Islands), | Apex Credit CLO LLC (Cayman Islands), | Apex Credit CLO LLC (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1A, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 1.230%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.761%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/34 | 750 | 750832 |
|  Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/18/35 | 750 | 752288 |
|  Ballyrock CLO Ltd. (Cayman Islands), | Ballyrock CLO Ltd. (Cayman Islands), | Ballyrock CLO Ltd. (Cayman Islands), | Ballyrock CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.541%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/31 | 531 | 531277 |
|  Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.601%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/18/30 | 265 | 264874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.687%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/24/34 | 1000 | 1002033 |
|  Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.688%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/34 | 750 | 751424 |
|  Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.701%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/34 | 250 | 250386 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity<br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Carlyle CLO Ltd. (Cayman Islands), | Carlyle CLO Ltd. (Cayman Islands), | Carlyle CLO Ltd. (Cayman Islands), | Carlyle CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C17A, Class A1AR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series C17A, Class A1AR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series C17A, Class A1AR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series C17A, Class A1AR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.571%(c) | 04/30/31 | 58 | $57847 |
|  Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.611%(c) | 04/20/31 | 582 | 582737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.651%(c) | 07/20/34 | 500 | 500838 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 01/20/35 | 750 | 751280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(c) | 07/20/34 | 500 | 500497 |
|  CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.455%(c) | 03/31/38 | 2100 | 2100575 |
|  Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.721%(c) | 07/20/34 | 250 | 250134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.609%(c) | 04/20/35 | 750 | 751961 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.619%(c) | 10/20/37 | 750 | 752438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640%(c) | 10/17/37 | 2750 | 2759993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.516%(c) | 03/22/38 | 2000 | 2002935 |
|  Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), | Greenwood Park CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.528%(c) | 04/15/31 | 107 | 106626 |
|  ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), | ICG Rhinebeck CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 10/26/34 | 750 | 750544 |
|  KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.701%(c) | 07/20/34 | 250 | 250436 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.342%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.598%(c) | 10/15/32 | 735 | 737111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.661%(c) | 07/17/34 | 250 | 250413 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.486%(c) | 03/15/38 | 1900 | $1898645 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(c) | 10/12/30 | 194 | 194109 |
|  Ocean Trails CLO (Cayman Islands), | Ocean Trails CLO (Cayman Islands), | Ocean Trails CLO (Cayman Islands), | Ocean Trails CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class ARR, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class ARR, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class ARR, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class ARR, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.280%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.783%(c) | 10/13/31 | 267 | 267579 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(c) | 04/20/31 | 28 | 28012 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.698%(c) | 10/15/34 | 250 | 250268 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.832%(c) | 04/25/37 | 2250 | 2258681 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 10/20/31 | 232 | 232897 |
|  Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.642%(c) | 07/10/34 | 1000 | 1001519 |
|  Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%(c) | 04/20/31 | 339 | 339625 |
|  Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660%(c) | 05/07/31 | 245 | 244661 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.611%(c) | 10/23/31 | 120 | 120210 |
|  Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%(c) | 04/24/38 | 1750 | 1748215 |
|  Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.778%(c) | 01/15/32 | 304 | 304999 |
|  Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.521%(c) | 04/18/31 | 181 | 181168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27232377 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans — 1.7%** | **Consumer Loans — 1.7%** | **Consumer Loans — 1.7%** | **Consumer Loans — 1.7%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 | 1600 | $1607277 |
|  Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990% | 02/15/33 | 1000 | 1007680 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 600 | 584975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.064%(c) | 06/16/36 | 600 | 599646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | 10/14/34 | 432 | 431952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 09/15/36 | 1800 | 1840773 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072303 |
|  **Home Equity Loans — 0.7%** | **Home Equity Loans — 0.7%** | **Home Equity Loans — 0.7%** | **Home Equity Loans — 0.7%** |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(c) | 02/25/55 | 567 | 566175 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 750 | 759594 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.294%(cc) | 10/25/63 | 255 | 259302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 70 | 69699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 68 | 68777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | 05/25/64 | 454 | 458705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(cc) | 09/25/64 | 414 | 411616 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593868 |
|  **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** |
|  ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.730% | 08/25/45 | 25 | 22277 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840% | 01/25/41 | 3 | 3401 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 34 | 32262 |
|  |  |  | 57940 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $58,888,439) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $58,888,439) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $58,888,439) | 59361569 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.3%** |
|  3650R Commercial Mortgage Trust, | 3650R Commercial Mortgage Trust, | 3650R Commercial Mortgage Trust, | 3650R Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.122% | 11/15/54 | 171 | $166239 |
|  BANK, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | 07/15/60 | 243 | 237818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229% | 11/15/50 | 7 | 6698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.263% | 08/15/61 | 46 | 43228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.926% | 08/15/61 | 4390 | 4144693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 1619 | 1513806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.391% | 01/15/63 | 29 | 28043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399% | 01/15/63 | 650 | 592061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.155% | 03/15/63 | 250 | 224696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.584% | 03/15/63 | 1459 | 1269865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN31, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN31, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN31, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN31, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.771% | 02/15/54 | 5093 | 4429340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.801% | 09/15/64 | 79 | 77460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.274% | 12/15/64 | 504 | 491482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK42, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK42, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK42, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK42, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.493%(cc) | 06/15/55 | 850 | 826788 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043% | 09/15/54 | 165 | 144139 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475% | 02/15/53 | 75 | 72523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.042% | 03/15/53 | 1475 | 1300741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.546% | 09/15/53 | 2100 | 1858843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.945% | 10/15/53 | 750 | 688483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.704% | 12/17/53 | 500 | 434797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.509% | 01/15/54 | 120 | 117966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.823% | 02/15/54 | 100 | 85840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010% | 03/15/54 | 1200 | 1101272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.271% | 04/15/54 | 250 | 233705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.747% | 06/15/54 | 872 | 854754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.597% | 08/15/54 | 464 | 453121 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A92

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B35, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B35, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B35, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B35, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.591%(cc) | 05/15/55 | 3400 | 3393130 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.776%(c) | 09/15/38 | 990 | 983852 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248% | 11/10/49 | 246 | 241227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 11/13/50 | 500 | 487728 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091% | 05/10/58 | 25 | 24752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 48 | 47575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.572% | 06/15/50 | 1399 | 1366122 |
|  CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.197% | 08/15/50 | 286 | 278825 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class AAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.522% | 09/10/58 | — (r) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646% | 07/10/49 | 20 | 19661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class AAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.509% | 04/14/50 | 115 | 114174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.203% | 09/15/50 | 1030 | 1005908 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521% | 10/10/48 | 391 | 389806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 297 | 291751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972% | 10/10/49 | 269 | 267111 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(cc) | 12/15/49 | 500 | 492851 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.718% | 08/15/48 | 334 | 333005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.067% | 06/15/52 | 98 | 92346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | 09/15/52 | 1380 | 1283543 |
|  Series 2020-C19, Class A2 | Series 2020-C19, Class A2 | Series 2020-C19, Class A2 | Series 2020-C19, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320% | 03/15/53 | 2150 | 1935922 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%(cc) | 07/25/26 | 40890 | 400857 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS01, Class AAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.553% | 11/10/48 | 116 | 116016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | 09/10/52 | 1000 | 931472 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639% | 02/13/53 | 100 | 97222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.658% | 02/13/53 | 100 | 92437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 05/12/53 | 1068 | 958857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GSA03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GSA03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GSA03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GSA03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.369% | 12/15/54 | 100 | 86554 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.639% | 11/15/47 | 153 | 150898 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.713% | 08/15/49 | 12 | 12343 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.732% | 05/15/48 | 169 | 168295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840% | 11/15/49 | 504 | 494793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.514% | 12/15/49 | 290 | 287790 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%(cc) | 06/15/54 | 350 | 324267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.881% | 10/15/54 | 447 | 435848 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.301% | 10/15/50 | 246 | 241070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.903% | 02/15/51 | 188 | 186457 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.652% | 08/15/49 | 2000 | 1950130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.942% | 10/15/49 | 275 | 269879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS05, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.372% | 01/15/59 | 2028 | 2015736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.590% | 11/15/50 | 1263 | 1220651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.462% | 02/15/53 | 100 | 96410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.903% | 08/15/53 | 126 | 125710 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (cost $44,420,325) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (cost $44,420,325) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (cost $44,420,325) | 45111386 |
|  **CORPORATE BONDS — 29.2%** | **CORPORATE BONDS — 29.2%** | **CORPORATE BONDS — 29.2%** | **CORPORATE BONDS — 29.2%** |
|  **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 500 | 492283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 02/01/30 | 1130 | 1047845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/01/38 | 780 | 626081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/01/48 | 850 | 585985 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A93

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
|  General Dynamics Corp., | General Dynamics Corp., | General Dynamics Corp., | General Dynamics Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 04/01/30 | 5 | 4880 |
|  |  |  | 2757074 |
|  **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | 08/15/27 | 54 | 53082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 08/15/32 | 1545 | 1579469 |
|  BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% | 03/16/28 | 290 | 290404 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922955 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 11/01/33 | 38 | 33887 |
|  **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 01/08/31 | 425 | 367962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 04/10/28 | 545 | 512372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 10/15/28 | 945 | 878762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/09/27 | 550 | 553394 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/23/27 | 850 | 854823 |
|  |  |  | 3167313 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 50 | 51884 |
|  **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | 06/14/29 | 260 | 243714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%(ff) | 02/04/33 | 2890 | 2587438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.194%(ff) | 07/23/30 | 35 | 33319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%(ff) | 04/27/28 | 2720 | 2719419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.651%(ff) | 03/11/32 | 40 | 35873 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.904%(ff) | 09/30/28 | 500 | 471160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | 01/20/33 | 225 | 199804 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 600 | 623171 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%(ff) | 01/29/31 | 630 | 577203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | 11/05/30 | 250 | 233844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%(ff) | 01/25/33 | 3005 | 2686687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 05/01/26 | 150 | 148842 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 15 | 15010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443435 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.431%(ff) | 03/09/27 | 50 | 48925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%(ff) | 09/10/27 | 5150 | 4973009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | 01/27/32 | 180 | 155825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/07/30 | 25 | 23111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | 04/22/32 | 260 | 231267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 01/26/27 | 170 | 168889 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.036%(c) | 10/01/25(oo) | 240 | 241342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.045%(ff) | 11/19/26 | 260 | 256463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578%(ff) | 04/22/27 | 260 | 253994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 | 30 | 26026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 | 150 | 140774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963%(ff) | 01/25/33 | 4735 | 4254409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%(ff) | 04/23/29 | 55 | 54496 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.985%(ff) | 08/07/27 | 725 | 735900 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.593%(ff) | 05/04/27 | 290 | 283019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210%(ff) | 04/20/28 | 485 | 483807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | 07/21/32 | 15 | 12991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 1040 | 958527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 2935 | 2619322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 09/08/26 | 545 | 544236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/23/27 | 55 | 54650 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 01/22/30 | 20 | 18541 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.488%(ff) | 12/14/26 | 200 | 197090 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.902% | 09/17/28 | 260 | 240890 |
|  Sumitomo Mitsui Trust Bank Ltd. (Japan), | Sumitomo Mitsui Trust Bank Ltd. (Japan), | Sumitomo Mitsui Trust Bank Ltd. (Japan), | Sumitomo Mitsui Trust Bank Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 03/10/27(a) | 200 | 195222 |
|  UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 06/01/26 | 205 | 199237 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 250 | 226822 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A94

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526%(ff) | 03/24/28 | 695 | 685807 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32242643 |
|  **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
|  PepsiCo, Inc., | PepsiCo, Inc., | PepsiCo, Inc., | PepsiCo, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 03/19/27 | 20 | 19557 |
|  **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/22/29 | 30 | 28660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/41 | 400 | 376918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/02/33 | 1115 | 1141958 |
|  |  |  | 1547536 |
|  **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 140 | 144050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 35 | 36103 |
|  |  |  | 180153 |
|  **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
|  FMC Corp., | FMC Corp., | FMC Corp., | FMC Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/01/29 | 195 | 181650 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 04/30/30 | 245 | 247756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/02/34 | 415 | 429334 |
|  |  |  | 858740 |
|  **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 231 | 270576 |
|  ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 11/01/25 | 70 | 69778 |
|  Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.201% | 03/01/52 | 695 | 582036 |
|  |  |  | 922390 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Procter & Gamble Co. (The), | Procter & Gamble Co. (The), | Procter & Gamble Co. (The), | Procter & Gamble Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/25/30 | 5 | 4771 |
|  **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
|  Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/14/27 | 1990 | 1967919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.273%(ff) | 03/01/30 | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19133 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 10/01/29 | 70 | 65719 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.172% | 07/14/28 | 200 | 186584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710% | 01/22/29 | 200 | 187526 |
|  Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 09/21/26 | 250 | 240726 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667607 |
|  **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 07/01/30 | 1445 | 1283754 |
|  Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 12/15/31 | 50 | 42931 |
|  Atlantic City Electric Co., | Atlantic City Electric Co., | Atlantic City Electric Co., | Atlantic City Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 03/15/31 | 20 | 17721 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 04/01/31 | 20 | 17762 |
|  Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/15/51 | 1570 | 1041382 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/27 | 30 | 29678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 08/15/26 | 75 | 73692 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 09/01/26 | 185 | 181537 |
|  Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 12/15/31 | 15 | 13270 |
|  Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 06/15/26 | 1190 | 1176149 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 07/12/28 | 210 | 195789 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/33 | 3000 | 2831785 |
|  Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), | Eskom Holdings SOC Ltd. (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 200 | 202250 |
|  Nevada Power Co., | Nevada Power Co., | Nevada Power Co., | Nevada Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 05/01/29 | 40 | 39122 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A95

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/52 | 110 | 93398 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 500 | 402908 |
|  PacifiCorp, | PacifiCorp, | PacifiCorp, | PacifiCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 07/01/25(a) | 160 | 160000 |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/42 | 1985 | 1529022 |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21-B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21-B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21-B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21-B |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 03/15/28 | 35 | 32802 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 07/15/29 | 45 | 42710 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 690 | 680999 |
|  WEC Energy Group, Inc., | WEC Energy Group, Inc., | WEC Energy Group, Inc., | WEC Energy Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 12/15/28 | 200 | 186331 |
|  |  |  | 10274992 |
|  **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 580 | 562310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 640 | 635200 |
|  |  |  | 1197510 |
|  **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 200 | 207220 |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 07/01/32 | 145 | 151127 |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755% | 03/15/27 | 128 | 124792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/15/42 | 310 | 208317 |
|  |  |  | 691456 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 01/15/32 | 35 | 30180 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/33 | 330 | 338508 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 09/15/29 | 30 | $28086 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 05/15/52 | 860 | 762895 |
|  |  |  | 790981 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
|  Agilent Technologies, Inc., | Agilent Technologies, Inc., | Agilent Technologies, Inc., | Agilent Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 03/12/31 | 20 | 17718 |
|  Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 10/01/29 | 5 | 4686 |
|  |  |  | 22404 |
|  **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
|  AdventHealth Obligated Group, | AdventHealth Obligated Group, | AdventHealth Obligated Group, | AdventHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.795% | 11/15/51 | 1500 | 923629 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 03/01/27 | 60 | 59148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/15/30 | 292 | 266393 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 09/15/29 | 65 | 61225 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/15/27 | 160 | 156674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/15/29 | 10 | 9596 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 06/30/30 | 75 | 69781 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 05/15/31 | 20 | 17655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/52 | 720 | 613903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/34 | 245 | 244748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/15/35 | 75 | 76434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/15/64 | 255 | 247942 |
|  Universal Health Services, Inc., | Universal Health Services, Inc., | Universal Health Services, Inc., | Universal Health Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 | 30 | 25464 |
|  |  |  | 2772592 |
|  **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
|  Toll Brothers Finance Corp., | Toll Brothers Finance Corp., | Toll Brothers Finance Corp., | Toll Brothers Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/15/27 | 720 | 722098 |
|  **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Kimberly-Clark Corp., | Kimberly-Clark Corp., | Kimberly-Clark Corp., | Kimberly-Clark Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 03/26/30 | 2 | 1907 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 60 | $63184 |
|  **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/05/27 | 90 | 88870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/05/32 | 1030 | 966795 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 907 | 908000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/52 | 500 | 462212 |
|  Unum Group, | Unum Group, | Unum Group, | Unum Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 50 | 49062 |
|  |  |  | 2474939 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 125 | 126406 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/08/28 | 400 | 401860 |
|  **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  Caterpillar, Inc., | Caterpillar, Inc., | Caterpillar, Inc., | Caterpillar, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/12/31 | 25 | 22030 |
|  **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/30 | 75 | 78556 |
|  Flowserve Corp., | Flowserve Corp., | Flowserve Corp., | Flowserve Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 15 | 13054 |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 275 | 276559 |
|  |  |  | 368169 |
|  **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
|  Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 130 | 119801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32(a) | 510 | 429911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/23/25 | 26 | 25997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/29 | 1235 | 1247414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/49 | 385 | 319771 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 70 | 65025 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 380 | 332766 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/15/27 | 600 | 588403 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129088 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/21/35 | 115 | 117055 |
|  Newmont Corp., | Newmont Corp., | Newmont Corp., | Newmont Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 10/01/30 | 255 | 230213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 10/01/29 | 10 | 9458 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/14/35 | 150 | 152251 |
|  |  |  | 508977 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 03/01/32 | 45 | 38079 |
|  **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 445 | 455351 |
|  **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 1265 | 1233544 |
|  **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/29 | 2150 | 2166528 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 | 1995 | 1720232 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/24/31 | 175 | 160398 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 02/01/32 | 360 | 353250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 790 | 834540 |
|  Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/03/26(a) | 220 | 220225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/03/28 | 210 | 213148 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 02/12/28 | 800 | 768680 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 810 | 718166 |
|  Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 12/01/31 | 15 | 13365 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/18/27 | 1460 | 1468117 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8636649 |
|  **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
|  AptarGroup, Inc., | AptarGroup, Inc., | AptarGroup, Inc., | AptarGroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 1300 | 1198150 |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 350 | 359373 |
|  Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/26 | 150 | 146043 |
|  |  |  | 1703566 |
|  **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/26/29 | 4 | 3876 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 20 | 18065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 30 | 29428 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/21/40 | 760 | 524673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/29 | 90 | 91368 |
|  Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/23/26 | 9 | 8878 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/22/30 | 630 | 561245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/22/40 | 55 | 40594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/22/50 | 650 | 433042 |
|  |  |  | 1711169 |
|  **Pipelines — 1.8%** | **Pipelines — 1.8%** | **Pipelines — 1.8%** | **Pipelines — 1.8%** |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 240 | 245749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 965 | 925967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 505 | 512300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/45 | 1080 | 952034 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/29 | 40 | 38258 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/14/52 | 1125 | 931987 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 645 | 602991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 225 | 172975 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/26 | 200 | 201003 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 70 | 73101 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/33 | 1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 305 | 302095 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 280 | 250920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | 65 | 64875 |
|  |  |  | 6534553 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 600 | 589343 |
|  **Real Estate Investment Trusts (REITs) — 1.8%** | **Real Estate Investment Trusts (REITs) — 1.8%** | **Real Estate Investment Trusts (REITs) — 1.8%** | **Real Estate Investment Trusts (REITs) — 1.8%** |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 15 | 14184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/16/31 | 5 | 4358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 1980 | 1922053 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 5 | 4424 |
|  CubeSmart LP, | CubeSmart LP, | CubeSmart LP, | CubeSmart LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/28 | 105 | 97894 |
|  Digital Realty Trust LP, | Digital Realty Trust LP, | Digital Realty Trust LP, | Digital Realty Trust LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29 | 40 | 38773 |
|  Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 40 | 37283 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/26 | 2400 | 2402140 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/31 | 50 | 43320 |
|  Phillips Edison Grocery Center Operating Partnership I LP, | Phillips Edison Grocery Center Operating Partnership I LP, | Phillips Edison Grocery Center Operating Partnership I LP, | Phillips Edison Grocery Center Operating Partnership I LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | 395 | 343695 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 15 | 14711 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 1855 | 1735206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 20 | 17717 |
|  |  |  | 6675758 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276237 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/27 | 15 | 14816 |
|  |  |  | 291053 |
|  **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/35 | 470 | 396452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/33 | 2275 | 2060611 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/27 | 30 | 29695 |
|  |  |  | 2486758 |
|  **Shipbuilding — 0.3%** | **Shipbuilding — 0.3%** | **Shipbuilding — 0.3%** | **Shipbuilding — 0.3%** |
|  Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 1270 | 1240181 |
|  **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 1725 | 1352918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/55 | 610 | 411468 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/33 | 120 | 122094 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 1475 | 1321405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 415 | 402945 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 318 | 274031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/21/31 | 390 | 349851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/40 | 430 | 303317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/02/37 | 411 | 413707 |
|  |  |  | 4951736 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/41 | 215 | 206332 |
|  **TOTAL CORPORATE BONDS**<br> (cost $108,734,368) | **TOTAL CORPORATE BONDS**<br> (cost $108,734,368) | **TOTAL CORPORATE BONDS**<br> (cost $108,734,368) | 107067863 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.2%** |
|  ATLX Trust, | ATLX Trust, | ATLX Trust, | ATLX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/63 | 3307 | 3172101 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/62 | 635 | 582907 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/64 | 467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415153 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/64 | 430 | 426257 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.170%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/62 | 231 | 230836 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/43 | 303 | 304334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.305%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/45 | 243 | 243191 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.904%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/62 | 377 | 358676 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/51 | 1195 | 225163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.645%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/52 | 4370 | 460304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/55 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253200 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.205%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/42 | 2181 | 2246430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.455%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/42 | 351 | 353634 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/52 | 183 | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5251, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5251, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5251, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5251, Class PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/52 | 268 | 184815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/55 | 1450 | 1451277 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/53 | 940 | 206514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/53 | 836 | 683950 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/51 | 513 | 74478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/52 | 471 | 12095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/52 | 614 | 16360 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A99

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850%<br>(Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850%<br>(Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850%<br>(Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850%<br>(Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750%<br>(Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750%<br>(Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750%<br>(Cap 3.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750%<br>(Cap 3.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 1203 | 30375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650%<br>(Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650%<br>(Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650%<br>(Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650%<br>(Cap 3.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 453 | 10617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 2277 | 252412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950%<br>(Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950%<br>(Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950%<br>(Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950%<br>(Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/52 | 918 | 22730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600%<br>(Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600%<br>(Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600%<br>(Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600%<br>(Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/52 | 958 | 18056 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | 06/25/64 | 367 | 349652 |
|  Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), | Shamrock Residential (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.899%(c) | 06/24/71 | 122 | 143212 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%(cc) | 12/25/61 | 300 | 277529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(cc) | 02/25/55 | 390 | 391613 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $14,981,313) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $14,981,313) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $14,981,313) | 15421852 |
|  **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/26/30 | 380 | 382565 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 768 | 783659 |
|  Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/15/25 | 400 | 399355 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 05/13/37 | 880 | 917400 |
|  Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/26 | 1216 | 1212580 |
|  Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% | 07/22/30 | 685 | 598807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/28 | 1000 | 984696 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 05/28/30 | 200 | 175949 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** | **Value** |
| **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/12/35 | 560 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570640 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/13/28 | 600 |  | 609600 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $6,591,139) | **TOTAL SOVEREIGN BONDS**<br>(cost $6,591,139) | **TOTAL SOVEREIGN BONDS**<br>(cost $6,591,139) |  | 6635251 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.7%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/10/32 | 850 |  | 848749 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/36 | 119 |  | 106125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/42 | 387 |  | 331542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 76 |  | 60757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/51 | 3631 |  | 2888140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/01/51 | 480 |  | 381430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/51 | 2028 |  | 1627650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/35 | 592 |  | 558982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 1712 |  | 1429370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 1628 |  | 1354982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 1790 |  | 1494742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/46 | 969 |  | 861841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 473 |  | 419221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/50 | 4324 |  | 3782209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 435 |  | 376848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 843 |  | 737791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/52 | 2249 |  | 1946940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/37 | 298 |  | 288107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/48 | 522 |  | 480877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/52 | 2881 |  | 2594767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/52 | 1148 |  | 1069995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 1481 |  | 1417629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/40 | 972 |  | 978908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/52 | 1541 |  | 1518112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/52 | 420 |  | 413903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/53 | 546 |  | 536060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/53 | 1655 |  | 1625896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/54 | 539 |  | 527965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/54 | 2048 |  | 2007707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/53 | 3369 |  | 3378857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/53 | 903 |  | 905041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/54 | 484 |  | 483795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 773 |  | 787771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/29 | 90 |  | 100216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 1230 |  | 1405300 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 08/05/30 | 175 |  | 151046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/01/36 | 1498 |  | 1334635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 04/01/36 | 130 |  | 116208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 419 |  | 315898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/51 | 3629 |  | 2730859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/31 | 290 |  | 276868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/32 | 609 |  | 578064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/42 | 1520 |  | 1299122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 1108 |  | 883830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 111 |  | 88201 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A100

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 1404 | $1119545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 39 | 31217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 3109 | 2473830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 2245 | 1786111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/51 | 2416 | 1921820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | TBA | 1500 | 1243456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/32 | 320 | 306993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/32 | 354 | 339486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/32 | 338 | 324670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/35 | 332 | 312854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/35 | 1174 | 1123453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 437 | 364841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 2461 | 2054181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 399 | 332195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 1982 | 1661229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 1012 | 848517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/35 | 1092 | 1046778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/36 | 826 | 795170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/36 | 670 | 641881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 1563 | 1355242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/52 | 923 | 800213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/48 | 2320 | 2121607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/52 | 774 | 702403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 775 | 706625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 2818 | 2541492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/50 | 400 | 377827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/50 | 426 | 400257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 3065 | 2855964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/52 | 1166 | 1086145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 346 | 331135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/52 | 131 | 125735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/52 | 728 | 697818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/52 | 610 | 585097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/53 | 475 | 454634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/52 | 724 | 712654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 | 657 | 647037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/52 | 1753 | 1726271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/53 | 933 | 934236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 1962 | 1999965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 | 414 | 421626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 290 | 327728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.336%(s) | 03/17/31 | 710 | 557962 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/50 | 1862 | 1516532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/20/51 | 1346 | 1096791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/20/51 | 1070 | 909402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/20/47 | 1099 | 984725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/50 | 491 | 436892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/20/51 | 1375 | 1217168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/51 | 1886 | 1670251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/20/51 | 749 | 662432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/42 | 372 | 348411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/43 | 221 | 207050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/46 | 2429 | 2259531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/20/52 | 2310 | 2109621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/20/47 | 1610 | 1518053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/48 | 122 | 114899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/48 | 440 | 414021 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Principal <br>Amount<br>(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/49 |  | 435 | $| 413095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/20/50 |  | 49 |  | 46125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/50 |  | 72 |  | 67409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/50 |  | 108 |  | 101728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/20/52 |  | 421 |  | 393664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/48 |  | 1135 |  | 1105393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/52 |  | 816 |  | 787402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/20/52 |  | 411 |  | 396969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/20/53 |  | 244 |  | 240950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | TBA |  | 500 |  | 500656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/20/53 |  | 1965 |  | 1977732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | TBA |  | 1000 |  | 1014607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | TBA |  | 2000 |  | 2026949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/20/54 |  | 822 |  | 835217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | TBA |  | 500 |  | 515609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/20/54 |  | 1371 |  | 1416452 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/15/31 |  | 145 |  | 124473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 |  | 250 |  | 243212 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(s) | 07/15/34 |  | 40 |  | 25930 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $120,414,628) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $120,414,628) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $120,414,628) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $120,414,628) |  | 116400207 |
|  **U.S. TREASURY OBLIGATIONS — 5.2%** | **U.S. TREASURY OBLIGATIONS — 5.2%** | **U.S. TREASURY OBLIGATIONS — 5.2%** | **U.S. TREASURY OBLIGATIONS — 5.2%** | **U.S. TREASURY OBLIGATIONS — 5.2%** | **U.S. TREASURY OBLIGATIONS — 5.2%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 11/15/49(k) |  | 3395 |  | 2183940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/15/51 |  | 15090 |  | 9570361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/15/44 |  | 1100 |  | 846828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 |  | 2335 |  | 1931483 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.072%(s) | 08/15/37 |  | 315 |  | 180434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229%(s) | 05/15/41 |  | 4540 |  | 2089641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.273%(s) | 05/15/43 |  | 5150 |  | 2106658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 |  | 305 |  | 95724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%(s) | 08/15/45 |  | 260 |  | 94505 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $20,469,520) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $20,469,520) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $20,469,520) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $20,469,520) |  | 19099574 |
|  **TOTAL LONG-TERM INVESTMENTS**<br>(cost $374,499,732) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $374,499,732) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $374,499,732) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $374,499,732) |  | 369097702 |
|  |  | **Shares** | **Shares** |  |  |
| SHORT-TERM INVESTMENTS — 0.7% | SHORT-TERM INVESTMENTS — 0.7% | SHORT-TERM INVESTMENTS — 0.7% | SHORT-TERM INVESTMENTS — 0.7% | SHORT-TERM INVESTMENTS — 0.7% | SHORT-TERM INVESTMENTS — 0.7% |
| AFFILIATED MUTUAL FUNDS — 0.7% | AFFILIATED MUTUAL FUNDS — 0.7% | AFFILIATED MUTUAL FUNDS — 0.7% | AFFILIATED MUTUAL FUNDS — 0.7% | AFFILIATED MUTUAL FUNDS — 0.7% | AFFILIATED MUTUAL FUNDS — 0.7% |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wb) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674020 |  | 1674020 |
|  PGIM Institutional Money Market Fund<br>(7-day effective yield 4.532%)<br>(cost $846,746; includes $841,036 of cash collateral for securities on loan)(b)(wb) | PGIM Institutional Money Market Fund<br>(7-day effective yield 4.532%)<br>(cost $846,746; includes $841,036 of cash collateral for securities on loan)(b)(wb) | PGIM Institutional Money Market Fund<br>(7-day effective yield 4.532%)<br>(cost $846,746; includes $841,036 of cash collateral for securities on loan)(b)(wb) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847442 |  | 846848 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,520,766) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,520,766) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,520,766) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,520,766) |  | 2520868 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A101

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br>(cost $23) | $715 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $2,520,789) | 2521583 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS**<br>**WRITTEN—101.3%**<br>(cost $377,020,521) | 371619285 |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br>(premiums received $1,534) | (1522) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—101.3%**<br> (cost $377,018,987) | 371617763 |
|  **Liabilities in excess of other assets(z) — (1.3)%** | (4629652) |
|  **NET ASSETS — 100.0%** | $366988111 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $822,335; cash collateral of $841,036 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 2.000% | TBA | 07/14/25 | $(2500) | $(1978469) |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 07/14/25 | (3000) | (2595422) |
|  Federal National Mortgage Assoc. | 3.500% | TBA | 08/13/25 | (3000) | (2700030) |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 07/14/25 | (3000) | (2789180) |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 08/13/25 | (500) | (464805) |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 08/13/25 | (500) | (478055) |
|  Federal National Mortgage Assoc. | 5.000% | TBA | 08/13/25 | (1000) | (979431) |
|  Federal National Mortgage Assoc. | 6.000% | TBA | 08/13/25 | (1000) | (1015224) |
|  Government National Mortgage Assoc. | 3.000% | TBA | 07/21/25 | (3500) | (3095258) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br>(proceeds receivable $15,893,740) |  |  |  |  | $(16095874) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A102

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR<br>(cost $14) | Call | 12/12/25 | $99.75 | 1 | 3 | $6 |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year Interest Rate<br>Swap, 09/29/35<br> Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1Day SOFR(A)/ 4.450% | 75 | $709 |
|  10-Year Interest Rate<br>Swap, 09/29/35<br> Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1Day SOFR(A)/ 4.450% | 75 |  |
|  **Total OTC Swaptions** (cost $9) |  |  |  |  |  |  | $709 |
|  **Total Options Purchased** (cost $23) |  |  |  |  |  |  | $715 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 1 | 3 | $(625) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 1 | 3 | (425) |
|  **Total Exchange Traded** (premiums received $1,534) |  |  |  |  |  | $(1050) |

---

#### OTC Swaption

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year Interest Rate<br>Swap, 09/29/35<br>(premiums received $0) | Call | DB | 09/25/25 | 3.21% | 1Day SOFR(A)/ 4.450% | 3.21%(A) | 150 | $(472) |
|  **Total Options Written** (premiums received $1,534) |  |  |  |  |  |  |  | $(1522) |

---

#### Futures contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** |  |
| 46 | 2 Year U.S.Treasury Notes | Sep. 2025 | $9569078 | $23395 |
| 88 | 5 Year U.S.Treasury Notes | Sep. 2025 | 9592000 | 95191 |
| 38 | 10 Year U.S. Treasury Notes | Sep. 2025 | 4260750 | 48517 |
| 150 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | 17139845 | 367523 |
| 164 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 18936875 | 573885 |
| 35 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 4169375 | 35300 |
|  |  |  |  | $1143811 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A103

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | MSI | EUR | 263 | $305458 | $310012 | $4554 | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/02/25 | BNY | EUR | 263 | $298420 | $310012 | $— | $(11592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 08/04/25 | MSI | EUR | 263 | 306130 | 310725 |  | (4595) |
|  |  |  |  | $604550 | $620737 |  | (16187) |
|  |  |  |  |  |  | $4554 | $(16187) |

---

#### Credit default swap agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Hellenic Republic | 06/20/27 | 1.000 %(Q) | 95 | 0.192% | $1500 | $1307 | $193 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000 %(Q) | 70 | 0.251% | 1269 | 1094 | 175 | BARC |
|  Kingdom of Norway | 12/20/25 | — %(Q) | 970 | 0.042% | (192) | (226) | 34 | BARC |
|  |  |  |  |  | $2577 | $2175 | $402 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 2718 | $(57698) | $(61028) | $(3330) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>June 30,<br>2025(4)** | **Value at<br>Trade Date** | **Value at**<br>**June 30,<br>2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |  |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000 %(Q) | 940 | 3.183% | $53129 | $72144 | $19015 |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the

#### SEE NOTES TO FINANCIAL STATEMENTS.
A104

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. <br>

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreement outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>June 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 | 12/14/54 | 3.136 %(A) | 1 Day SOFR(1)(A)/ 4.450% | $9579 | $15135 | $5556 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $2401 | $(226) | $402 | $— |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $– | $405267 |
|  MLC | – | 1536156 |
|  **Total** | $– | $1941423 |

---

#### Fair Value Measurements :
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of June 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $23405081 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 27232377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 6072303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 2593868 |  |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A105

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Asset-Backed Securities (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans | $— | $57940 | $— |
|  Commercial Mortgage-Backed Securities |  | 45111386 |  |
|  Corporate Bonds |  | 107067863 |  |
|  Residential Mortgage-Backed Securities |  | 15421852 |  |
|  Sovereign Bonds |  | 6635251 |  |
|  U.S. Government Agency Obligations |  | 116400207 |  |
|  U.S. Treasury Obligations |  | 19099574 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 2520868 |  |  |
|  Options Purchased | 6 | 709 |  |
|  **Total** | $**2520874** | $**369098411** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(1050)** | $**(472)** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $1143811 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contract |  | 4554 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 19015 |  |
|  OTC Credit Default Swap Agreements |  | 2769 |  |
|  Centrally Cleared Interest Rate Swap Agreement |  | 5556 |  |
|  **Total** | $**1143811** | $**31894** | **$—** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(16095874) | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (16187) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (3330) |  |
|  OTC Credit Default Swap Agreement |  | (192) |  |
|  **Total** | $**—** | $**(16115583)** | **$—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 31.7 |
|  Commercial Mortgage-Backed Securities | 12.3 |
|  Banks | 8.8 |
|  Collateralized Loan Obligations | 7.4 |
|  Automobiles | 6.4 |
|  U.S. Treasury Obligations | 5.2 |
|  Residential Mortgage-Backed Securities | 4.2 |
|  Electric | 2.8 |
|  Oil & Gas | 2.4 |
|  Real Estate Investment Trusts (REITs) | 1.8 |
|  Sovereign Bonds | 1.8 |
|  Pipelines | 1.8 |
|  Consumer Loans | 1.7 |
|  Telecommunications | 1.3 |
|  Auto Manufacturers | 0.9 |
|  Media | 0.9 |
|  Healthcare-Services | 0.8 |
|  Aerospace & Defense | 0.8 |

---

---

| | |
|:---|:---|
|  Diversified Financial Services | 0.7 |
|  Home Equity Loans | 0.7 |
|  Affiliated Mutual Funds (0.2% represents investments purchased with collateral from securities on loan) | 0.7 |
|  Semiconductors | 0.7 |
|  Insurance | 0.7 |
|  Agriculture | 0.5 |
|  Pharmaceuticals | 0.5 |
|  Packaging & Containers | 0.5 |
|  Biotechnology | 0.4 |
|  Shipbuilding | 0.3 |
|  Office/Business Equipment | 0.3 |
|  Engineering & Construction | 0.3 |
|  Commercial Services | 0.3 |
|  Chemicals | 0.2 |
|  Gas | 0.2 |
|  Home Builders | 0.2 |
|  Entertainment | 0.2 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A106

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Real Estate | 0.2% |
|  Mining | 0.1 |
|  Multi-National | 0.1 |
|  Lodging | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Foods | 0.1 |
|  Retail | 0.1 |
|  Transportation | 0.1 |
|  Building Materials | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Housewares | 0.0 \* |
|  Student Loans | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Airlines | 0.0 \* |

---

---

| | |
|:---|:---|
|  Environmental Control | 0.0 |
|  Healthcare-Products | 0.0 |
|  Machinery-Construction & Mining | 0.0 |
|  Beverages | 0.0 |
|  Cosmetics/Personal Care | 0.0 |
|  Household Products/Wares | 0.0 |
|  Options Purchased | 0.0 |
|  | 101.3 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.3) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of June 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation<br>margin swaps | $19015 \* | Due from/to broker-variation<br>margin swaps | $3330 \* |
|  Credit contracts | Premiums paid for OTC swap<br>agreements | 2401 | Premiums received for OTC swap<br>agreements | 226 |
|  Credit contracts | Unrealized appreciation on OTC<br>swap agreements | 402 |  |  |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>forward foreign currency<br>exchange contracts | 4554 | Unrealized depreciation on OTC<br>forward foreign currency<br>exchange contracts | 16187 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 1143811 \* |  |  |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps | 5556 \* |  |  |
|  |  |  | Options written outstanding, at |  |
|  Interest rate contracts | Unaffiliated investments | 715 | value | 1522 |
|  |  | $1176454 |  | $21265 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A107

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $76653 |
|  Foreign exchange contracts |  |  |  | (24854) |  |
|  Interest rate contracts | (6211) | 3642 | (2084939) |  | (12557) |
|  **Total** | $(6211) | $3642 | $(2084939) | $(24854) | $64096 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $(1863) |
|  Foreign exchange contracts |  |  |  | (12713) |  |
|  Interest rate contracts | 4033 | 2928 | 2447933 |  | 5556 |
|  **Total** | $4033 | $2928 | $2447933 | $(12713) | $3693 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $3117 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;6741667 |
|  Futures Contracts - Long Positions (2) | 60662729 |
|  Futures Contracts - Short Positions (2) | &nbsp;&nbsp;&nbsp;&nbsp;721036 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | &nbsp;&nbsp;&nbsp;&nbsp;316870 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | &nbsp;&nbsp;&nbsp;&nbsp;745789 |
|  Interest Rate Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436667 |
|  Credit Default Swap Agreements - Buy Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;1324945 |
|  Credit Default Swap Agreements - Sell Protection (2) | 11751821 |

---

\* Average volume is based on average quarter end balances for the six months ended June 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $822335 | $(822335) | $— |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A108

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of June 30, 2025 (unaudited)** |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized**<br>**Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br>**Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $2803 | $(226) | $2577 | $– | $2577 |
|  BNY |  | (11592) | (11592) | – | (11592) |
|  DB | 709 | (472) | 237 | – | 237 |
|  MSI | 4554 | (4595) | (41) | – | (41) |
|  | $8066 | $(16885) | $(8819) | $– | $(8819) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A109

------

<br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>

**STATEMENT OF ASSETS AND LIABILITIES (unaudited)**

as of June 30, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $822,335: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $374,499,755) | $369098417.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,520,766) | 2520868.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $8,234) | 8469.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 23150489.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 2315416.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 308106.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7588.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 4554.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 2401.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 1407.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 696.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 402.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 2767.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 397421580.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $15,893,740) | 16095874.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 12212775.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1194013.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 841036.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 69872.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 16187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $1,534) | 1522.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1008.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 226.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 30433469.0 |
|  **NET ASSETS** | $366988111.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $366988111.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, $366,988,111 / 33,908,086 outstanding shares of beneficial interest | $10.82 |

---

**STATEMENT OF OPERATIONS (unaudited)**

Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $8992221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 157007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 9151305 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 36868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 29371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 9556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 5381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,750) | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 116643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (23446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 93197 |
|  **NET INVESTMENT INCOME (LOSS)** | 9058108 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $239) | (1349219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (2084939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (24854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 64096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (6023) |
|  | (3397297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(264)) | 6155857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 2447933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (12713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 3693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 855 |
|  | 8598553 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 5201256 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $14259364 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9058108 | $20011159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (3397297) | (2938590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 8598553 | (6771851) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 14259364 | 10300718 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [8,242,719 and 8,891,955 shares, respectively] | 87519031 | 91151826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [10,371,931 and 20,885,583 shares, respectively] | (109744917) | (214439697) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (22225886) | (123287871) |
|  **TOTAL INCREASE (DECREASE)** | (7966522) | (112987153) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 374954633 | 487941786 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $366988111 | $374954633 |

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#### SEE NOTES TO FINANCIAL STATEMENTS.
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| | |
|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS (unaudited)** |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months Ended**<br> **June 30, 2025** | **2024** | **2023** | **April 25, 2022<sup>(a)</sup><br>through**<br>**December 31, 2022** |
|  **Per Share Operating Performance<sup>(b)</sup> :** |  |  |  |  |
|  Net Asset Value, beginning of period | $10.40 | $10.16 | $9.52 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |
|  Net investment income (loss) | 0.25 | 0.48 | 0.44 | 0.24 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.17 | (0.24) | 0.20 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.42 | 0.24 | 0.64 | (0.48) |
|  Net Asset Value, end of period | $10.82 | $10.40 | $10.16 | $9.52 |
|  **Total Return<sup>(c)</sup>** | 4.04% | 2.36% | 6.72% | (4.80)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (in millions) | $367 | $375 | $488 | $582 |
|  Average net assets (in millions) | $376 | $428 | $534 | $628 |
|  Ratios to average net assets<sup>(d)</sup> : |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.05 %<sup>(e)</sup> | 0.05% | 0.05% | 0.03 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.06 %<sup>(e)</sup> | 0.06% | 0.05% | 0.03 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.86 %<sup>(e)</sup> | 4.68% | 4.51% | 3.61 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)(h)</sup> | 67% | 118% | 189% | 362% |

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(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(h) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

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#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
(unaudited)

1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of June 30, 2025 consisted of 34 separate portfolios. The information presented in these financial statements pertains only to the 3 portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The Portfolios have the following investment objective(s):

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| | |
|:---|:---|
| **Portfolio** | **Investment Objective(s)** |
|  AST J.P. Morgan Fixed Income Central Portfolio<br> ("J.P. Morgan Fixed Income Central") | The highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST PGIM Fixed Income Central Portfolio<br> ("PGIM Fixed Income Central") | The highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST Target Maturity Central Portfolio<br> ("Target Maturity Central") | The highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |

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2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in

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accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is

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realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty

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("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs.As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but

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not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolios' exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be

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unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Payment-In-Kind:* Certain Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Mortgage Dollar Rolls:* Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by

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the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

---

| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
|  J.P. Morgan Fixed Income Central | J.P. Morgan Investment Management Inc. ("J.P. Morgan") |
|  PGIM Fixed Income Central | PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.); PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.) |
|  Target Maturity Central | PFI; PGIM Limited |

---

*Management Fees and Expense Limitations:* As noted in the table below, the Investment Manager does not directly charge a management fee to the Portfolios for its services. Rather, the Manager is paid directly based on the assets in each of the Investing Portfolios that invest in the Portfolios listed in the table below. To the extent the subadvisers to the Portfolios are paid subadvisory fees for subadvisory services provided to the Portfolios, the Investment Manager, and not the Portfolios, pays such subadvisory fees.

Any amounts paid or payable by the Portfolios to the Investment Manager if any, under the agreements are reflected in the Statement of Operations. The Investment Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive, in all cases, of brokerage, taxes (such as income and foreign withholding taxes, including stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales), do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

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Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

---

| | |
|:---|:---|
| **Portfolio** | **Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements** |
|  J.P. Morgan Fixed Income Central\*<br> – —% | —% |
|  PGIM Fixed Income Central\*\*<br> – —% | —% |
|  Target Maturity Central\*\*\*<br> – —% | —% |

---

---

| | |
|:---|:---|
| **Portfolio** | **Fee Waivers and/or**<br> **Expense Limitations** |
|  J.P. Morgan Fixed Income Central | contractually limit expenses to<br> 0.05% through June 30, 2026 |
|  PGIM Fixed Income Central | contractually limit expenses to<br> 0.05% through June 30, 2026 |
|  Target Maturity Central | contractually limit expenses to<br> 0.05% through June 30, 2026 |

---

\* Certain Asset Allocation Portfolios of Advanced Series Trust, subadvised by J.P. Morgan (J.P. Morgan AA Portfolios) and the AST Investment Grade Bond Portfolio (ASTIG, and together with J.P. Morgan AA Portfolios, the Investing Portfolios) will invest in the J.P. Morgan Fixed Income Central. The Manager receives a management fee rate for services provided to the Investing Portfolios pursuant to Investment Management Agreement for each of the Investing Portfolios. 

\*\* Certain Asset Allocation Portfolios of Advanced Series Trust, subadvised by PGIM, Inc. and PGIM Limited (PGIM AA Portfolios) and the AST Investment Grade Bond Portfolio (ASTIG, and together with PGIM AA Portfolios, the PGIM Investing Portfolios) will invest in the PGIM Fixed Income Central. The Investment Manager receives a management fee rate for services provided to the PGIM Investing Portfolios pursuant to Investment Management Agreement for each of the PGIM Investing Portfolios. 

\*\*\* Each of the AST Target Maturity Bond Portfolios (as defined below) invest in Target Maturity Central. The Investment Manager receives a management fee for services provided to Target Maturity Central pursuant to the Investment Management Agreement in place with respect to each of the AST Target Maturity Bond Portfolios. The AST Target Maturity Bond Portfolios are: AST Bond Portfolio 2025, AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035 and AST Bond 2036. 

AST Investment Services, Inc., PGIM Investments, PGIM, Inc., PFI and PGIM Limited are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income

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from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended June 30, 2025 no such transactions were entered into by the Portfolios.

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

For the period ended June 30, 2025, there were no amounts paid by Prudential for excess withholding taxes related to permanent tax detriments and timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended June 30, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** |
|  J.P. Morgan Fixed Income Central | $660462894 | $552141361 |
|  PGIM Fixed Income Central | 7802154391 | 7103091407 |
|  Target Maturity Central | 224042070 | 250465520 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2025, is presented as follows:

#### J.P. Morgan Fixed Income Central

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> |
| $92294960 | $472579009 | $432770556 | $— | $— | $132103413 | 132103413 | $2152575 | $— |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |
| $75201279 | $247074403 | $247534347 | $(2412) | $(1886) | $74737037 | 74789390 | $41674<sup>(1)</sup> | $— |
| $167496239 | $719653412 | $680304903 | $(2412) | $(1886) | $206840450 |  | $2194249 | $— |

---

#### PGIM Fixed Income Central

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> |  |
| $556714789 | $2238596807 | $2745159128 | $— | $— | $50152468 | 50152468 | $5717637 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |  |
| 190271586 | 783066285 | 775383745 | (10733) | (15252) | 197928141 | 198066788 | 122024<sup>(1)</sup> |  |
| $746986375 | $3021663092 | $3520542873 | $(10733) | $(15252) | $248080609 |  | $5839661 | $— |

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#### Target Maturity Central

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<sup>(wb)</sup> |  |
| $5857925 | $83085894 | $87269799 | $— | $— | $1674020 | 1674020 | $157007 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.532%)<sup>(b)(wb)</sup> |  |
| 2722608 | 15783486 | 17659221 | (264) | 239 | 846848 | 847442 | 2077<sup>(1)</sup> |  |
| $8580533 | $98869380 | $104929020 | $(264) | $239 | $2520868 |  | $159084 | $— |

---

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wb) Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2024 are subject to such review.

7. Borrowings

The Trust, on behalf of the Portfolios, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an

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alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

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| | |
|:---|:---|
|  | SCA |
|  **Term of Commitment** | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 |
|  **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios did not utilize the SCA during the reporting period ended June 30, 2025.

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of June 30, 2025, all Portfolios offer only a single share class to investors.

As of June 30, 2025, all shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

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| | | |
|:---|:---|:---|
| Portfolio | Number of Shares | Percentage of<br> Outstanding Shares |
|  J.P. Morgan Fixed Income Central | 309260767 | 100.0% |
|  PGIM Fixed Income Central | 936266484 | 100.0 |
|  Target Maturity Central | 33908086 | 100.0 |

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The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

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| | | |
|:---|:---|:---|
| Portfolio | Number of Shareholders | Percentage of Outstanding Shares |
|  J.P. Morgan Fixed Income Central | 4 | 99.9% |
|  PGIM Fixed Income Central | 5 | 92.8 |
|  Target Maturity Central | 6 | 88.0 |

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9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

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| | | | |
|:---|:---|:---|:---|
| Risks | **J.P. Morgan**<br> **Fixed Income**<br> **Central** | **PGIM Fixed**<br> **Income**<br> **Central** | Target <br>Maturity <br>Central |
| Asset-Backed and/or Mortgage-Backed Securities | X | X | X |
| Cyber Security | X | X | X |
| Derivatives | X | X | X |
| Dollar Roll Transactions | X | X | X |
| Equity and Equity-Related Securities | X | X | X |

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| | | | |
|:---|:---|:---|:---|
| Risks | **J.P. Morgan**<br> **Fixed Income**<br> **Central** | **PGIM Fixed**<br> **Income**<br> **Central** | Target <br>Maturity <br>Central |
| Expense | X | X | X |
| Fixed Income Securities | X | X | X |
| Fund of Funds | X | X | X |
| High Yield | X | X | X |
| Large Shareholder | X | X | X |
| Liquidity and Valuation | X | X | X |
| Market and Management | X | X | X |
| Portfolio Turnover | X | X | X |
| Regulatory | X | X | X |
| Sovereign Debt Securities | X | X | X |
| US Government Securities | X | X | X |

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*Asset-Backed and/or Mortgage-Backed Securities Risk*: Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans on residential and/or commercial real estate. Asset-backed and mortgage-backed securities are subject to interest rate risk, credit risk, and liquidity risk, which are further described under Fixed Income Securities Risk.

Asset-backed and mortgage-backed securities may also be subject to prepayment and extension risks. In a period of declining interest rates, borrowers may repay principal on mortgages or other loan obligations underlying a security more quickly than anticipated, which may require a Portfolio to reinvest the repayment proceeds in securities that pay lower interest rates (prepayment risk). In a period of rising interest rates, prepayments may occur at a slower rate than expected, which may prevent a Portfolio from reinvesting repayment proceeds in securities that pay higher interest rates (extension risk). The more a Portfolio invests in longer-term asset-backed securities, the more likely it will be affected by changes in interest rates, which may result in lower than anticipated yield-to-maturity and expected returns as well as reduced market value of such securities.

Mortgage-backed securities are a specific type of asset-backed security—one backed by mortgage loans on residential and/or commercial real estate. Therefore, they also have risks related to real estate, including significant sensitivity to changes in real estate prices and interest rates and, in the case of commercial mortgages, office and factory occupancy rates. Mortgage-backed securities issued by private non-government entities are subject to the risks that the underlying mortgage borrowers fail to make timely payments of interest and principal and that any guarantee or other structural feature, if present, is insufficient to enable the timely payment of interest and principal on the mortgage-backed securities. Moreover, securities backed by mortgages issued by private, non-government issuers may experience higher rates of default on the underlying mortgages than government-issued mortgages because private issuer mortgage loans often do not meet the underwriting standards of government-issued mortgages. Private issuer mortgage-backed securities may include loans on commercial or residential properties. Although certain mortgage-backed securities issued by private non-government entities are guaranteed as to timely payment of interest and principal by a government-sponsored entity, the market price for such securities is not guaranteed and will fluctuate. Asset-backed securities backed by sub-prime mortgage loans expose a Portfolio to potentially greater declines in value due to defaults because sub-prime mortgage loans are typically made to less creditworthy borrowers and thus have a greater risk of default than conventional mortgage loans.

A Portfolio may invest in securities issued or guaranteed by the US Government or its agencies and instrumentalities, such as Ginnie Mae, Fannie Mae, or Freddie Mac. Unlike Ginnie Mae securities, securities issued or guaranteed by US Government-related organizations such as Fannie Mae or Freddie Mac are not backed by the full faith and credit of the US Government, and no assurance can be given that the US Government would provide financial support to such securities.

*Cyber Security Risk:* Failures or breaches of the electronic systems of a Portfolio, the Portfolio's manager, subadviser, distributor, and other service providers, or the issuers of securities in which the Portfolio invests have the ability to cause disruptions and negatively impact the Portfolio's business operations, potentially resulting in financial losses to the Portfolio and its shareholders. While each Portfolio has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, a Portfolio cannot control the cyber security plans and systems of the Portfolio's service providers or issuers of securities in which the Portfolio invests.

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*Derivatives Risk:* A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index, and may relate to stocks, bonds, interest rates, currencies, and currency exchange rates. Derivatives in which the Portfolios may invest include exchange-traded instruments as well as privately-negotiated instruments, also called over-the-counter instruments. Examples of derivatives include, but are not limited to, options, futures, forward agreements, interest rate swap agreements, credit default swap agreements, and credit-linked securities. A Portfolio may, but is not required to, use derivatives to seek to earn income or enhance returns, manage or adjust its risk profile, replace more traditional direct investments, or obtain exposure to certain markets. The use of derivatives to seek to earn income or enhance returns may be considered speculative. The use of derivative instruments also exposes a Portfolio to transaction costs. Derivatives involve the risk that changes in their value may not correlate perfectly with the assets, rates, indices or instruments they are designed to hedge or closely track. In addition, fluctuations in derivatives' values may not correlate perfectly with the securities markets. For exchange-traded and/or centrally cleared derivatives, such as futures, many options and certain swaps, the primary credit/counterparty risk is the creditworthiness of a Portfolio's clearing broker and the central clearing house itself through which such derivative positions are traded and held. Such risk is concentrated in relatively few clearinghouses and clearing members.

The use of derivatives is a highly specialized activity that involves a variety of risks and costs that are different from, or possibly greater than, investing directly in traditional equity and debt securities, including:

*Counterparty credit risk:* There is a risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to make timely payments or otherwise honor its financial obligations to a Portfolio. This risk is especially important in the context of privately negotiated instruments. For example, a Portfolio would be exposed to counterparty credit risk to the extent it enters into a credit default swap, that is, it purchases protection against a default by a debt issuer, and the swap counterparty does not maintain adequate reserves to cover such a default.

*Leverage risk:* Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value). Leverage can result in losses to a Portfolio that exceed the amount originally invested. A Portfolio may manage some of its derivative positions by offsetting derivative positions against one another or against other assets. To the extent offsetting positions do not behave in relation to one another as expected, a Portfolio may perform as if it were leveraged. The use of leverage may cause a Portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet margin requirements.

*Liquidity and Valuation risk:* Certain exchange-traded derivatives may be difficult or impossible to buy or sell at the time that the seller would like, or at the price that the seller believes the derivative is currently worth. Privately-negotiated instruments may be difficult to terminate, and from time to time, a Portfolio may find it difficult to enter into a transaction that would offset the losses incurred by another derivative that it holds. Derivatives, and especially privately-negotiated instruments, also involve the risk of incorrect valuation (that is, the value assigned to the derivative may not always reflect its risks or potential rewards).

*Hedging risk:* Hedging is a strategy in which a Portfolio uses a derivative to offset the risks associated with its other portfolio holdings. While hedging can reduce losses, it can also reduce or eliminate gains or magnify losses if the market moves in a manner different from that anticipated by the Portfolio. Hedging also involves the risk that changes in the value of the derivative will not match the value of the holdings being hedged, to the extent expected by the Portfolio, in which case any losses on the holdings being hedged may not be reduced and in fact, may be increased. No assurance can be given that any hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. A Portfolio is not required to use hedging and may choose not to do so.

*Futures and Forward Contracts risk:* The primary risks associated with the use of futures or forward contracts are: (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures or forward contract; (b) possible lack of a liquid market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all forward contracts require a counterparty to post collateral, which may expose a Portfolio to greater losses in the event of a default by a counterparty.

*Government Regulation of Derivatives Risk:* The derivatives markets are subject to various regulations. For example, the SEC has adopted Rule 18f-4 under the 1940 Act which governs the use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of derivative instruments and financing transactions and to adopt and implement a

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derivatives risk management program. Rule 18f-4 as well as other applicable government regulations more generally can, among other things, adversely affect the value of the investments held by a Portfolio, restrict a Portfolio's ability to engage in derivatives transactions (for example, by making certain derivatives transactions no longer available to that Portfolio) and/or increase the costs of such derivatives transactions (for example, by increasing margin or capital requirements), which could adversely affect investors. Regulations may also limit and/or delay a Portfolio's ability to recover amounts owed to it (including collateral held by its counterparties) which could increase counterparty risk. In particular, position limits imposed on a Portfolio or its counterparties may impact that Portfolio's ability to invest in a manner that efficiently meets its investment objective, and requirements, including capital and mandatory clearing for certain swaps, may increase the cost of a Portfolio's investments and cost of doing business, which could adversely affect investors. Because derivatives regulations are evolving, their ultimate impact remains unclear.

*Dollar Roll Transactions Risk:* Dollar rolls involve the sale by a Portfolio of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar—but not necessarily the same—security at a set price and date in the future. In a dollar roll, the Portfolio takes the risk that: (i) the market price of the mortgage-backed securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Portfolio; and (v) the roll increases the Portfolio's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Portfolio. A dollar roll can be viewed as a borrowing. If a Portfolio makes additional investments while a dollar roll is outstanding, this may be considered a form of leverage.

*Equity and Equity-Related Securities Risk:* From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. There is a risk that the value of a particular stock or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. In addition to an individual stock losing value, the value of the equity markets or a sector of those markets in which a Portfolio invests could go down. A Portfolio's holdings can vary from broad market indexes, and the performance of a Portfolio can deviate from the performance of such indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Such events may result in losses to a Portfolio. Preferred stock generally pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of assets, but does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include the risk of losses attributable to adverse changes in interest rates, broader market conditions and the financial condition of the stock's issuer. Preferred stock may also be subordinated to bonds or other debt instruments in a company's capital structure and is typically less liquid than common stock. Equity securities may have greater price volatility than other types of investments. These risks are generally magnified in the case of equity investments in distressed companies.

*Expense Risk:* Your actual cost of investing in a Portfolio may be higher than the expenses shown in "Annual Portfolio Operating Expenses" for a variety of reasons. For example, Portfolio operating expense ratios may be higher than those shown if a Portfolio's average net assets decrease, fee waivers or expense limitations change, or the Portfolio incurs more expenses than expected. Net assets are more likely to decrease and Portfolio expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Portfolio securities can increase expenses.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including credit risk, liquidity risk and interest rate risk. The market price of a fixed-income investment can decline due to market-related factors, including rising interest rates and widening credit spreads, rising inflation, or decreased liquidity due, for example, to market uncertainty about the value of a fixed-income investment (or class of fixed income investments).

*Credit risk:* Credit risk is the risk that an issuer or guarantor of a security will be unable or unwilling to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able or willing to make required principal and interest payments. The risk that such issuer or guarantor is less willing or able to make required principal and interest payments is heightened in market environments where interest rates are rising. The downgrade of the credit of a security held by a Portfolio may decrease its value. Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by a Portfolio, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Portfolio assets allocated to lower-rated securities generally will increase the credit risk to which a Portfolio is subject. Information on the ratings issued to debt securities by certain credit rating agencies is included in Appendix I to the

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Statement of Additional Information (SAI). Not all securities are rated. In the event that the relevant credit rating agencies assign different ratings to the same security, a Portfolio's Subadviser may determine which rating it believes best reflects the security's quality and risk at that time. A Portfolio will not necessarily sell a security when its rating is reduced below its rating at the time of purchase. Some, but not all, US government securities are insured or guaranteed by the US government, while others are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Although credit risk may be lower for US government securities than for other investment-grade securities, the return may be lower.

*Liquidity risk*: Liquidity risk is the risk that a Portfolio may not be able to sell some or all of the securities it holds, either at the price it values the security or at any price. Liquidity risk also includes the risk that there may be delays in selling a security, if it can be sold at all, which could prevent a Portfolio from taking advantage of other investment opportunities. The liquidity of asset-backed and mortgage-backed securities may change over time. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities. In addition, liquidity risk refers to the risk that a Portfolio may not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, redemption requests by certain large shareholders such as institutional investors, or other reasons. Meeting such redemption requests may cause a Portfolio to have to liquidate portfolio securities at disadvantageous prices or times and/or unfavorable conditions and, thus, could reduce the returns of a Portfolio and dilute remaining investors' interests. The reduction in dealer market-making capacity in fixed income markets that has occurred in recent years also has the potential to decrease liquidity.

*Interest rate risk:* Interest rate risk is the risk that the value of an investment will fluctuate because of a change in interest rates. The prices of fixed income securities generally move in the opposite direction to that of market interest rates. Changes in interest rates may also affect the liquidity of a Portfolio's investments in fixed income securities. Interest rates in the US may increase, possibly suddenly and significantly, with unpredictable effects on the markets and a Portfolio's investments. A wide variety of factors can cause interest rates to rise, including central bank monetary policies and inflation rates. As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Generally, the longer the maturity of a fixed income security, the greater is the decline in its value when rates increase. As a result, portfolios with longer durations and longer weighted average maturities generally have more volatile share prices than portfolios with shorter durations and shorter weighted average maturities. Certain securities acquired by a Portfolio may pay interest at a variable rate or the principal amount of the security periodically adjusts according to the rate of inflation or other measure. In either case, the interest rate at issuance is generally lower than the fixed interest rate of bonds of similar seniority from the same issuer; however, variable interest rate securities generally are subject to a lower risk that their value will decrease during periods of increasing interest rates and increasing inflation. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, a Portfolio may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance to the extent the Portfolio is exposed to such interest rates.

*Fund of Funds Risk:* A Portfolio that is structured as a "fund of funds" invests primarily in a combination of underlying investment companies and other underlying portfolios describes in such Portfolio's Prospectus. In addition to the risks associated with the investment in the underlying portfolios, these Portfolios are subject to the following risks:

To the extent that a Portfolio concentrates its assets among underlying portfolios that invest principally in one or several asset classes, a Portfolio may from time to time underperform mutual funds exposed primarily to other asset classes. For example, a Portfolio may be overweighed in the equity asset class when the stock market is falling and the fixed income market is rising. Likewise, a Portfolio may be overweighted in the fixed income asset class when the fixed income market is falling and the stock market is rising.

The ability of a Portfolio to achieve its investment objective depends on the ability of the selected underlying portfolios to achieve their investment objectives. There is a risk that the selected underlying portfolios will underperform relevant markets, relevant indices, or other portfolios with similar investment objectives and strategies.

A Portfolio will incur its pro rata share of the expenses of an underlying portfolio in which the Portfolio invests, such as investment advisory and other management expenses, and shareholders incur the operating expenses of these underlying portfolios

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The performance of a Portfolio may be affected by large purchases and redemptions of underlying portfolio shares. For example, large purchases and redemptions may cause an underlying portfolio to hold a greater percentage of its assets in cash than other portfolios pursuing similar strategies, and large redemptions may cause an underlying portfolio to sell assets at inopportune times. Underlying portfolios that have experienced significant redemptions may, as a result, have higher expense ratios than other portfolios pursuing similar strategies. The Manager and a Portfolio's Subadviser(s) seek to minimize the impact of large purchases and redemptions of underlying portfolio shares, but their abilities to do so may be limited.

There is a potential conflict of interest between a Portfolio and its Manager and a Portfolio's Subadviser(s). Because the amount of the management fees to be retained by the Manager and their affiliates may differ depending upon which underlying portfolios are used in connection with a Portfolio, there is a potential conflict of interest for the Manager and a Portfolio's Subadviser(s) in selecting the underlying portfolios. In addition, the Manager and a Portfolio's Subadviser(s) may have an incentive to take into account the effect on an underlying portfolio in which the Portfolio may invest in determining whether, and under what circumstances, to purchase or sell shares in that underlying portfolio. Although the Manager and a Portfolio's Subadviser(s) take steps to address the potential conflicts of interest, it is possible that the potential conflicts could impact the Portfolios.

*High Yield Risk:* Investments in high yield securities and unrated securities of similar credit quality (commonly known as "high yield securities" or "junk bonds") may be subject to greater levels of interest rate, credit, call and liquidity risk than investments in investment grade securities. High yield securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or period of rising interest rates could adversely affect the market for high yield securities and reduce a Portfolio's ability to sell its high yield securities at an advantageous time or price. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

In addition, the market for lower-rated bonds may be thinner and less active than the market for higher-rated bonds, and the prices of lower-rated bonds may fluctuate more than the prices of higher-rated bonds, particularly in times of market stress. High yield securities frequently have redemption features that permit an issuer to repurchase the security from a Portfolio prior to maturity, which may result in the Portfolio having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates.

*Large Shareholder Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of Portfolio shares. There is no requirement that these entities maintain their investment in the Portfolio. There is a risk that such large shareholders may redeem all or a substantial portion of their investments in a Portfolio at any time, which could result in the Portfolio needing to sell or dispose of investments at disadvantageous prices and have a significant negative impact on the Portfolio's NAV, liquidity, and brokerage costs. Large shareholder redemptions may cause a Portfolio to have to sell or dispose of investments at inopportune times or disadvantageous prices. These transactions may adversely affect the Portfolio's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of a Portfolio and result in credit line borrowing fees and/or overdraft charges to the Portfolio until the sales of portfolio securities necessary to cover the redemption request settle. It is also possible that a significant redemption could result in an increase in Portfolio expenses on account of being spread over a smaller asset base, and therefore make it more difficult for the Portfolio to implement its investment objective and strategies. Large redemptions could also result in tax consequences to shareholders.

*Liquidity and Valuation Risk:* From time to time, a Portfolio may hold one or more securities for which there are no or few buyers and sellers, or where the securities are subject to limitations on transfer. In those cases, a Portfolio may have difficulty determining the values of those securities for the purpose of determining a Portfolio's net asset value. A Portfolio also may have difficulty disposing of those securities at an advantageous time or at the values determined by the Portfolio for the purpose of determining the Portfolio's net asset value, especially during periods of significant net redemptions of Portfolio shares. As a result, a Portfolio may be unable to achieve its desired level of exposure to certain issuers, asset classes or sectors. Private equity investments and private real estate-related investments are generally classified as illiquid investments and generally cannot be readily sold. As a result, private real estate-related investments owned by a Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager acting in its capacity as valuation designee under Rule 2a-5. Fair value determinations are inherently subjective and reflect good faith judgments based on available information. Accordingly, no assurance can be given that the fair value prices accurately reflect the price a Portfolio would receive upon the sale of the investment. A Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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Portfolios with principal investment strategies that involve foreign securities, private placement investments, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity and valuation risk.

In 2022, the SEC proposed amendments to Rule 22e-4 under the 1940 Act and Rule 22c-1 under the 1940 Act, that, if adopted, would, among other things, cause more investments to be treated as illiquid, and could prevent the Portfolio from investing in securities that the Manager believes are appropriate or desirable.

*Market and Management Risk:* Market risk is the risk that the markets in which a Portfolio invests will experience market volatility and go down in value, including the possibility that a market will go down sharply and unpredictably in short periods of time. All markets go through cycles, and market risk involves being on the wrong side of a cycle. Factors affecting market risk, whether real or perceived, include political events, broad economic and social changes, and the mood of the investing public. If investor sentiment turns negative, the price of all securities may decline. Market risk also includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities (such as oil), government actions (including interest rate changes, protectionist measures, sanctions, intervention in the financial markets, or other regulation, and changes in fiscal, monetary or tax policies), political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics, or epidemics), and natural/environmental disasters can all negatively impact the securities markets, which could cause a Portfolio to lose value. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, global supply chain disruptions and significantly adversely impact the economy.

War, terrorism, economic uncertainty, and related geopolitical events, such as sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on US and world economies and markets generally. For example, the US has imposed economic sanctions, which consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Portfolios to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions. The nature and severity of sanctions or other similar measures (including counter sanctions or other retaliatory actions) may vary broadly in scope, and their impact is impossible to predict. Sanctions and other similar measures could limit or prevent the Portfolio's ability to buy and sell securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of trades, and significantly impact the Portfolio liquidity or performance.

During periods of severe market stress, it is possible that the market for some or all of a Portfolio's investments may become highly volatile and/or illiquid. While a Portfolio Manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. Price changes may be temporary or last for extended periods of time. In such an event, the Portfolio may find it difficult to sell some or all of its investments and, for certain assets, the trade settlement period may be longer than anticipated. In periods of market volatility and/or declines, a Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices. These events can adversely affect the liquidity and volatility of investments held by the Portfolio, and there is not assurance a Portfolio will achieve its investment objective.

In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, a Portfolio being unable to buy or sell certain securities at an advantageous time or accurately price its portfolio investments. In addition, a Portfolio may rely on various third-party sources to calculate its net asset value. As a result, a Portfolio is subject to certain operational risks associated with reliance on service providers and service providers' data sources. In particular, errors or systems failures and other technological issues may adversely impact the Portfolio's calculations of its net asset value. Such net asset value calculation issues may result in inaccurately calculated net asset values, delays in net asset value calculations and/or the inability to calculate net asset values over extended periods. A Portfolio may be unable to recover any losses associated with such failures.

Management risk is the risk that the investment strategy of the Manager or a Subadviser will not work as intended. All decisions by the Manager or a Subadviser require judgment and are based on imperfect information. In addition, if a Portfolio is managed using a quantitative investment model, it is subject to the risk that the model may not perform as expected. Similarly, there can be no assurance that quantitative models or methods utilized by the Manager or a Subadviser, or related data sources, will always be available, and the loss of access to any such model(s) or data sources could have an adverse impact on a Portfolio's ability to realize its investment objective. Moreover, regulatory restrictions, actual or potential conflicts

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of interest or other considerations may cause the Manager or a Subadviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Portfolio will be achieved.

*Portfolio Turnover Risk:* A Subadviser generally does not consider the length of time a Portfolio has held a particular security in making investment decisions. In fact, a Subadviser may engage in active and frequent trading on behalf of a Portfolio—that is, frequent trading of its securities—in order to take advantage of new investment opportunities or yield differentials. A Portfolio's turnover rate may be higher than that of other mutual funds due to a Subadviser's investment strategies and the above-referenced asset transfer programs. Portfolio turnover generally involves some expense to a Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. A Portfolio may experience an increase in its portfolio turnover rate when the Portfolio's portfolio is modified in connection with a change in investment objective, strategies, or a Subadviser.

*Regulatory Risk*: Each Portfolio is subject to a variety of laws and regulations which govern its operations. Each Portfolio is subject to regulation by the SEC. Similarly, the businesses and other issuers of the securities and other instruments in which a Portfolio invests are also subject to considerable regulation. These laws and regulations are subject to change. Changes in laws and regulations may materially impact a Portfolio, a security, business, sector or market. For example, changes in laws or regulations made by the government or a regulatory body may impact the ability of a Portfolio to achieve its investment objective, or may impact a Portfolio's investment policies and/or strategies, or may reduce the attractiveness of an investment.

*Sovereign Debt Securities Risk:* Investing in sovereign debt securities exposes a Portfolio to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of sovereign debt securities held by a Portfolio. The issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors. In addition, foreign governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*US Government Securities Risk:* US Treasury obligations are backed by the "full faith and credit" of the US Government. Securities issued or guaranteed by federal agencies or authorities and US Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the US Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the US Government. These securities may be supported by the ability to borrow from the US Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the US Treasury. Further, the US Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the US Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the US Government being downgraded and reduced prices of US Treasury securities. If the US Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the US Government may default on payments on certain US Government securities, including those held by a Portfolio, which could have a negative impact on the Portfolio. An increase in demand for US Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

10. Reorganization

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST T. Rowe Price Fixed Income Central Portfolio ("T. Rowe Price Fixed Income Central") (the "Merged Portfolio") for shares of PGIM Fixed Income Central (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. The reorganization took place at the close of business on December 6, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| Merged Portfolio | Total Investment<br>Value | Total Investment <br>Cost |
| T. Rowe Price Fixed Income Central | $1852931064 | $1828395103 |

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B19

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The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 6, 2024:

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| | | |
|:---|:---|:---|
| Merged Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |
| T. Rowe Price Fixed Income Central |  | 166343587 |
| Acquiring Portfolio | Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  PGIM Fixed Income Central | 165820077 | $1870450466 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| Merged Portfolio | Unrealized<br>Appreciation<br>on Investments | Net Assets |
| T. Rowe Price Fixed Income Central | $24535961 | $1870450466 |
| Acquiring Portfolio |  | Net Assets |
|  PGIM Fixed Income Central |  | $9206833669 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2024 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| Acquiring Portfolio | Net<br>investment<br>income (a) | Net realized and<br>unrealized loss<br>on investments (b) | Net increase in<br>net assets resulting<br>from operations |
|  PGIM Fixed Income Central | $613612005 | $(245306346) | $368305659 |

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(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: T. Rowe Price Fixed Income Central $101,893,259.

(b) Net realized and unrealized loss on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized loss on investments from the Merged Portfolio pre-merger as follows: T. Rowe Price Fixed Income Central $(24,328,284).

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 6, 2024.

11. Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) –"Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of June 30, 2025.

B20

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#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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#### Advanced Series Trust

#### Approval of Advisory Agreements

#### Renewal of Management and Subadvisory Agreements

#### The Trust's Board of Trustees
The Board of Trustees (the Board) of Advanced Series Trust (the Trust, and each series thereof, the Portfolios) consists of eight individuals, six of whom are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on directors or trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Governance Committee, the Compliance Committee, and the Investment Review and Risk Committee. Each committee is chaired by an Independent Trustee.

#### Annual Approval of the Trust's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Trust's management agreements with PGIM Investments LLC (PGIM Investments) and AST Investment Services, Inc. (ASTIS), as applicable,<sup>1</sup> and each Portfolio's subadvisory agreement(s). As is further discussed and explained below, in considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 17-18, 2025 (the Meeting) and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Trust, each Portfolio and each Portfolio's beneficial shareholders.

In advance of the Meeting, the Trustees requested and received materials relating to the agreements and had the opportunity to ask questions and request further information in connection with the consideration of those agreements. Among other things, the Board considered comparisons with other mutual funds in a relevant peer universe and peer group, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Portfolio, the profitability of the Manager and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor that alone was responsible for the Board's decision to approve an agreement. In connection with its deliberations, the Board considered information provided at or in advance of the Meeting, as well as information provided throughout the year at regular and special Board meetings, including presentations from the Manager and subadviser personnel such as portfolio managers.

The Board determined that the overall arrangements between the Trust and the Manager, which serves as the Trust's investment manager pursuant to a management agreement, and between the Manager and each subadviser, each of which serves pursuant to the terms of a subadvisory agreement with the Manager, are in the best interests of the Trust, each Portfolio and each Portfolio's shareholders, in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for each Portfolio as part of its consideration of agreements for multiple portfolios, but its approvals were made on a Portfolio-by-Portfolio basis.

The material factors and conclusions that formed the basis for the Board's determinations to approve the renewal of the agreements are discussed separately below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by the Manager and each subadviser. The Board considered the services provided by the Manager, including but not limited to the oversight of the subadvisers, the provision of accounting oversight, recordkeeping, compliance and other services to the Trust, such as the Manager's role as administrator of the Trust's liquidity risk management program and as valuation designee. With respect to the Manager's

<sup>1</sup> When used herein, the term "Manager" refers to (1) PGIM Investments with respect to each Portfolio solely managed by PGIM Investments; and (2) PGIM Investments and ASTIS collectively with respect to each Portfolio jointly managed by PGIM Investments and ASTIS.

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oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group (SIRG), a business unit of PGIM Investments, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board noted that the PGIM Fixed Income unit of PGIM, Inc., the PGIM Real Estate unit of PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), and Jennison Associates LLC (Jennison), which serve as subadvisers to certain of the Portfolios, are each affiliated with the Manager. The Board also considered that the Manager pays the salaries of all of the officers and Trustees that are employed by the Manager or its affiliates. The Board also considered the investment subadvisory services provided by each subadviser, as well as compliance with each Portfolio's investment restrictions, policies and procedures. The Board considered the Manager's evaluation of the subadvisers, as well as the Manager's recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager's senior management personnel responsible for the oversight of each Portfolio and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers' portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to the Manager's and each subadviser's organizational structure, senior management, investment operations, and other relevant information pertaining to the Manager and each subadviser. The Board also noted that it received favorable compliance reports from the Trust's Chief Compliance Officer (CCO) with respect to the Manager and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by the Manager and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that each Portfolio benefits from the services provided by the Manager and each subadviser under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by the Manager
The Board was provided with information on the profitability of the Manager and its affiliates from serving as the Trust's investment manager. The Board discussed with the Manager the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. The Board considered information regarding the profitability of PGIM, Inc., Jennison and PGIM Quantitative Solutions, each of which are affiliates of the Manager, on a consolidated basis. Taking these factors into account, the Board concluded that the profitability of the Manager and its affiliates in relation to the services rendered was not unreasonable.

The Board concluded that the level of profitability of a subadviser not affiliated with the Manager may not be as significant as the Manager's profitability given the arm's length nature of the process by which the subadvisory fee rates were negotiated by the Manager and the unaffiliated subadvisers, as well as the fact that the Manager compensates the subadvisers out of its management fee.

#### Economies of Scale
The Board received and discussed information concerning whether the Manager realizes economies of scale as each Portfolio's assets grow beyond current levels. The Board noted that the management fee schedules for most of the Portfolios of the Trust contain breakpoints, which have the effect of decreasing the fee rate as assets increase, and that at current asset levels the effective fee rates for many of the Portfolios reflected some of these rate reductions. The Board took note that the fee structure for those Portfolios currently results in benefits to Portfolio shareholders whether or not the Manager realizes any economies of scale. The Board considered that economies of scale, if any, may be shared with the Portfolios in several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of the Manager's costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to the Manager and the Subadvisers
The Board considered potential ancillary benefits that might be received by the Manager, the subadvisers, and their affiliates as a result of their relationship with the Trust. The Board concluded that potential benefits to be derived by the Manager included compensation

------

received by insurance company affiliates of the Manager from the subadvisers, as well as benefits to its reputation or other intangible benefits resulting from the Manager's association with the Trust. The Board also considered information provided by the Manager regarding the regulatory requirement that insurance companies determine that the fees and charges under their variable contracts are reasonable. The Board noted that the insurance company affiliates of the Manager at least annually review and represent that the fees and charges of the variable contracts using the Trust's Portfolios are reasonable. The Board concluded that the potential benefits to be derived by the subadvisers included the ability to use soft dollar credits, brokerage commissions that may be received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by the Manager and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Portfolios / Fees and Expenses / Other Factors
With respect to each Portfolio, the Board also considered certain additional factors and made related conclusions relating to the historical performance of the Portfolios (depending on each Portfolio's inception date) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2024, except as otherwise noted below. The Board compared the historical gross performance of each Portfolio to the comparable performance of the Portfolio's benchmark index and/or performance or custom benchmark index (as applicable), and to a universe of mutual funds that were determined by Broadridge, Inc. (Broadridge), an independent provider of mutual fund data, to be similar to the Portfolio (the Peer Universe).

The Board also considered each Portfolio's actual management fee, as well as each Portfolio's net total expense ratio, for the calendar year 2024. The Board considered the management fee for each Portfolio as compared to the management fee charged by the Manager to other funds and accounts and the fee charged by other advisers to comparable mutual funds in a group of mutual funds that were determined by Broadridge to be similar to the Portfolio (the Peer Group). The actual management fee represents the fee rate actually paid by Portfolio shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Portfolio represents the actual expense ratio incurred by Portfolio shareholders, but does not include the charges associated with the variable contracts.

The mutual funds included in each Peer Universe and each Peer Group were objectively selected by Broadridge, an independent provider of mutual fund data. To the extent that the Manager deemed appropriate, and for reasons addressed in detail with the Board, the Manager may have provided, and the Board may have considered, supplemental data compiled by Broadridge for the Board's consideration. Further, to the extent that it deemed appropriate, and for the reasons summarized below, for certain Portfolios the Board considered information provided by a different, independent third-party provider, JDL Consultants, Inc. (JDL Consultants). The comparisons used by the Board placed the Portfolios in various quartiles over various periods, with the 1st quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The sections below summarize certain key factors considered by the Board and the Board's conclusions regarding each Portfolio's performance, fees and overall expenses. Each section sets forth gross performance comparisons (which do not reflect the impact on performance of portfolio expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AST J.P. Morgan Fixed Income Central Portfolio | &nbsp;&nbsp;&nbsp;AST J.P. Morgan Fixed Income Central Portfolio | &nbsp;&nbsp;&nbsp;AST J.P. Morgan Fixed Income Central Portfolio | &nbsp;&nbsp;&nbsp;AST J.P. Morgan Fixed Income Central Portfolio | &nbsp;&nbsp;&nbsp;AST J.P. Morgan Fixed Income Central Portfolio |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its benchmark index over the one-year period.

● The Board noted that the Portfolio does not yet have a three-year performance record and, therefore, it would be prudent to allow the subadviser more time to develop its longer-term performance record.

● The Board noted that the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.05% of the Portfolio's average daily net assets through June 30, 2026.

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● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AST PGIM Fixed Income Central Portfolio | &nbsp;&nbsp;&nbsp;AST PGIM Fixed Income Central Portfolio | &nbsp;&nbsp;&nbsp;AST PGIM Fixed Income Central Portfolio | &nbsp;&nbsp;&nbsp;AST PGIM Fixed Income Central Portfolio | &nbsp;&nbsp;&nbsp;AST PGIM Fixed Income Central Portfolio |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 3<sup>rd</sup> Quartile | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its benchmark index over the one-year period.

● The Board noted that the Portfolio does not yet have a three-year performance record and, therefore, it would be prudent to allow the subadviser more time to develop its longer-term performance record.

● The Board noted that the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.05% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AST Target Maturity Central Portfolio | &nbsp;&nbsp;&nbsp;AST Target Maturity Central Portfolio | &nbsp;&nbsp;&nbsp;AST Target Maturity Central Portfolio | &nbsp;&nbsp;&nbsp;AST Target Maturity Central Portfolio | &nbsp;&nbsp;&nbsp;AST Target Maturity Central Portfolio |
| &nbsp;&nbsp; *Gross Performance* | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; *Gross Performance* | 4<sup>th</sup> Quartile | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Portfolio outperformed its benchmark index over the one-year period.

● The Board noted that the Portfolio does not yet have a three-year performance record and, therefore, it would be prudent to allow the subadviser more time to develop its longer-term performance record.

● The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee and other expenses (subject to certain exclusions) do not exceed 0.05% of the Portfolio's average daily net assets through June 30, 2026.

● The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Trust, each Portfolio and its beneficial shareholders.

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Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

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Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d948024dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d948024dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: <u>Advanced Series Trust</u> 

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| | |
|:---|:---|
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | August 20, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |
| Date: | August 20, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | August 20, 2025 |

---

## Ex-99.Cert

Item 19

**Advanced Series Trust** 

Semi-Annual period ending 6/30/25

File No. 811-05186

**<u>CERTIFICATIONS</u>**

I, Kenneth Allen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 20, 2025 |  |
|  | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |

---

------

Item 19

**Advanced Series Trust** 

Semi-Annual period ending 6/30/25

File No. 811-05186

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 20, 2025 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Advanced Series Trust</u> 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| August 20, 2025 | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |
| August 20, 2025 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*